Spain has just approved a law that will allow companies in the FinTech and blockchain sector to develop more efficiently.
A vote to determine the future of the FinTech and blockchain sector in Spain
As reported by the Spanish FinTech and InsurTech Association (AEFI), it was for the Spanish Senators to approve a “sandbox”, that is to say a sandbox where companies in the sector can develop . FinTech and blockchain companies will therefore benefit from an environment favorable to innovation, as the association confirms:
“The Senate Committee on Economic Affairs and Digital Transformation has definitively approved the law for the digital transformation of the financial sector . ”
The aim is to reduce the barriers that prevent FinTech and blockchain companies from evolving in Spain, while promoting greater competition . The project dates from 2017, so it took three years for the Senate committee to approve it definitively.
The association estimates that this step forward will create nearly 5,000 direct jobs in the FinTech ecosystem. It is also more than one billion euros of additional investment which is expected for the sector in the coming years. Notably, the sandbox thus developed will be open to FinTech and blockchain companies from across the European Union , and not just from Spain.
Rodrigo García de la Cruz, President of AEFI, welcomed what he sees as a particularly important moment:
‘ C’ is a historic day for the sector of the End T ech , the approval of the Sandbox is definitely the biggest step that Spain will overcome in terms of financial innovation. The Sandbox is synonymous with talent retention, promotion of innovation, attraction of art investment and e progression regulations for the sector. It is a boost to position Spain as the European continental leader . “