Spain is reportedly drafting out legislation that will help encourage blockchain and cryptocurrency companies into the country. These attempts are said to be spearheaded by Spain’s ruling political party.The move, as observed by the ruling party, is part of the larger focus on firms adopting new technologies like 3 D printing.

Lawmaker Teodoro Gracia Egea observes that the bill may include provisions that attract companies aiming at the sale of tokens at initial pricing cost. He further states that the legislation may similarly specify a lower limit threshold bellow, which no tax reports on cryptocurrency investments will be made. He has been put on record stating that they hope to have completed all arrangements to the legislation ready by the year’s end.

Spanish ruling party has also made efforts to encourage lawmakers to hear testimony from blockchain expert’s opinions on the matter. The party intends to review the regulatory measures set by countries like Switzerland. They observe that countries like Switzerland have some regulations already implemented and others still being made concerning the matter. Egea in an interview with Bloomberg Politics said “the technology is good for Spain because it spurs work in other sectors like education, finance, and health.”

According to Gracia Egea, the legislation’s focus may in part be aimed at encouraging token sale investments in the country He has been quoted stating that the goal is to set up the safest framework in Europe for ICO investments.

Spain is not alone in the blockchain legislation ventures. UK overseas territory, Gibraltar reportedly intends to officiate its ICO legislations this month.