In Spain, many companies irrespective of the industry sectors, have begun to implement blockchain technology in their business operation. Now, blockchain technology is not limited to just the financial sector, it has expanded and keeps widening its horizon across the industry.
This unruly technology has been promoting innovative projects in Spain. This innovation promotion has been good for the country’s economy. Spain’s gross domestic product is expected to increase by 20 million euros by 2030.
In 2021, Expectations have gone higher regarding this new technology in the country. Which also hyped the investments and agitation related to the regulation of digital assets and market stability.
In February 2021, The Central Bank of Spain stated along with the National Securities Markets Commission. In this statement, the government warned the country’s citizens about the risks involved in cryptocurrency investments. The European Union (EU) doesn’t have any regulatory framework formed yet to regulate cryptocurrencies. The statement also mentioned They have no regulation to provide any security and guarantee for any other financial products either.
The Spanish Ministry of Finance declared in early July a new law that will help prevent and fight tax fraud. This new law was introduced in hopes of regulating the digital currency operation in the country and keeping them under control. Now, the Treasury will be needing them to furnish their digital currency assets and income taxes. Also, report any payments and collections regarding the cryptocurrencies.