Spain: Innovation-Aimed Crypto Regulation Wins Cross-Party Support in Congress

Draft legislation that would favorably regulate blockchain technology and cryptocurrencies has received unanimous support in the Spanish Congress, Europa Press reported yesterday, May 30.

The draft initiative, agreed upon with the majority parliamentary party Partido Popular (People’s Party), won the support of all parties present at the House Finance and Public Function Committee meeting on Wednesday.

The document calls for a review of regulations pertaining to cryptocurrencies such as Bitcoin (BTC), as well as to blockchain, proposing to introduce the technology to the Spanish market through “controlled testing environments,” commonly referred to as ‘regulatory sandboxes.’

The Congress has agreed to promote blockchain as a cost-efficient and disintermediated system for payments and transfers, advocating the need to foster fintech startups in particular.

The draft further raises the need for ‘proportionate mechanisms’ to ensure that all entities implementing the new technology will comply with information disclosure obligations to the Spanish Treasury and duly file their tax returns…

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