The Puerto Rico Blockchain Trade Association (the Association) today announced its official launch. The Association was established to provide a formal entity to build an inclusive crypto-community for Puerto Rico. For the day trader or the crypto-curious, the native or newly arrived, the start-up or established corporation, the Association is focused on making the Puerto Rican crypto space accessible to everyone.
Favorable tax incentives have allowed the Puerto Rico crypto community to grow every day. In 2012 the local legislature passed Act 20/22 that eliminated capital gains tax and capped corporate tax at 4% for new residents. In 2019 they passed Act 60 which specifically included the word ‘blockchain.’
“Act 60, clearly defined eligible tax exempt income as commodities, coins, and any digital assets based on the blockchain technology,” said Giovanni Mendez, Founder and Tax Attorney at Global Economic Optimization and General Counsel to the Association. “Any ambiguity or concerns were resolved with the Act. These incentives demonstrate Puerto Rico’s commitment to spurring economic development and attracting new talent and business- especially technology entrepreneurship.”
Recognizing that regulation and legislation will continue to evolve in this space, on both national and local levels, the Association will play a key role in engaging with lawmakers, providing public policy solutions, and advocating on behalf of the community.
“Together, we rise is not just our tagline, but our guidepost. We are passionate about creating inclusivity and making crypto accessible to everyone,” said Keiko Yoshino, Executive Director of the Association. “The current minimum wage is $7.25 in Puerto Rico. Locally, college graduates are working two or more jobs to make ends meet. Alternatively, they relocate to New York or Miami to secure better paying jobs and support their families back home. One of the Association’s goals is to attract tech companies, bring blockchain related jobs to the island, and create incubators at local universities so graduates are equipped with the skills to compete for good paying jobs here at home.”
The child poverty rate is 58%, twice that of Mississippi, the poorest state on the mainland. But unlike Mississippi, Puerto Rico does not enjoy the same program benefits that have proven effective at alleviating poverty. Concerned about childhood resiliency and opportunities, the Association created The Resiliency Fund a 501(c)3 organization.
The Resiliency Fund supports Puerto Rican nonprofits that offer safe spaces to thrive, free programming, and mentorship for children and youth. Adverse Childhood Experiences (ACEs) and toxic stress have a significant impact on lifelong health and opportunity. By providing funding to nonprofits that connect youth with mentors, resources, and activities, the Association strives to help develop children’s resiliency and curb the long-term effects of ACEs and toxic stress.
To learn more about the Puerto Rico Blockchain Trade Association and Resiliency Fund check out www.prblockchain.org and www.resiliencyfund.org
