On Feb. 23, the Economic and Commerce Development Department of Puerto Rico (DDEC) issued a letter that will spearhead the efforts that the state is making to attract blockchain companies.
The Economic and Commerce Development Department of Puerto Rico 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 is making moves to attract blockchain companies interested in establishing operations in the U.S. island territory.
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.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.
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.
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