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Italian Authorities To Regulate Blockchain Sphere

Italian Authorities To Regulate Blockchain Sphere


Parliamentary committees in Italy approved the statutory amendment, which should regulate the sphere of blockchain in the country, according to Cointelegraph.

The amendment was endorsed by the representatives of the Constitutional Affairs and Public Works Committees of the upper chamber of the Italian legislature. It marks the beginning of the blockchain sphere regulation in the country.

The document is published on the Senate’s official website. It includes the terminology related to blockchain and determines what a distributed ledger and a smart contract are. It is mentioned that the recording of information on blockchain would allow the regulatory verification of documents during their registration.

After the parliamentary committees finalize the amendment, it should be approved by the members of both houses of the parliament, first the representatives of the Chamber of Deputies, then — the Senate. When the document acquires the status of a law, the technical work of the Italian Digital Agency will begin.

Fulvio Sarzana, a distributed ledger specialist and member of the Ministry of Economic Development working group, believes that the Italian authorities are striving to legitimize transactions with the use of the technology to remove intermediary organizations from the chain.

In September 2018, Italy became the 27th country to sign the declaration of the European Blockchain Partnership, aimed at developing the sphere of international digital services and working to improve the standards of security and privacy.

As previously reported, the authorities of Italy and Malta banned the operation of the OriginalCrypto exchange on the territory of their countries.

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