The draft of the new Spanish bill aims to enable property owners to make payments for their mortgages through crypto and further enable the real-estate to utilize crypto tokens for making purchases in Spain.
Openness Towards Crypto in Spain
The lawmakers in Spain are on the track to support the novel legal initiatives to validate the blockchain and crypto industry by offering a novel bill concerning digital transformation. The novel draft bill was brought into existence from the Spanish Political Party called the People’s Party. It attempts to facilitate innovation in several industries via the process of regulation concerning emerging technologies including artificial intelligence and blockchain within the crypto tokens like Bitcoin. Being one of the aspects of the draft bill, the People’s Party has proposed the acceptance of cryptocurrency usage as well the use of blockchain technology for insurance and mortgage. Particularly, the proposal attempts to enable the property owners to make payments for the mortgages through crypto and further verify the real estate sector to utilize their cryptocurrency concerning mortgage purchases.
The draft also requests the Spanish banks to attempt the employment of blockchain tech in order to facilitate the management of insurance and mortgage through automated processing of the smart contracts. The draft bill attempts to pursue the establishment of prominent tax breaks and further attain patent advantages for the specific businesses engaged in the blockchain and crypto industry of Spain. The bill particularly recommends local tech innovations startups to trigger the reduction of up to 90% on the cost of national registration and patent fees required to be paid at the Spanish Patent and Trademark Office.
