Italy announces introduction of blockchain regulation
Italy moves towards blockchain adoption
The Italian government has announced the publication of a decree aimed at protecting and regulating the legal status of cryptocurrency and DLT.
The “Decreto Semplificazioni” was approved by the Italian Senate Committee of Constitutional Affairs and Public Works on January 23rd and contains a series of legal stipulations that clarify what the government considers to be cryptocurrency, as well as other terms typical of blockchain technologies and their legal status. Once approved, one of the primary uses of the new regulatory framework will be to allow for the state to recognise and use block tech to verify the time in which documents and contracts made in the country are registered.
Following senate approval, the bill will now make its way through the Chamber of Deputies and the Senate of the Republic, where approval will offer the decree the legal validity it needs for the technology to be used in official activities and sectors, such as transport, healthcare and land distribution.
“The adoption can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burden, better customs collection and better access to public information,” the declaration said.
Italy’s success in creating the decree comes after its participation in a joint initiative signed by several European countries to promote the adoption of blockchain technologies in different sectors. The proposal, which was initiated by Malta – has been supported by France, Cyprus, Malta, Portugal, Spain, and Greece.