Italy is setting up a $ 46 million fund to stimulate blockchain projects
The Italian Ministry of Economic Development, Ministero dello sviluppo economico (MISE), has announced plans to provide financial support for projects using innovative technologies of interest to the authorities, of which blockchain is one.
In a statement, the government ministry said the incentive program has an initial budget of 45 million euros (about 46 million dollars at the time of writing). The fund is available to companies and private or public research firms of all sizes and will subsidize expenses and costs from € 500,000 (worth $ 512,150) to a maximum of € 2 million ($ 2,048,600).
However, the units must work on projects that distribute blockchain, Internet of Things (IoT) or artificial intelligence (AI) technology in “strategic priority industries” to be eligible to apply. These industries include industry and manufacturing, education, agriculture, health, environment and infrastructure, culture and tourism, logistics and mobility, information security and aerospace.
“We support companies’ investments in cutting-edge technologies with a view to encouraging the modernization of production systems through increasingly interconnected, efficient, secure and rapid management models,” said Giancarlo Giorgetti, head of the ministry.
He added that in order to remain competitive, the manufacturing industry must constantly innovate and use the potential of new technologies.
The grant program is made possible by two central decrees made by the government – one in December 2021 and the other back in June this year. MISE has also published application guidelines for qualified companies and will start accepting applications from 21 September 2022.
Italy’s journey with blockchain technology adoption
Italy has long warmed up the potential of blockchain technology. Back in 2018, the country created a national blockchain board consisting of 30 interdisciplinary experts to help it better understand the burgeoning technology.
The country’s pressure to provide regulatory clarity for the market for digital assets precedes the establishment of the blockchain board and has continued to develop over the years. In another decree related to digital assets made this year by the Ministry of Economy and Finance, Italy reviewed the registration requirements of its digital asset companies.
According to a report from JD Supra, the decree has set clearer requirements for offering services for virtual assets in the country. The adoption of the decree has helped facilitate Binance’s re-entry into the Italian market, Bloomberg noted.
See: BSV Global Blockchain Convention Panel, Blockchain for Digital Transformation of Nations
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