• Mon, 26 Aug 2019, 06:54 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Republic of San Marino issues governmental decree for blockchain tech for businesses

Image from The Flag Shop

Mon, 10 Jun 2019, 05:26 am UTC

Republic of San Marino’s captains regent, Nicola Selva and Michele Muratori, have issued a delegated decree, outlining the procedures for registering a blockchain-based organization with the San Marino Innovation Institute.

Under the decree, blockchain entities from the Republic of San Marino, the EU, or any country not classified as high risk and is deemed suitable pursuant to the legislation in the Republic of San Marino can submit an application with the institute.

The institute intends to establish regulations, including the supervision and enforcement of those policies, to initial token offerings (ITOs or ICOs). For instance, ITOs for security tokens require blockchain-based organizations to apply for an authorization from the institute after submitting a whitepaper.

In addition, the announcement also clearly defined the difference between utility tokens and security tokens and their respective tax policies. Based on it, utility tokens are “vouchers for the purchase of services or goods offered by the blockchain entity.” They will be treated as foreign currencies.

Security tokens, on the other hand, are “digital assets that represent, alternatively, depending on the underlying instrument: participating instruments… and debt securities of the issuer.” They will be treated as issuer’s shares, participating equity instruments, or debt securities, depending on the nature of the security token.

However, both types of tokens will be exempt from standard income tax for the purpose of income generated through operations using the tokens.

The institute also aims to prevent money laundering and terrorist financing by working with the Financial Intelligence Agency with a memorandum of understanding.

Meanwhile, the Republic of the Marshall Islands has organized a non-profit group to help the government establish, maintain, and implement the country’s national digital currency called the sovereign (SOV).

The SOV Development fund aims to develop and maintain the long-term SOV framework, promote SOV and its uses domestically and internationally, help establish a crypto-based environment around the SOV, and smooth the SOV volatility by selling and buying SOV against USD.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,355.70 (+2.58%)
  • Ethereum (ETH) $190.85 (+0.65%)
  • XRP (XRP) $0.272600 (+0.57%)
  • Bitcoin Cash (BCH) $312.39 (+1.72%)
  • Litecoin (LTC) $74.46 (+1.98%)
  • Bitcoin (BTC) $10,355.70 (+2.58%)
Aug 26, 2019 (Monday)
Crypto startup Circle eyes $100M fundraise for its crowdfunding arm SeedInvest
BitPay, Blockchain.com team up to offer a new way of bitcoin spending
Binance offers lifetime VIP membership to hack victims, blames KYC vendor for image leaks
Aug 23, 2019 (Friday)
Stablecoin project Terra receives funding from HashKey Capital
Three of the founding members of Libra Association consider backing out: Report
Overstock's Patrick Byrne steps down as CEO
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
BitGo announces support for multi-signature EOS wallet and custody services
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
Crypto exchange Coincheck mulls launching IEO Platform
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Sierra Leone launches blockchain-based National Digital Identity Platform
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.