Puerto Rico Defines Act 60 Tax Exemptions for Blockchain Companies 
The Economic and Commerce Development Department of Puerto Rico (DDEC) has issued a document in which it defines the rules that blockchain projects must follow to receive tax benefits that the state offers companies. The action seeks to create an “atmosphere of certainty and stability” for blockchain companies, according to DDEC Secretary Luis Cidre.
Puerto Rico Establishes Rules to Attract Blockchain Business
Puerto Rico is making moves to attract blockchain companies interested in establishing operations in the U.S. island territory. On Feb 23, the Economic and Commerce Development Department of Puerto Rico (DDEC) issued information regarding a letter announcing a regulatory framework to spearhead the attraction of more blockchain companies to the region.
The letter clarifies the conditions these companies must meet to benefit from tax exemptions via the Puerto Rican exemptions code, also known as Act 60. Manuel Cidre, secretary of the DDEC, explained that with this move Puerto Rico expects to position itself as part of the most sought out destinations for blockchain companies. Cidre stated:
Through this effort, we seek to be proactive in addressing an emerging technology, on which a lot of economic activity is being created around the world, and the island is not and should not be the exception.
More Definitions
The document also establishes other significant definitions for national companies trying to export their blockchain-related services, as it establishes which activities inside the industry are eligible for receiving the exemptions for tech exporters.
Carlos Fontan, director of the DDEC Business Incentives Office, also stated that with this development Puerto Rico is at the forefront of the industry at a worldwide level, providing a precise and accurate legal framework in the sector.
The national community commended this effort, recognizing the work that the government is putting in to put Puerto Rico on the map for companies searching for a safe haven. Keiko Yoshino, executive director of the Puerto Rico Blockchain Commerce Association, stated that this shows the interest of the territory in competing in the global blockchain economy that is currently emerging.
Puerto Rico has also been active including cryptocurrency elements as part of its regulations. On Feb. 2022, a proposed reform of the “Sales and Usage Tax” aimed to include NFTs (non-fungible tokens) as taxable assets, declaring that sales of these assets would have to be reported, including the addresses and the origin of the funds involved in the transaction.
Tags in this story act 60, carlos fontan, Economic and Commerce Development Department, Exemption, keiko yoshino, manuel cidre, NFTs, Puerto Rico, Tax
What do you think about Puerto Rico and its actions to attract blockchain companies? Tell us in the comments section below.
Sergio Goschenko
Tel Aviv Stock Exchange Takes Steps to Allow Crypto Trading REGULATION | 14 hours ago 
G20 Finance Chiefs Widely Recognize Crypto Poses Major Financial Stability Risks, Says Indian Central Bank Governor REGULATION | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons
Previous article
Crypto Exchange LBank Signs With Encryptus for Crypto to Payout Infrastructure
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimerShow comments
More Popular News
In Case You Missed It
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market … read more.
NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Iran to Increase Penalties for Unauthorized Cryptocurrency Mining