One looks in vain for political stability in Italy these days. After the fall of Prime Minister Mario Draghi, the country is facing new elections. It should be known by October at the latest who will be in charge of the fate of the republic in the future.
As divided as they are on government issues, they are closed when it comes to crypto. Italy is increasingly becoming an important location within Europe. Here are the current developments.
Crypto Exchange Licenses
Italy’s crypto-friendly course is reflected, among other things, in the rapid granting of licenses to crypto companies. In addition, the country is the third largest economic power within the EU – the expansion is therefore a logical step. After regulatory teething problems last year binance the start in May. Plans are currently underway to open offices in Italy and expand the workforce. There is no exact date yet.
A double whammy followed in mid-July. First there was the US trading center Coinbase in a Company Announcement announced that the competent authority “Organismo Agenti e Mediatori” (OAM) had granted the Exchange “regulatory clearance” in Italy.
Crypto.com followed a day later. CEO Kris Marszalek described the approval as an important step to enable “sustainable growth” in the region. The permits allow trading venues to legally offer crypto products and services.
Italy commits millions to blockchain
The Italian government is also showing increasing interest in crypto issues. For example, the Ministry of Economics 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 should also benefit from the total of 45 million euros.
According to the economics minister, Giancarlo Giorgetti, who is still in office, the aim is to use the subsidies to modernize production systems. This should be done via “networked, efficient, secure and faster management models”. The first funds should flow from September.
It remains unclear how Italy will align its crypto course after the new elections. According to surveys, the right-wing parties Fratelli d’Italia, Lega and Forza Italia currently have good chances of forming a government.
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Binance is one of the largest globally active crypto exchanges and offers its users a large number of coins – often those that the competition lacks.