Spanish Congress Approves Innovation-Focused Regulatory Legislation JUNE

Yesterday, the Spanish Congress unanimously supported a draft of legislation regarding innovation-focused regulation of the blockchain and cryptocurrencies.

All parties in the Spanish Congress of Deputies found something they could agree on yesterday. They unanimously agreed on draft legislation regarding plans for the regulation of cryptocurrencies and blockchain.

The draft stresses the need to review current regulations of blockchain and cryptocurrencies and introduce new regulation in “controlled testing environments.” The draft legislation also emphasizes the need for entities using the blockchain to comply with Spanish Treasury requirements such as regular information disclosure to the treasury and investors as well as the timely filing of tax returns.

The draft further proposes that the government cooperate with the Bank of Spain as well as the National Securities Market Commission (CNMV) to ensure all parties exhibit a common position regarding cryptocurrency and blockchain regulation in Europe…

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