Proposals to introduce tax exemptions for companies which would be using blockchain technologies and cryptocurrency have been put on the table in the country. As reports suggest Spain looks to be getting prepared to reap the benefits for the opportunities that are being created by the ever-expanding blockchain industry. As news reports suggest it has also been stated that Spain is in the process of drafting a legislation governing the blockchain and cryptocurrency space and this could include tax breaks for companies and individual cryptocurrency investors, as well as having a regulated framework for governing initial coin offerings. The Country is looking to invite the top startup companies in this space to invest and set up their bases in the country.

The primary innovation behind cryptocurrency that is blockchain has already managed to attract the attention from a variety of established industries. Technology enthusiasts, researchers and many innovation leaders believe that blockchain and distributed ledger tech could transform the way contracts are settled, providing innovative new models for data storage and revolutionising transaction methods. With industries from business and finance, to health and education amongst those experimenting with blockchain. In addition, it is also reported Spain is currently considering to have an ICO-specific legislation. It’s hoped that regulation would make it safer and more convenient for both investors and firms.

With such progressive legislation potentially on the cards, Spain appears to be taking the initiative shown previously by the likes of Switzerland in attracting the latest wave of technology startups.

Following on the news that Moscow is launching a cryptocurrency, a consortium composed of the top technology officers at some of Spain’s largest companies in finance, energy, and telecommunications have launched to develop a national blockchain based ledger — with help from the nation’s government and universities called Alastria, the project is an impressive group of corporate resources around the establishment of a blockchain.

Announced simultaneously in Madrid, Barcelona, Bilbao, Valencia and Malaga, the consortium would work to develop a distributed ledger technology which will become the system of record for data exchange among these large corporations. This push from national and corporate interests seems to be a true acknowledgement of both the power and the potential threat that blockchain technologies could pose to established structures.

A nationalized blockchain built on top of services that citizens already use can be a tool that further consolidates state and corporate control and the fact that corporations and countries are moving quickly to adopt blockchain protocols seems to be an indication of this.

So, as it appears the good news is that the private sector industries of an entire country are working along with universities to move from things from a conceptual stage to the development of a protocol for data exchange and sharing that would be more secure and more efficient than anything that’s ever been done before.