Italian government will provide $46 million in subsidies for blockchain projects

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Italian government will provide  million in subsidies for blockchain projects
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The Italian Ministry of Economic Development has announced that starting in September, certain blockchain projects will be eligible to apply for government subsidies of up to $46 million.

In an announcement on Tuesday, the ministry said companies and public or private research firms will be able to apply to the government for funding to develop projects related to artificial intelligence, the Internet of Things and blockchain technology. The fund has an initial budget of €45 million (approximately $46 million at the time of publication) for fees and costs of €500,000 (valued at $512,150) to €2 million ($2,048,600) as part of the Italian government’s technology investment target part, research and innovation.

“We support corporate investment in cutting-edge technologies, aimed at encouraging the modernization of production systems through increasingly interconnected, efficient, secure and fast management models,” said Economic Development Minister Giancarlo Giorgetti. “The goal of competitiveness requires manufacturing to continue to innovate and harness the potential of new technologies.”

The government directive was made through a decree in December 2021 setting out the criteria for using the fund, followed by a decree in June 2022, which sets out the terms and conditions for the submission of applications. According to the decree, companies of any size are eligible to apply for the subsidy as long as the funds are used for IoT, artificial intelligence or blockchain in sectors such as industry and manufacturing, tourism, health, the environment and aerospace.

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Related: List of ‘Bitcoin Themed’ ETFs on Italian Stock Exchange Borsa Italiana

As a member of the European Union, Italy may be affected by a regulation recently agreed by the European Parliament, which aims to bring cryptocurrency issuers and service providers under the jurisdiction of a single regulatory framework. The country’s securities regulator, the Italian Companies and Exchange Commission (CONSOB), has previously warned residents about the possible risks of crypto investments, while Organismo Agenti e Mediatori is primarily responsible for granting regulatory approvals to crypto service providers — in May, the regulator was the main Cryptocurrency exchange Binance has given the green light to open a branch in Italy.

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