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

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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.

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