Italy approves regulations for blockchain technology
The Committee of Constitutional Affairs and the Committee of Public Works will provide terms for the industry through a law
This week two committees of the Italian Senate, the Committee of Constitutional Affairs and the Committee of Public Works authorized the implementation of a regulation for the blockchain industry.
This is the Decreto Semplificazioni amendment, which will be responsible for providing basic terms for the industry, including distributed accounting technology (DLT), which states that the agency Digital Italy must recognize the technical standards that must have the blockchain-based technologies and the definitions of smart contracts.
On the other hand, the law establishes that the digital registration of a data will allow a legal validation of the documents during the registration. The amendment however will also need the approval of two organs of the Italian Parliament, the Senate of the Republic and the Chamber of Deputies.
This is the first step that the government of Italy has taken with respect to a regulation of the blockchain world. In December last year they had published a list containing the top 30 experts in the country’s technology.
It means that the selected experts will be responsible not only for explaining, but also for developing the national strategy on Artificial Intelligence (AI) and blockchain. In addition, they will analyze possible application cases in both public and private services.
K. Tovar
Source: Crypto-economy
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