The new bill seeks the digital transformation of the current financial system, through the integration of new technologies and the supervision of these implementations in the development and innovation of the Spanish financial sector.
During a session, the Committee on Economic Affairs and Digital Transformation of the Spanish Congress, approved unanimously approved a new bill that is focused on the digital transformation of the current financial system. With the new bill, the Commission aims to establish a “sandbox “regulatory sandbox” that allows the implementation and supervision of new projects and technologies within the financial system. Under a sandbox or controlled environment, the Economic Affairs and Digital Transformation Commission of the Spanish Congress, and other regulators in the country, will be able to closely observe and analyze the regulatory needs that exist in the nation, as well as study the development and social impact that the implementation of new technologies within the financial sector has generated.
The approval of this bill by the Spanish Congress is a significant step in the nation's progress towards development and digital transformation. Through this law, Spain will be able to implement different technological and innovation projects that allow for a thorough analysis of the current financial system from all angles, including the legal and judicial framework. This bill allows different technological projects to be developed in a safe and efficient way for all stakeholders.
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Opening the doors to technological development
Europe is a continent that remains at the forefront of technological development and innovation. Until recently, the European Union announced the creation of a body of regulation that will be responsible for supervising and controlling the crypto asset market, as well as imposing the necessary measures so that the trade and exchange of cryptocurrencies and digital assets is carried out with absolute transparency. Other organizations such as the European Commission and the European Blockchain Association are developing a digital infrastructure technology-based blockchain, which will allow the provision of cross-border public services by all European countries.
Likewise, initiatives are being developed on the continent focused on showing the potential uses and applications of cryptocurrencies, such as Bitcoin, to the entire world. The Vienna Stock Exchange, Vienna Stock ExchangeFor example, earlier this month it added support for this cryptocurrency, becoming the third official regulated market in the world to offer a financial product based on Bitcoin.
Technological initiatives in Spain
In Spain, innovative initiatives are not far behind either. The country has been the site of several successful projects, such as the renowned Distributed Registry of Public Procurement Offers which takes place in the Autonomous Community of Aragon, which is focused on the bidding of contracts and public works in a transparent, reliable and secure manner. These technological initiatives have been mentioned by the World Economic Forum as solutions that promote a more fair, transparent and equitable economic, financial and legal model, which fights against corruption and bureaucratic processes of the current system.
Now, the new regulatory framework presented by Congress for the digital transformation of the financial system can open the doors for Spanish companies and businesses that provide financial and banking services with cryptocurrencies to expand throughout the country and the continent. A defined and adjusted regulation will allow the updating of current regulations in the financial sector, and within these updates a space will be opened for the development of digital asset systems.
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