Political stability is sought in vain in Italy these days. After the fall of Prime Minister Mario Draghi, the country is facing new elections. Who will lead the fate of the republic in the future, one should know no later than October.
As much as there is disagreement on government issues, on the other hand, there is unity when it comes to crypto. Italy is increasingly becoming an important location within Europe. Here are the current developments.
Licenses for Crypto Exchanges
The crypto-friendly course of Italy is expressed, among other things, in a quick licensing of crypto companies. In addition, the country is the third largest economic power within the EU – so expansion is a logical step. After regulatory launch difficulties last year, Binance gave the kick-off in May. It is currently planning to open offices in Italy and expand the workforce. There is no exact date yet.
A double strike followed in mid-July. First, the US trading platform Coinbase announced in a company announcement that the competent authority “Organismo Agenti e Mediatori” (OAM) had granted the exchange the “regulatory clearance” in Italy.
Followed a day later Crypto.com . CEO Kris Marszalek described the approval as an important step to enable “sustainable growth” in the region. With the permits, the trading venues are legally allowed to offer crypto products and services.
Italy provides millions for blockchain
The Italian government is also showing increasing interest in crypto issues. For example, the Ministry of Economy and Finance provided extensive subsidies for research projects. In addition to areas such as artificial intelligence (AI) and the Internet of Things (IoT), blockchain technology will also benefit from the total of 45 million euros.
According to the still acting Economy Minister Giancarlo Giorgetti, the subsidies are intended to modernize production systems. This should be done via “networked, efficient, secure and faster management models”. The first funds are expected to flow from September.
It remains unclear how Italy will align its crypto course after the new elections. According to polls, the right-wing parties Fratelli d’Italia, Lega and Forza Italia currently have a good chance of forming a government.