Europa Press reports on May 30th that the Spanish Congress has unanimously supported a draft legislation that would introduce favorable regulatory rules for blockchain and cryptocurrencies in the country.
The draft, agreed upon by the ruling party Partido Popular, won the support of all other parties that were present at the House Finance and Public Function Committee meeting on Wednesday.
The proposed legislation calls for a review of current regulations aimed at cryptocurrencies and blockchain. The draft also proposes to introduce the technology to the Spanish economy through controlled testing environments, also known as regulatory sandboxes.
Congress has also agreed to promote blockchain as a cost-efficient and disintermediated system for payments and transfers. This fosters the need for fintech startups.
The draft also raised the need for a mechanism to make sure that all parties implementing the new technology will comply with information disclosure obligations to the authorities, and to duly file the appropriate tax returns. It also spotlights possible issues associated with high-risk assets and claimed that the adequate dissemination of information is crucial to consumer and investor protection.
The draft proposes that the government cooperate with the National Securities Market Commission (CNMV) and the Bank of Spain to create a common regulatory position regarding cryptocurrencies.
The move towards establishing a regulatory framework should come as no surprise, as a week ago, Barcelona revealed it would launch a specialized space for blockchain in the city’s tech hub to help foster innovation in the local digital environment.