In May, Congress was held in Spain, where the legislative draft was successfully considered. Its main objective is the favorable regulation of cryptocurrencies and blockchain technology, as Europa Press informed us yesterday on 30 May.

The Partido Popular (Parliamentary Party) supported the draft initiative, which was also approved by other parties that participated in the meeting of the Finance and Public Works Committee of the House on Wednesday.

The document focuses on the need to revise the rules governing crypto-conversions, including Bitcoin (BTC), and the blockchain. The introduction of the technology into the Spanish market by the “controlled testing environment” method, which is more often referred to as “standard sandboxes”, was proposed.

Congress decided to promote blockchain as a cost-effective and impartial system that conducts transfers and payments, supporting and encouraging the importance and necessity of fintech startups implantation.

The project highlights the importance of using “proportional mechanisms” that will ensure the effective operation of all entities responsible for implementing the new technology. The range of functions of these entities includes the fulfillment of certain obligations, including disclosure of information at the level of Spanish Treasury, and the correct filing of tax returns. In addition, special attention is paid to potential pitfalls that are associated with financial assets and their “high risks”. The draft considers “adequate dissemination of information” as a reliable way to protect investors.

In view of this goal, it was suggested that, in order to conveniently coordinate the overall regulatory vision with respect to crypto at a broader European level, it is necessary to obtain government cooperation with the Bank of Spain and the National Securities Market Commission (CNMV).

About a week ago, it became known that in the industrial part of Barcelona it is planned to create a specialized blockchain space that will be responsible for stimulating growth and introducing innovations into the local ecosystem of the digital world. In February, it was announced that the large Blockchain Observatory and the Forum started their functioning. The European Commission also mentioned that the main purpose of Blockchain Observatory and the Forum is to concentrate the EU economy on the new technology.

In parallel with the rallies tied around the blockchain, the EU’s regulatory attitudes towards cryptocurrencies were more cautious, especially taking into account the recent entry into the legal force of a number of anti-money-laundering (AML) legislative, which assess the possible risks connected with cryptocurrencies. Large European crypto-exchangers recently proposed to EU regulators to participate actively in providing greater limpidity and clarity for crypto markets.