Search results for simplification decree

The management of digital identity on the blockchain through smart contracts must essentially split the difference with full decentralization - the requirement for sufficient legal assurances of transactions achieved via smart contract doesn’t appear to be able to work without steadfast third parties, particularly when there are tax effects.

The Italian legislator, among the first in Europe, made attempts to regulate the smart contract and blockchain phenomenon, introducing the Simplification Decree 2019. The document defines the nature of financial technologies and provides a regulatory framework for them in Italy.

Recently, the blockchain argument in Italy reached all-time levels of hype and media exposure of national popular status. In fact, when you walk through the corridors of most popular supermarkets you will listen to the branded radio stations advertising the new chain tracking initiative via blockchain technology. The decrees present the instrument, but maintain a centralization which isn’t reflected in the technology model.

The two legal experts (L. Egitto and G. Busuttil) were recently interviewed to give light on where Italy stands on the regulation of blockchain, cryptocurrency, smart contract and other innovative technologies. Several institutions, firms, organizations, businesses and governments have been moving forward for few years especially in Europe, such as Switzerland with its Crypto Valley project (of the canton of Zug) and Republic of Malta started before any other country.

A lot of society’s resources have been spent to enable the voting process of civil rights. Italy alone spent over €389 million to conduct the 2013 parliamentary elections. It is now investing heavily to enable efficient blockchain-based e-voting in the future.

According to the Polimi Observatory data, the most active firms are financial companies with 48%, public administration (PA) with 10% and 8% for logistics operators, but a lot still needs to be done: 60% of the total companies do not have a dedicated budget, and just 2% of them consider blockchain technology as a major priority.

The growth in the use of blockchain and smart contract adoption in Italy is being facilitated by changes that are being brought by the DL Simplification Decree 2019, which recognizes them to be equal to traditional written contracts or documents.

The intervention of the Italian regulator in the field of distributed ledger technology (DLT) was provoked by several reasons, including the extremely categorical definition of DLT and the need for amendments to smart contracts. The group of experts appointed by the government will develop a national strategy concerning the use of financial technologies in Italy.

Italy will be the first country in the world to give legal value to technologies that are entirely based on distributed ledgers such as blockchain technology and smart contracts, according to the sentiments of Bianconi and Sarzana experts and the thorough analysis by the Chamber’s study service. The process of certifying a copyrighted work or framing a rental contract will be eased, Start Magazine reports.