Spain to Prepare Favorable Tax Legislation for Blockchain Companies
- Written by: Editor
- Posted: 2018-03-13
As bitcoin activities are increasing across the world, Spain, as well as other top investment destinations for cryptocurrency investments, is preparing a legal framework that can protect the interests of all the parties involved in this activity. The Spanish authorities are currently creating a legal framework that will provide advantageous tax regulations for the investors operating in the cryptocurrency sector, and the legislation may completed during 2018. Our team of lawyers in Spain can advise on how to start a business operating in the cryptocurrency sector and may assist investors in launching initial coin offerings in this country.
Blockchain law in Spain
The Spanish government aims at turning Spain into one of the safest destinations in Europe for performing cryptocurrency investments and launching initial coin offerings (ICOs). More importantly, companies that will operate in this new industry may benefit from tax breaks, as a measure of the Spanish government for attracting cryptocurrency companies.
Spanish bill for cryptocurrencies
At the moment, the local authorities work at a cryptocurrency bill that follows the model established in Switzerland, which has already created a legal framework for specific bitcoin activities.
The legislation will regulate the activities carried out in Spain by both natural persons and legal entities, and will sustain the development of startup companies that will invest in cryptocurrencies. Our team of Spanish lawyers can offer advice on how to set up a cryptocurrency company in this country.
The bill is aiming at the following:
• strategies for attracting cryptocurrency businesses;
• establishing an investment threshold for companies that will not need to be reported to a local financial regulator;
• regulations for developing ICO investments.
Those who are interested in opening a company in Spain in this sector should also know that the Spanish government is planning to increase the level of digitalization, by introducing on the local market emerging activities, such as:
• digital administration;
• 3D printing;
• blockchain technologies.
Businessmen can contact our law firm in Spain for consultancy services regarding the registration of a cryptocurrency business.