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Italy Approves Its First Blockchain Legislation

· 27 Jan 2019 in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The Italian Senate Committee has approved the first blockchain legislation in the country. This would allow companies to have a better legal framework where to operate in the country. The technology can be used by firms in many different sectors. The information can be seen in the official site of the Italian Senate Committee.

Italy Approves Blockchain Legislation

On January 23, the Italian Senate Committee approved an amending related to distributed ledger technology (DLT). This is the first approval of its kind in the country. The amendment is known as ‘Decreto semplificazioni’ and it will work as the foundation document to help define cryptocurrency and blockchain terms.

There are several countries that are trying to create a more clear regulation and legal framework. This amendment provides light on the legal status of DLT and digital assets. One of the things that the document says is that blockchain technology can be used to validate several documents.

Although the amendment has been approved by the Senate committees of Constitutional Affairs and Public Works, It needs a review from the Chamber of Deputies and the Senate of the Republic. After it, the amendment will be legally binding. That means that DLT will be available to validate documents and more.

Other European countries are already welcoming companies from the crypto and blockchain world. Since there is no common regulation at the European level, each country is currently building their own regulations. This is the case of Malta, which has created a very clear legal framework for companies to settle their operations on the island.

Back in December 2018, Italy and other countries supported an ordinal declaration that called for assistance in the promotion of blockchain technology.

The declaration says:

“This can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burdens, better customs collection and better access to public information.”

The declaration was supported by other countries including France, Cyprus, Portugal, Spain and Greece. Spain has several times requested the European Union (EU) to develop unified regulations for the whole EU. France is also trying to regulate the space with specific rules and taxation policies.

In Europe, Switzerland is also growing as an attractive place for crypto and blockchain companies. The country has welcomed several firms and has been working in order to create a legal framework that allows companies to have clear rules.

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