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Advocates of cryptocurrency and blockchain in Spain have reason to cheer after the country’s senate unanimously voted in favor of launching a new regulatory fintech testbed that will allow companies to launch blockchain, bitcoin (BTC) and other projects related to cryptocurrencies.
The Senate is Spain’s upper chamber of parliament and voted 262-0 in favor of launching the initiative, according to the Spanish Association of Fintech and Insurtech (known locally as AEFI).
A proposal to amend the bill was closed, with only 16 senators voting in favor.
The government passed the bill in February, and it has since gained approval from the lower house, the Congress of Deputies.
This means that the bill in question only needs to be inserted in the Boletín Oficial del Estado, the official gazette of Spain, to become law – a mere formality.
However, companies face a nervous wait to see which companies will have the green light to move to the sandbox.
The sandbox’s approval marks a notable coup for the AEFI and the country’s growing blockchain, crypto and fintech sectors, which began campaigning for a test bed in 2017.
Madrid will now get to work to create a regulatory commission that will coordinate the sandbox and make decisions on its membership. The commission will have the power to summon experts to express their opinion when it deliberates.
The new commission, which will be obliged to meet at least every three months, will also have the task of creating and regulating protocols and standards, as well as evaluating the progress of the test bed projects.
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To know more:
Spanish police: the former Catalan leader used Bitcoin to pay for his escape to Belgium
350 Spanish MPs “Become Bitcoin Holders” in the “Crypto Education” unit
Spanish cryptocurrency users report that the banking service crashes after using exchanges
66,000 Spanish cryptocurrency traders warned to pay taxes on their earnings
