Italy has decided to offer government subsidies for supporting blockchain projects in the country. According to the Ministry of Economic Development, there are some blockchain projects in Italy that would be granted subsidies worth $46 million.
Subsidies for blockchain
On Tuesday, the Ministry made the announcement about offering subsidies for blockchain projects and added that research firms and companies in the private and public sectors would be eligible for sending in their funding applications. The subsidies are being granted by the Italian government to support the development and advancement of projects related to artificial intelligence, blockchain technology, and the internet of things (IoT).
The initial budget that has been set aside for providing subsidies is about 45 million euros, which comes close to $46 million. The program has been launched by the Italian government as part of its efforts to promote growth and innovation in the tech sector.
Italy’s Minister of Economic Development, Giancarlo Giorgetti, disclosed that they would provide funding to businesses that are focused on ‘cutting-edge technologies. He said that the government’s focus is to encourage the use of modern production systems that are based on efficient, secure, and fast models.
Another reason behind the government’s decision to promote investment in blockchain projects and other technologies is to foster competitiveness in the market. Last year in December, a decree had been issued in Italy, which supports the directive of the Italian government. The decree had been aimed at determining how the allocated funds would be used.
The Ministry issued another decree in June of this year to highlight the terms and conditions that would have to be fulfilled by companies when submitting their applications for obtaining the funds. According to this decree, the size of the project is not relevant when it comes to sending in funding applications.
The goal is to use these funds for offering support to projects that deal with innovative technologies, such as artificial intelligence, the internet of things (IoT), and blockchain technologies. Some of the industries that would receive support via this funding include health, environment, tourism, manufacturing, and aerospace.
While the country is supporting projects associated with blockchain technology, it is being cautious when it comes to cryptocurrencies that are also powered by the same technology. The regulations of the European Parliament are applicable in Italy, considering that it is a member of the European Union. The Companies and Exchange Commission (CONSOB) in Italy governs the crypto market.
Residents have been warned about the risks associated with crypto investments. Crypto service providers have to get the green light from the Organismo Agenti e Mediatori to be able to operate in the country. The organization granted permission to Binance, the world’s largest crypto exchange due to its trading volume, to operate in the country.
The European Union has developed new regulations for the crypto space, along with some anti-money laundering rules that will come into effect in all of its member states, including Italy.