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Italy is supporting blockchain projects by allowing them access to government subsidies. The Ministry of Economic Development in the country has announced that some blockchain projects will qualify for a subsidy of up to $46 million.
Italian government to give $46M in subsidies
The Ministry issued an announcement on Tuesday saying that companies and research firms in both the public and private sectors would be eligible to apply for funding from the government to support projects operating in areas such as blockchain technology, the Internet of Things, and artificial intelligence.
The initial budget supporting this fund will contain 45 million euros, worth around $46 million. This funding is part of the objectives of the Italian government to support investments in the technology sector while also supporting research and innovation.
Giancarlo Giorgetti, the Minister of Economic Development in Italy, noted that this funding would go towards companies that invested in “cutting-edge technologies.” The government encourages people to use fast, secure and efficient models to support modern production systems.
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The government noted that adopting innovative technologies would foster competitiveness. The directive by the government was supported by a decree released in December last year. At the time, the decree looked at how the fund would be used. Another funding in June 2022 also allowed the Ministry to establish the following terms and conditions in submitting the applications.
The decree noted that the companies that can apply for this funding would be of any size. These funds would support major technologies such as the Internet of Things (IoT), artificial intelligence, and blockchain technologies. The industries that would be supported by this funding include aerospace, environment, health, manufacturing, and tourism.
Crypto regulations in the EU
Italy is a member of the European Union, and its crypto market is governed by the regulations set by the EU Parliament. These regulations will ensure that crypto issuers and companies offering services in the sector are within the regulatory scope of the EU.
The crypto space in Italy is governed by the Italian Companies and Exchange Commission (CONSOB). The regulator has warned residents of the risks posed by cryptocurrency investments. The Organismo Agenti e Mediatori is tasked with giving the greenlight to crypto service providers. In May, the organization allows the Binance exchange to open a location in the country.
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