Italy Announces First Set of Regulation for Blockchain Technologies

Italy has joined a host of international nations creating state policies with regards to adopting blockchain technologies.

Following a relative period of calm and inactivity around the crypto industry, the Italian government has announced this week the publication of a decree to protect and regulate the legal status of cryptocurrency and blockchain technologies.

The decree titled “Decreto Semplificazioni” meaning Decree Simplifications was approved this week by the Italian Senate Committee on Constitutional Affairs and Public Works. The decree document contains specified legal clarity on what the government considers to be cryptocurrency as well as other crypto and blockchain technology related terms.

Highlighted in the decree is a provision for blockchain technology use-cases in the Italian State; where the government looks to use and recognize blockchain technologies in the registration and verification of legitimate state documents and contracts.

However, despite the hype over this decree, there still remains an array of processes before this decree becomes law; the Chamber of Deputies and the Senate of the Republic have to consent to the decree to enforce the legal status and immediate use of crypto/blockchain technology in official activities.

Italy’s new blockchain proposition will pitch the country as a reference point across Europe. Italy has been involved in a joint initiative with fellow European nations to promote blockchain technology across various sectors from healthcare, registries, land distribution and many more; with a global focus on transparency and custom maintenance of state agencies and processes. The joint blockchain initiative featured signatory interests from France, Cyprus, Malta, Portugal, Spain and Greece.

This latest move could also be a by-product of plans by the Italian Ministry of Economic Development which set up a 30-man committee at the end of last year, tasking them with the responsibility of developing defined national strategies for blockchain/distributed ledger technology and cryptocurrencies.

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