The Italian Senate Committee for Corporate Affairs has approved a series of legal directives to classify and regulate blockchain technology.
The rules are intended to create an initial legislative framework for technologies and IT systems that operate financial transactions/engagements/exchanges through decentralized registries, ledgers or crypto-based protocols according to a report at SBC News.
T new rules seek a clear legal definition on “Smart Contracts” to address operational needs of Italian IT stakeholders, regulatory bodies and Italy’s Digital Agency. If the rules are approved and verified by the Senate Chamber of Deputies, Italy will become the second European Union member state to attempt to process governing blockchain regulations after Malta, the report said.
The European Market & Securities Authority recently warned EU institutions that legislative consensus, policies and practices were needed to regulate/monitor blockchain and cryptocurrency verticals, to avoid the prominent risk of these technology disciplines becoming money-laundering vehicles, the SBC report said.
