Italy: DLT is making its way into law, here’s what this means for your tech company
For today’s post we’re focusing on Italy, one of Europe’s most popular nations amongst tourists from across the globe, attracted to the Mediterranean nation either for the delicious food, the abundant history, the idyllic weather or something between the two.
Now, while tourism is an important driver of growth for the Italian economy, it is not the only one, and business in all forms is significant in allowing the European nation to remain prosperous. So, with this in mind, we can look into our topic for today, Distributed Ledger Technology (DLT) and the role it plays in Italy, and how this consequently affects your tech business.
What is DLT?
Put as simply as possible, DLT is a tech infrastructure which is designed to allow access, validation and the updating of records on the same network, but across different places within the same nation, or even across borders.
To most of us, this technology is known as the Blockchain, something I’m sure we’ve all heard about at least once, and with an ever-increasing uptake and demand for this technology, governments and authorities across the globe are taking notice and beginning to regulate it.
What is happening in Italy?
Since 2018, Italy has been a member of the European Blockchain Partnership, a statement which demonstrated the forward-thinking approach of the Mediterranean nation. The idea is that as a block, European nations can reach an agreement on continent wide regulations for Blockchain technology, a key agreement which will need to be reached in order to remove any doubts for companies, perhaps similar to your own, looking to move their operations overseas and expand their business.
For Italy as an individual nation, the regulation of DLT was started in 2019, and so is already well in motion. The law known as Semplificazioni sought to align companies and those involved in Blockchain regarding their operating standards, achieved through passing criteria which must be complied with across the board. Now, in 2022, the regulations include newer innovative developments, including NFTs (Non-Fungible Tokens) and cryptocurrency wallets and marketplaces, keeping Italy up to date with developments taking place in the world of Blockchain and DLT.
This is significant as although there is still a degree of uncertainty within the nation regarding decentralised financial activity, the European approach ensures a parallel approach which should make expanding your operations to Italy rather stress free and without unforeseen challenges the likes of which other European nations would not encounter.
So, if you are interested in finding out more about how Italian IT regulation affects your business, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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