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

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Italy’s Ministry of Economic Development has announced that some blockchain projects will be eligible to apply for up to $46 million in government subsidies starting in September.

In Tuesday’s announcement, the ministry said companies and public or private research firms will be able to apply for funding from the government to develop projects related to artificial intelligence, the Internet of Things and blockchain technology. The initial budget of the fund will be 45 million euros – approximately $46 million at the time of publication – as part of the Italian government’s goals for investment in technology, research and innovation, from 500 thousand to 2 million euros for expenses and costs.

“We support companies’ investment in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, safe and fast,” said Giancarlo Giorgetti, Minister of Economic Development. “The goal of competitiveness requires the manufacturing industry to continually explore and utilize the potential of new technologies.”

The government’s directive was made possible by a decree in December 2021 establishing criteria for using the fund and a subsequent decree in June 2022 in which the ministry laid down the terms and conditions for submission of applications. According to the decree, companies of any size will be eligible to apply for subsidies, provided the funds will be used for IoT, AI or blockchain in sectors including industry and manufacturing, tourism, health, environment and aerospace.

related: ‘Bitcoin-thematic’ ETF Lists on Italian Stock Exchange Borsa Italiana

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A member of the European Union, Italy is likely to be affected by recent regulations by the EU Parliament, which aim to bring crypto issuers and service providers under their jurisdiction under a single regulatory framework. The country’s securities regulator, the Italian Companies and Exchange Commission, or CONSOB, has previously warned residents about the potential risks of crypto investing, while Organismo Agenti e Mediatori, largely to provide regulatory approval for crypto service providers Responsible – In May, the regulator gave the green light to major crypto exchange Binance to open a branch in Italy.