Puerto Rico’s Ministry of Economic Development and Commerce Issues Guide on Digital Assets and Blockchain Verification
It is reported that Puerto Rico\’s Ministry of Economic Development and Commerce (DDEC) has issued a guide to digital assets based on blockchain technology and …
It is reported that Puerto Rico’s Ministry of Economic Development and Commerce (DDEC) has issued a guide to digital assets based on blockchain technology and blockchain verification, which points out that a preferential tax rate of 4% will be imposed on “pledge as a service” (any entity participating in blockchain verification will be subject to this ratio). The guide also provides definitions for blockchain verification, pledge, mining, digital assets, etc., which is the first time that Puerto Rico government agencies have clarified relevant concepts, It aims to provide more certainty for individuals and companies in the Web3 industry. （globenewswire）
Puerto Rico will levy a preferential tax rate of 4% on pledge as a service
Interpretation of the news:
Puerto Rico’s Ministry of Economic Development and Commerce (DDEC) has released a comprehensive guide on digital assets and blockchain verification, providing definitions for various relevant concepts. The move marks the first time that Puerto Rico government agencies have officially clarified these concepts, with the aim of offering more certainty for individuals and companies in the Web3 industry.
The guide highlights the use of blockchain technology and blockchain verification, stressing that companies participating in such activities will be subject to a preferential tax rate of 4% on the “pledge as a service”. This measure is meant to encourage the growth of the blockchain industry in Puerto Rico and support its impact on global financial technology.
The guide defines various relevant terms, including mining, digital assets, and blockchain verification. Mining refers to the process of creating new units of digital currencies, while digital assets cover all forms of digital tokens, including cryptocurrencies and security tokens. Blockchain verification, on the other hand, refers to the use of blockchain technology to verify and validate transactions on a decentralized network.
The guide also defines pledge as a service, which refers to the act of providing collateral in exchange for access to credit or other financial services. This definition underscores the potential of blockchain technology to enable new forms of financing and lending outside traditional banking systems.
Overall, the release of this guide signals Puerto Rico’s commitment to positioning itself as a hub for blockchain innovation and development. By providing greater clarity and regulation in the industry, it aims to attract more investment and talent to this growing sector.
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