In a bid to boost the crypto industry in the country, the Italian government has announced that it will be providing subsidies worth $46 million for blockchain projects.
Subsidies For Blockchain Research
According to the announcement from the Ministry of Economic Development of Italy, from September, public or private research firms developing Internet of Things (IoT), AI, or blockchain technology in certain sectors can apply for government subsidies, upto €45 million (approximately $46 million). The costs of the undertaking will range between €500,000 and €2 million and will be a part of Italy’s initiative of investing in technology and innovation.
The Miniter of Economic Development Giancarlo Giorgetti addressed the decision, saying,
“We support companies’ investments in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast. The goal of competitiveness requires the manufacturing industry to constantly innovate and use the potential of new technologies.”
Italy’s Blockchain Push
Since the European Union has been attempting to bind crypto service providers across the continent under a single regulatory framework, Italy has recognized the need to provide financial support to its nascent crypto industry. As a result, in December 2021, a government decree was passed that paved the way for establishing a fund to support IoT, AI, and blockchain technology in industry and manufacturing, tourism, health, environment, and aerospace sectors.
Earlier this year, the Italian Senate Committee of Constitutional Affairs and Public Works also approved the Decreto Semplificazioni to legally affirm the definition and legal status of cryptocurrency and other terms standard in blockchain technology. The country’s financial regulator, Organismo Agenti e Mediatori has also approved the major crypto exchange Binance to open a branch in Italy. However, the country’s securities regulator, the Italian Companies and Exchange Commission, or CONSOB, has been somewhat wary of crypto and issued warnings to the public.
A Quietly Burgeoning Industry
Even though the industry in Italy is still in its early stages, it boasts of a community of entrepreneurs and technical leaders who are making their mark on a national level. The country has a growing scene of blockchain-based businesses that will benefit from the government’s subsidy plan. For example, in April, leading Italy-based crypto investment fund Iconium invested in OVER, the country’s Metaverse platform that curates geolocalized AR/VR experiences. The partnership will enable the creation of a community-owned Metaverse platform through NFTs and bridge the gap between the digital and physical worlds through advanced geolocation
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.