Castilian lawmakers are backing a new legal initiative to legitimize the cryptocurrency and blockchain industry by proposing a new bill on digital transformation.

The new draft neb was introduced past Spanish political party the People's Party (PP). Information technology aims to drive innovation in multiple industries through regulating emerging technologies such equally blockchain and artificial intelligence and cryptocurrencies similar Bitcoin (BTC).

Every bit office of the typhoon bill, the PP proposed to legalize the usage of cryptocurrency and blockchain tech for mortgage and insurance purposes. Specifically, the proposal aims to allow property owners to pay mortgages with crypto and authorize the real estate sector to utilise their own cryptocurrency for mortgage purchases.

The draft police likewise calls Spanish banks to deploy blockchain tech for managing mortgage and insurance by automating related processes using smart contracts.

The draft nib proposes establishing major taxation breaks and patent benefits for companies involved in the crypto and blockchain industry in Kingdom of spain. The bill specifically suggests that local tech innovation startups should have a 90% reduction on the cost of the national patent and registration fees in the Spanish Patent and Trademark Part.

Related: Castilian Socialist Workers' Party pens public digital currency initiative

Additionally, the new initiative also proposes to create the National Crypto Asset Council for public advising purposes, bringing together representatives from the Advisers Full general of the Treasury, the National Securities Marketplace Commission and the Depository financial institution of Spain.

The news comes shortly subsequently the Spanish parliament approved a new police force requiring residents to declare their crypto holdings as office of the country's efforts to combat revenue enhancement evasion and fraud in early July. The law intends to extend the scope of regulating the Spanish crypto market, establishing major new requirements for property and trading cryptocurrencies.