Spain Bids to Join the Blockchain Race with Crypto Taxes and ICO Encouragement

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Spain is the latest country to enter the blockchain race with their parliament considering passing crypto/blockchain specific laws to make the country more attractive for the now half a trillion industry.

“The level of the digitalization for companies will be key,” Teodoro Garcia Egea, lawmaker from Prime Minister Mariano Rajoy’s People’s Party who is preparing the bill, told Bloomberg before adding: “We hope to get the legislation ready this year.”

What exactly the legislation will contain remains to be seen, but tax breaks to attract blockchain companies are on the table, as well as regulations to make blockchain based ICOs more attractive as a financing tool.

“We want to set up Europe’s safest framework to invest in ICOs,” Egea said. With further potential measures including tax free crypto investments up to a certain amount.

That sets Spain apart from the rest of the big four in the EU: Germany, France and even Italy. France, in particular, has a finance minister who said of bitcoin: “I don’t like it.” Germany appears to be backing that finance minister, although Merkel’s coalition might be falling apart before it has even begun as their leftist partner is diving in the polls. While Italy has also hinted at backing the French finance minister.

All three are somewhat joined by the US Treasury Secretary, who likewise does not seem very keen on crypto, although the signals coming from America remain mixed.

Spain is clearly giving a different signal and might potentially back Japan in any crypto G20. While UK politicians may say what they like, but London’s civil service has shown great foresight in this space and continues to do so by implicitly backing ICOs through staying silent while SEC keeps on shouting.

Switzerland is not at G20, nor Estonia, but in a twist of sort it might be none other than Russia which stands with the other three to back this space.

We might thus see a blockchain axis. America partnering with communist China, somewhat communist France, out of touch Germany, and a midst of elections Italy, to do the bankers bidding.

While on the other hand UK might pay them a lip service but Japan, Russia, Spain, and perhaps others, might stand on the side of innovators.

We’ll only see the smiles and handshakes with the real discussions probably happening behind closed doors probably at a less senior level than country leaders, but what they decide on this matter might indeed decide what the world looks like in 20 or 30 years from now.

 

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Sam

Thanks for article! See more on crypto, taxes https://goo.gl/JkUeAY