Spanish legislators passed a new bill on digital transformation to support a new legal initiative to legitimize the cryptocurrency and blockchain industries.
The new draft bill is introduce The Spanish political party People’s Party (PP). It aims to promote innovation in multiple industries by regulating emerging technologies such as blockchain and artificial intelligence, as well as cryptocurrencies such as Bitcoin.Bitcoin).
As part of the draft bill, PP proposes to legalize the use of cryptocurrency and blockchain technology for mortgage and insurance purposes. Specifically, the proposal aims to allow property owners to use cryptocurrency to pay for mortgage loans and authorize the real estate department to use their own cryptocurrency for mortgage purchases.
The draft law also calls on Spanish banks to deploy blockchain technology to manage mortgage loans and insurance by using smart contracts to automate related processes.
The draft bill proposes to establish major tax breaks and patent incentives for companies engaged in the encryption and blockchain industries in Spain. The bill specifically recommends that local technology and innovation start-ups should reduce the cost of national patent and registration fees at the Spanish Patent and Trademark Office by 90%.
related: Spanish Socialist Workers’ Party launches public digital currency initiative
In addition, the new initiative also proposes the establishment of a National Crypto Assets Commission to provide public advisory services, bringing together representatives from the Ministry of Finance, the National Securities Market Commission and the Bank of Spain.
The news was released shortly after the Spanish Parliament approved a new law that requires residents to Declare their crypto assets As part of the country’s efforts to combat tax evasion and fraud in early July.law Intend Expand the scope of supervision of the Spanish crypto market and establish major new requirements for the holding and trading of cryptocurrencies.