Tag: Italy

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Italy’s legal recognition of blockchain-based timestamping
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Italian Small and Medium-Sized Enterprises to tap into Equity Crowdfunding

Italy’s legal recognition of blockchain-based timestamping

By Claude-Étienne Armingaud and Alessandra Feller

Italian law no.12/19 dated 11 January 2019 (the “Law”) came into force on 13 February 2019 and cemented the legal enforceability of electronic timestamping performed through blockchain technologies.

As part of a national reform pertaining to the simplification of administrative formalities for companies, the Law explicitly states in its Article 8 ter, 3° that “storage of a computerized document through the use of technologies passed on distributed ledger creates the same legal effect as ‘electronic time stamp’”, as defined in the European Regulation no. 910/2014 on electronic identification and trust services for electronic transactions dated 23 July 2014 (“eIDAS”).

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Italian Small and Medium-Sized Enterprises to tap into Equity Crowdfunding

By Giampaolo Salsi and Riccardo Malaguti

On June 15, 2017, the Italian Senate approved the conversion into law of Law Decree No. 50, dated April 24, 2017, whereby small and medium-sized enterprises (“SMEs”) are given recourse to equity crowdfunding that was originally restricted to innovative start-ups. In the wake of the recent reforms aimed at providing SMEs with new funding channels, the said piece of legislation has introduced into the Italian legal framework the possibility for SMEs, established in the form of limited liability companies (“società a responsabilità limitata” or “SRLs”), to offer their quotas for subscription via dedicated Web portals for the raising of capital — up to a maximum of €5 million per company.

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