The Puerto Rico Department of Economic and Commercial Development (DDEC) has released a document containing tax exemptions that blockchain projects can take advantage of.
According to DDEC Secretary Luis Cidre, who made a statement on the subject, this move aims to create an environment of certainty and stability for blockchain companies.
Puerto Rico Plans to Become a Blockchain Hub
Puerto Rico has moved to attract blockchain companies that want to operate on US island territories.
The document, shared by the Puerto Rico Department of Economic and Commercial Development, contains the conditions that blockchain-based companies must meet to benefit from tax exemptions through the Puerto Rico exemptions law, also known as Law 60.
DDEC Secretary Manuel Cidre said that with this move, they aim to make Puerto Rico among the most sought-after destinations for blockchain companies.
The shared document also includes other important definitions for national companies trying to export their blockchain-related services.
“Puerto Rico is at the forefront of the industry worldwide by providing a precise and accurate legal framework for the industry,” said Carlos Fontan, Director of the DDEC Business Incentives Office.
Puerto Rico passed a law called the Sales and Use Tax in February 2022 as part of the regulations. They defined NFTs as taxable assets within the scope of this law and underlined that NFT trading transactions should be reported.
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