IoT, AI, and Blockchain Enterprise Funding from the Government

2 mins

Finance from the government will be made available to enterprises that design IoT, AI, or blockchain technology. Lobbying this fund will be possible in certain sectors, for example health.

The Ministry of Economic Development of Italy has announced that blockchain projects will be able to apply for up to $46 million in government subsidies as of September.

In its announcement on Tuesday, the ministry said that companies and public or private research firms could apply for government funding to develop projects related to artificial intelligence, the internet of things, and blockchain technology. The fund will have an initial budget of 45 million euros (roughly $46 million at the time of publication) for expenses and costs from 500 thousand to 2 million euros as part of Italy’s goals for investments in technology, research, and innovation.

Giancarlo Giorgetti, the economic development minister, said that the government supports companies' investments in new technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast. "The goal of competitiveness requires manufacturing to constantly innovate and use new technologies," he explained.

The government directive was made possible by a decree in December 2021 that established criteria for using the fund and a subsequent one in June 2022, which set the terms and conditions for submitting applications. Companies of any size will be eligible to apply for subsidies as long as the funds will be used for IoT, AI, or blockchain in sectors including industry and manufacturing, tourism, health, environment & aerospace.

As a member of the European Union, Italy is likely to be affected by recent regulations agreed upon by the EU Parliament that aim to bring crypto issuers and service providers under its jurisdictional control under a single regulatory framework. The country's securities regulator, CONSOB, has previously warned residents about the possible risks of crypto investments, while Organismo Agenti e Mediatori (OAM) is responsible for granting regulatory approval for crypto service providers. In May 2019, OAM gave the green light to major cryptocurrency exchange Binance to open a branch in Italy. 

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