SPAIN is to release ambitious new legislation in an attempt to rival Gibraltar as a cryptocurrency and blockchain hub.

The People’s Party of Spain is eyeing up the move as part of a new policy to attract firms working in the fintech industry.

The legislation is expected to come into practice later this year.

It is believed the bill will also specify an amount, with crypto-investments valued below this level not taxed by the Spanish authorities.

“We want to set up Europe’s safest framework to invest in ICOs,” said Teodoro Garcia Egea, who stands in the Congress of Deputies for the PP.

Egea said he hoped the new regulation would also encourage technological advancement in other sectors such as education, finance and health.