A legislation for regulating blockchain technology for the greater good and support for innovation has been agreed by the majority parliamentary party Partido Popular (People’s Party) and backed by all of the parties presented at the House of Finance and Public Function Committee meeting on Wednesday May 30.
The proposed document plans to implement a review process for cryptocurrencies like Bitcoin as well as to blockchain, and there fore introduce it to the Spanish market through “controlled testing enviroments”, or better known as “regulatory sandboxes.”
Further in the document it is also required from all of the entities that will implement this new technology be complyent with information disclosure obligations to the Spanish Treasury and duty file tax returns stating that “adequate dissemination of information” is critical in order to better protect investors.
It is also required from the government to cooperate with the National Securities Market Commission and the Bank of Spain to coordinate and find a common ground on regulating regarding crypto in a wider EU context.
In February this year the European Commission had announced the launching of a big Blockchain Observatory and Forum that plans to unite the EU economy into the blockchain environment and technology.