Spain’s new draft bill aims at enabling the property owners to return mortgages by utilizing crypto and permit the real estate zone to utilize the cryptocurrency of their own for making mortgage purchases within the country. The new legal move is being backed by the lawmakers of the country to regulate the blockchain and crypto industry by offering the latest bill for digital transformation.
People’s Party (a political party based in Spain) introduced the latest draft bill. The proposed bill intends to incorporate innovation in a lot of industries via putting regulations on emerging technologies like artificial intelligence and blockchain as well as the cryptocurrencies such as Bitcoin (BTC). PP (people’s party) proposed, as a portion of the draft bill, that the utilization of blockchain technology and cryptocurrency should be legalized for insurance and mortgage purposes.
Particularly, the objectives of the proposal include permission for property owners to use cryptocurrency for paying mortgages and the approval for the real estate zone to make their mortgage purchases using cryptocurrencies of their own. The bill also orders the banks of Spain to set up blockchain technology for dealing with insurance and mortgages by systematizing the appropriate processes utilizing smart contracts. Some patent benefits to be awarded to firms and key tax breaks are suggested by the bill.
The bill focuses that the startups of local tech innovations should obligate a 90% decrease on the charges of the registration and national patent fees in Patent as well as Trademark Office of Spain. It adds that a national council should be made for crypto assets to advise the public regarding the respective technologies and to conduct the conferences among the representatives from Spain’s central bank, National Securities Market, and the Treasury’s Directorate-General.
The news about the proposal was reported following the approval of the new law, at the beginning of July, by the parliament of Spain demanding the citizens to reveal their crypto holdings to make the authorities devise suitable plans for confronting the fraud as well as tax evasion in the country. It has been intended by the law that the range of regulations regarding the crypto market of Spain would be extended and a lot of latest as well as most significant advancements would be made allowing better trading and holding of the cryptocurrencies.