Italian Government Will Provide $46 Million For Blockchain Projects

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

In an announcement on Tuesday, the ministry said businesses and public or private research firms will be able to apply for government funding for the development of projects related to artificial intelligence, the Internet of Things, and blockchain technology.

The fund will have an initial budget of €45 million – approximately $46 million at press time – with expenses and costs ranging from €500,000 (worth $512,150) to €2 million ($2,048,600) as part of the Italian government’s technology investment targets, research, and innovation.

Minister of Economic Development Giancarlo Giorgetti said:

“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.”

Italian government’s decision was made feasible by a decree issued in December 2021 outlining the requirements for accessing the fund, followed by another in June 2022 outlining the terms and conditions for submitting applications.

Companies of any size, according to the decree, will be entitled to apply for subsidies if the funds are utilized for IoT, AI, or blockchain in sectors such as industry and manufacturing, tourism, health, the environment, and aerospace.

A member of the European Union, Italy would likely be affected by recent regulations agreed upon by the EU Parliament aiming to bring crypto issuers and service providers within its jurisdictional control under a single regulatory framework.

The country’s securities regulator, the Italian Companies and Exchange Commission, or CONSOB, has previously warned residents about the possible risks of crypto investments, while the Organismo Agenti e Mediatori is largely responsible for granting regulatory approval for crypto service providers — in May, the regulator gave the green light to major crypto exchange Binance to open a branch in Italy.

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