Spain seems to be moving towards further regulations, even before the EU regulations were announced earlier this month. While it has somewhat of a crypto community, it will likely be less welcoming to ICOs going forward.
Spain is located in Europe (EU): The countries of the European Union hold a patchwork of individual attitudes towards cryptocurrency regulation, but all of them also fall under the jurisdiction of the EU Commission.
Cryptocurrency trading in Spain
Spain has been quite receptive to the emergence of cryptocurrency economy, in large part as it was one of the first European countries to exempt cryptocurrency transactions from VAT, thought it is not considered legal tender. That being said it does tax cryptocurrency mining.
In January the EU came out with new directives on cryptocurrencies, asserting that “gaps still exist in the oversight of the many financial means used by terrorists, from cash and trade in cultural artefacts to virtual currencies and anonymous prepaid cards. This proposal seeks to address those gaps while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens and businesses, so balancing the need to increase security with the need to protect fundamental rights, including data protection, and economic freedoms.”
Mostly focused on ending anonymity among the crypto community, and preventing nefarious individuals from buying, funding, or selling orgs or resources. It does include the sharing of company and individual information with public entities at times, and affects exchanges and wallets.
Regulation of ICOs in Spain
Spain has already expressed the necessity of a legal framework for ICOs, but they have yet to come into existence, but the environment is still rather friendly. Even though there isn’t a legal framework yet, there are still some things to take into account such as the consideration of payment services, financial regulations, and anti-money laundering regulations
Cryptocurrency markets in Spain
Spain has a decent cryptocurrency community, as it’s initially been friendly to such a community, that being said, even bitcoin is not considered legal tender in the country.
IBC’s planning and strategy team can provide expert advice on ICOs in different jurisdictions. If you’re thinking of holding an ICO in COUNTRY and you’d like more information, contact us here.
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