San Marino launches its Blockchain Register
Starting from 21st October Sanmarinese and non-Sanmarinese economic operators can submit the application to be recognised as Blockchain Entities and be registered in the relative register (see Regulation 004/2019 issued by the Institute for Innovation of San Marino, hereinafter “the Institute”).
The registration as Blockchain Entities is subject to positive due diligence carried out by the Institute itself, and once it is obtained it allows companies and entities with legal personality that use blockchain technology to operate as officially recognized and certified subjects. More in detail, a Blockchain Entity:
- is able to access to the authorization procedures for token (utility and investment) issuance;
- has additional benefits such as, for example, submitting specific questions to the Institute related to its competences and functions, and receiving, as a priority and exclusively, the relative answer.
The application to be recognized as a Blockchain Entity shall be:
- drawn up using the form, and the related attachments, downloadable from the San Marino Innovation website (https://sanmarinoinnovation.typeform.com/to/JZ7GWD);
- accompanied by the documentation always indicated on the said website (unless the Institute authorizes the production of certification replacing part or all of the requested documents).
To access this evaluation process, the interested applicant must pay a fee equal to 3,000 €.
The recognition is issued by the Institute no later than 20 working days from the receipt of the application. Once the recognition is obtained, the entry in the Register of the Blockchain Entity takes place automatically within 10 days, upon payment to the Institute of the annual registration fee (equal to 6,000 €). The registration is valid for 12 months and can be renewed (as long as the requirements to be registered are still met).
The Institute has the power to control if the Blockchain Entities operate in compliance with the rules and its possible provisions and, in the most serious cases, may rule for their cancellation from the Register.