The Spanish legislature helps a brand new authorized initiative to legalize the cryptocurrency and blockchain trade by proposing a brand new bill on digital transformation.

The new bill was launched by Spain’s largest social gathering, the People’s Party (PP). It goals to drive innovation in a number of industries by regulating new applied sciences like blockchain, synthetic intelligence, and cryptocurrencies like Bitcoin (BTC).

As a part of the bill, the PP is proposing to legalize using cryptocurrencies and blockchain know-how for mortgage and insurance coverage functions. Specifically, the proposal goals to give property owners the power to repay mortgages in crypto and allow the true property sector to use their very own cryptocurrency to purchase mortgages.

The bill additionally requires Spanish banks to implement blockchain know-how for mortgage and insurance coverage administration by automating associated processes utilizing sensible contracts.

The bill goals to create main tax breaks and patent advantages for corporations working within the cryptocurrency and blockchain industries in Spain. In specific, the bill proposes that native know-how innovation startups obtain a 90 p.c discount in nationwide patent and registration prices with the Spanish Patent and Trademark Office.

Related: Spanish Socialist Workers’ Party writes public initiative for digital currencies

In addition, the brand new initiative additionally proposes the institution of a National Council on Cryptocurrency Assets for public advisory functions, bringing collectively representatives from the General Department of the Treasury, the National Securities Market Commission and the National Securities and Exchange Commission (Bank of Spain).

The information comes shortly after the Spanish Parliament handed a brand new regulation in early July requiring residents to declare their crypto belongings as a part of the nation’s efforts to struggle tax evasion and fraud. Establishing essential new necessities for holding and trading cryptocurrencies.