Italy is the First EU Country to Regulate Blockchain
Italy in February 2019 issued the law n.12 for the conversion of Simplification Decree (DL no.135) was established that gave blockchain tech a full legal value. Particularly, article 8-ter concerning technologies which are based on distributed registers plus smart contracts were added to the decree in question.
Currently, in Italy, smart contracts do the same work as written contracts since they meet all requisites of the written form. Storing a computer document using blockchain or the DLT, gives it the effects of an electronic time validation.
Italy is seeking ways to make smart contract and distributed ledger apply in various daily activities such as the signing of a transport document, delivery of a good bought online, etc. the content of the document can be accessed, accepted and written in a distributed design, hence giving the whole transaction the authorized value need by law minus buying software licenses.
The country is trying to form a strong regulatory framework, to level the ground for businesses and all parties that are involved in this industry. Weak regulations have cost the country to lose more than 10 billion euros back in 2018 due to illegal activities associated with cryptocurrency, and they expose users to high risks such as cybercrime, fraud and others