Italian Government Makes An Important Step As It Introduces Blockchain Regulation For The First Time
Italia, which has not regulated its crypto and blockchain space so far, has made some important steps in order to do it recently. The Italian Senate has just approved a new amendment that would help to regulate the industry, known as Decreto semplificazioni.
This is the first regulatory move ever to be made by the country in the blockchain space by introducing terms like distributed ledger technology (DLT), smart contracts and others to the law.
Another important effort made by the law is that now any record powered by the blockchain technology will be enabled legal validation, which is another important win for the industry in Italia.
Initially, the law was accepted by the filter committees of the Senate, but in order to become a reality, the law will need to be validated in other two stances, it has to be approved by the Chamber of Deputies and then finally by the Senate again.
After this, the law will only need the presidential approval, which will probably be easy to get if it gets so far. However, if the president decides against the law, it will have to be voted once more.
As soon as the decree is a real law and all the lawmaking process is finished, the law will become a reality and the Agency for Digital Italy, which is the technical agency of the presidency, will be able to start to set up the blockchain regulation.
The law was created by a working group initiated by the Ministry of Economic Department together with a blockchain expert named Fulvio Sarzana.
Sarzana is excited about the law passing as he believes that the country, by legalizing crypto and blockchain transactions, can be able to cut middlemen in different sectors of the society and to decentralize institutions. This, he believes, could be good for both the privacy and public sector of Italy.
While Italy is certainly lacking in blockchain legislation, it cannot be said that the country is against the blockchain in any way, only a little bit slow to regulate the sector.
Last year, Italy teamed up with other European countries to promote the blockchain technology and create more applications for the technology in the region.
Before that, the country was the 27thone to sign for the European Blockchain Partnership to ensure cross-border digital transactions.