Excellent news is coming from the southern part of Europe. The Italian government is set to heavily subsidize blockchain projects operating on the Apennine Peninsula. However, there are some restrictions.
The subsidies will start in September
Italy’s Ministry of Economic Development was pleased to inform the public that it is launching a subsidy project involving the blockchain sector. Its total value is expected to be approximately $46 million (€45 million).
Any company working on the development of artificial intelligence, the Internet of Things and blockchain technology can apply for support. All of this, however, on the condition that the funds are used for development in specific areas, such as health, for example. According to the announcement, the funding is expected to begin as early as September of this year.
The Minister of Economic Development, Giancarlo Giorgetti, commented on the project as follows:
“We support companies’ investments in cutting-edge technologies, with the aim of encouraging the modernization of production systems through management models that are increasingly connected, efficient, safe and fast.”
In doing so, he pointed out, the essence of new technologies:
“The goal of competitiveness requires the manufacturing industry to constantly innovate and exploit the potential of new technologies.”
The subsidy system will be implemented through decrees established in December 2021 and June 2022. They defined the criteria under which it becomes possible to use the fund, as well as the rules for submitting applications. Delving into their content, it is possible to verify more sectors in which to develop in order to obtain funding. Thus in addition to health, these include industry and manufacturing, tourism, environment and aviation.
For the development of blockchain technology in Italy, this is very important news. The country has so far shown no particular commitment to the sector. Moreover, following Binance’s problems on the Italian peninsula, the local regulator only in May gave the exchange official approval to open a local branch and operate fully-fledged. The subsidy system could be an inflammatory factor for the development of local blockchain companies. It may also serve as a protection against consequences arising from difficulties in operating during a bear market.
European countries under pressure
Italy, a member of the European Union structure, remains largely under its directives. Meanwhile, the Europarliament recently established new legislation to bring cryptocurrency issuers and service providers under a single regulatory framework. If you want to learn more, take a look at the article titled: “Experts speak out on MiCa – European Union regulation of cryptocurrencies”.