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The government authority of Italy responsible for regulating the securities market, Consob, recently established rules, definitions and criteria for cryptocurrency and initial coin offerings (ICO) in a document that defines the outcome of the public consultation. Consob has published on its official website the final report on the initial offers and exchanges of crypto-activities.

The Italian Companies and Exchange Commission (CONSOB), a government agency that regulates the securities market, has started a process that should lead to regulatory intervention for Initial Coin Offerings (ICO) and cryptocurrency exchanges. But the final decision on blockchain-related operations lies with the government and Parliament.

Blockchain and distributed ledger technology (DLT) can revolutionize the art market in Italy through the use of cryptocurrency. The buyer gets not the physical good but a certificate of ownership, so there may be more involved. However, everything take place through platforms and the process has got its own problems and risks.

The Republic of Cyprus is going to draft blockchain and cryptocurrency regulations this year, according to the Ministry of Finance. Minister Harris Georgiades is optimistic the regulation draft will be completed very soon and will play a big part to revolutionize the finance industry in the country, Financial Mirror reports.

The Italian professor who heads Consob, the government body responsible for regulating the securities market, revealed that for the country to achieve significant growth, joint action between the private sector and the Italian public is needed to stimulate alternative investments including cryptocurrency and blockchain technology.

The Central Bank of Italy, the government authority of Italy accountable for regulating the Italian securities market CONSOB (Italian Companies and Exchange Commission), IVASS (Italian Institute for the Supervision of Insurance) and the Ministry of Economic Development (MiSE), are trying to get the applications of financial technology (fintech), blockchain and artificial intelligence (AI) in the financial, credit and insurance industry off the ground but within specific rules and regulations.

The advantages of blockchain and distributed ledger technology in small and medium enterprises (SMEs) are known and clear, but some are more popular than others. Bitcoin, Ethereum, Ripple are good examples of use cases. Bitcoin is being used by a multitude of SMEs as one of the means of payment.

On a daily basis, more than $5 trillion are exchanged in financial markets within Italy. From a few years ago, fake platforms have been advertising themselves by persuading users that they will get quick gains, and in the process, they have fallen victims by losing their money to the fraudsters. Considering the widespread of these malevolent platforms, the victims and the crypto community at large have decided to organize relevant training on Bitcoin, cryptocurrencies and blockchain technology, aiming at preventing and reducing scams polluting the industry.

Many SMEs in Italy and other parts of the globe use Bitcoin, cryptocurrency, blockchain technology and other major innovations in their daily operations. Small and medium-sized enterprises (SMEs) are companies whose size falls within certain pre-established occupational and financial limits.