Innovation and experimentation: Spain’s blockchain sector in 2021
In Spain, companies across various industries — not just digital finance — have begun to apply blockchain technology to their operations. This disruptive technology has promoted pioneering projects in the country that are expected to add 20 billion euros to Spanish gross domestic product by 2030.
As expectations around this technology increased in Spain throughout 2021, so did investment, hype and concerns regarding the stability and regulation of digital assets.
Here, we will take a look at some of the most notable developments in the Spanish cryptocurrency and blockchain ecosystems throughout 2021.
The Central Bank of Spain together with the National Securities Market Commission issued a statement in February 2021 warning citizens about the risks of cryptocurrencies as an investment.
The statement noted that there is still no regulatory framework in the European Union to regulate cryptocurrencies, nor does it provide guarantees and safeguards similar to those available for other financial products like stocks and bonds.
As part of the effort to regulate and keep digital currencies operations under scrutiny, at the beginning of July, the Spanish Ministry of Finance announced the “law to prevent and fight against tax fraud.”
Herein, the Treasury will require the declaration of income tax and digital currency assets, as well as reporting payments and collections made with cryptocurrencies.
Local media then reported that “this regulation introduces an obligation to provide information on the balances held by the holders of virtual currencies and on the operations in which they are involved. This same obligation extends to those who make initial offers of new virtual currencies.”
In May, the Secretary General of the Treasury and
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