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Italy government will give subsidy of Rs 364 crore to blockchain companies

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HIGHLIGHTS :

  • Binance opened its branch in Italy in May
  • The government is supporting industries for innovation
  • EU Parliament’s rules can put obstacles

Binance opened its branch in Italy in May

Italy’s Ministry of Economic Development is going to bring a subsidy scheme of $ 46 million (about Rs 364 crore) for the development of Blockchain, Internet of Things (IoT), and Artificial Intelligence (AI) related projects. The launch will take place by the middle of the end of September. This new policy will strengthen the research and innovation capacity of industries. “The challenge of constant competition demands constant innovation,” said economic development minister Giancarlo Giorgetti, who issued a decree in December 2021. In which the criteria for using the fund were given. After that in June 2022, another decree was issued in which the ministry laid down the terms and conditions for this.

Minister of Economic Development Giancarlo Giorgetti said in a press release, “We encourage the modernization of production systems through an interconnected, safe, and fast management model and support companies’ investment in cutting-edge technologies to stay competitive. This requires continuous manufacturing industry innovation and harnessing the potential of new technologies.”

The government is supporting industries for innovation

According to the decree, submitted in June 2022, companies of any size can apply subsidies to use the funds in IoT, AI, or blockchain for industry and manufacturing, tourism, health, environment, and aerospace.

In May, Agenti e Mediatori (OAM), the regulatory approval body for crypto service providers in Italy, gave a green signal to Binance, one of the largest crypto exchanges, to open its branch in Italy.

EU Parliament’s rules can put obstacles

Another thing to note here is that, as a member of the European Union, Italy may be affected by the recent regulations of the EU Parliament, which has allowed the Parliament to bring cryptocurrency issuers and service providers under its jurisdiction. Spoke of.

Italy’s Ministry of Economic Development is going to bring a subsidy scheme of $ 46 million (about Rs 364 crore) for the development of Blockchain, Internet of Things (IoT), and Artificial Intelligence (AI) related projects.

According to the decree, submitted in June 2022,

companies of any size can apply subsidies to use the funds in IoT, AI, or blockchain for industry and manufacturing, tourism, health, environment, and aerospace.

In May, Italy crypto One of the largest crypto exchanges, Binance, has been given the green light by Agenti e Mediatori (OAM), the regulatory approval body for service providers, to open its branch in Italy.

Another point to be noted here is that, as a member of the European Union, Italy can be affected by the recent rules of the EU Parliament, in which Parliament has cryptocurrency It has been said to bring the issuers and service providers under their jurisdiction.

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