People’s Party is planning on a regulation that will allow the party to use tax breaks to attract investors in the blockchain technology. The law is in preparation stages.
They are planning to have it ready this year, said Teodoro Garcia Egea, the lawmaker who is preparing the bill.
He said the new move is because blockchain technology is a driver for finance, health, and education. It could encourage companies in 3D printing or big data by way of tax rebates.
The new bill or regulation will also encourage investors to use ICOs as a way of raising funds for their investments.
The party is also working on a motion to call blockchain experts to testify in parliament. The experts will also analyze other more advanced lessons from other countries. An example is Crypto Valley in Switzerland.
Bill assists protect customers
The country’s regulator is also working on a regulation that protects cryptocurrency investors in the country. Many echo the need and concern to protect customers. However, volatility and requirements for taxation are other concerns governments have.
While a few countries take a harsh approach to ban cryptocurrencies, many are collaborative. However, just a few have a working regulation on Bitcoin and cryptocurrencies. For instance, Japan not only has a regulation to protect customers but also licenses crypto exchanges.
The law, for instance, requires exchanges to implement KYC procedures. They also have to manage capital reserves and maintain customer funds separately.