Italy Forms New Organization to Develop Blockchain Strategy

Italy’s Ministry of Economic Development has gathered 30 experts in the crypto sphere to form a group tasked to develop the country’s blockchain strategy, B2B platform reported December 30.

Among those comprising the list of experts include telecom firm Italtel’s head of marketing and blockchain group UN INFO member Angiolini Giorgio, Italian Association of Paying Services Providers’ president Pimpinella Martino Maurizio, blockchain firm Quadrans Foundation’s president Vitale Marco, and head of the blockchain competence center at PWC Italy, Monaco Marco.

As a spokesperson explained in a recent announcement:

“The group’s main goals will be to know, deepen and address the issues of distributed ledger technologies (DLT) and blockchain, as well as increase public and private investments in this direction.”

In an effort to further boost Italy’s blockchain operations, the group was also tasked to build a number of regulatory as well as technical tools.

As it stands, Europe has so far remained at the forefront when it comes to promoting the global adoption of the nascent technology. Currently, Switzerland’s “Crypto Valley” serves as a home to multiple crypto and blockchain startups and has been continuously attracting more ventures largely due to the jurisdiction’s lenient regulatory measures on the crypto industry.

Europe’s small island nation of Malta is also positioning itself as the continent’s blockchain hub, as it works on implementing regulatory measures that would drive more crypto-related startups to establish headquarters in the European nation. Among the major crypto firms that have so far migrated to Malta includes crypto exchange giant Binance.

While Asia has seen an exponential rise in newly launched crypto platforms, it remains relatively stringent with its regulatory approach to crypto-related ventures, including South Korea, which has previously enforced a sweeping ban on initial coin offerings (ICOs), as well as India’s central bank, which has also prohibited financial institutions from facilitating banking services to crypto-related businesses, though recent reports suggest that the country is reconsidering its heavy-handed approach on the nascent industry.

In lieu of a blanket ban on crypto trading, the country has established a committee to look into alternative regulatory measures that could potentially govern digital assets. At present, the committee is still reviewing the legal status of cryptocurrencies to determine its legitimacy.