Spanish legislators are backing a legal drive to legitimize the cryptocurrency and blockchain industry by proposing a new bill on how digital currencies can be spent. The new draft bill was presented by the Spanish political group the People’s Party (PP) and wants to drive advancement in numerous industries through regulated innovation. Notably, the bill would also authorize the use of cryptocurrency to make mortgage payments.

As a feature of the draft charge, the PP proposed to authorize the utilization of digital currency and blockchain tech for mortgage and protection purposes. In particular, the proposition means to permit property owners to pay loans with crypto and approve the land area to utilize their own cryptocurrency holdings for purchases. The draft law likewise calls on Spanish banks to introduce blockchain tech in their operations to oversee home loans and protection via automated processes that can be conducted using smart contracts.

The draft bill proposes building up significant tax cuts and patent advantages for organizations associated with the cryptocurrency and blockchain industry in Spain. The bill explicitly recommends that local tech startups be given a 90% decrease on the expense of the public patent and registration charges in the Spanish Patent and Trademark Office. Furthermore, the bill proposes the creation of the National Crypto Asset Council, which would serve as a public adviser and include representatives from the Directorate General of the Treasury, the National Securities Market Commission and the Bank of Spain.

The news comes shortly after the Spanish parliament endorsed another law expecting residents to report their cryptocurrency holdings as a feature of the country’s endeavors to battle tax evasion and fraud. That law, introduced last month, expects to broaden regulation of the Spanish crypto market, implementing new requirements for holding and trading digital currency.