Today the San Marino Government officially approved the decree that will enable blockchain projects to thrive in a safe, regulated jurisdiction!https://www.sanmarinoinnovation.com/sanmarinoblockchainThe Blockchain DecreeThe Institute for Innovation of the Republic of San Marino (San Marino Innovation) has promoted the new Blockchain Decree in order to guarantee greater transparency, clarity and simplicity in formulating specific rules for the different applications of Distributed Register Technology (Distributed Ledger Technology or more commonly blockchain).Objectives and origin of the legislationFrom the in-depth study of the most important international markets, the need has emerged to regulate the applications of blockchain technology in order to create an ecosystem in which it is possible to operate thanks to clear, precise and understandable rules. The main purpose is to attract investors internationally and position the Republic of San Marino as one of the centers of excellence worldwide, as well as the best legislative partner of innovators.Working methodologySince this is an evolving sector, the Institute has applied a sandbox model to establish certain boundaries from a legislative point of view and at the same time defining the regulatory functions of San Marino Innovation.In this regard, the Institute has created a Technical Table of professionals of industry leaders at international level in order to make regulatory proposals capable of qualifying the Republic as a global technology hub.Regulated applicationsThe applications regulated by the Blockchain Decree are currently two: investment tokens and utility tokens.In this first phase it was decided not to regulate the so-called cryptocurrencies (or payment token), since to date they represent a residual slice of the reference market and since this type of token cannot disregard the rules of the money market and payment services.Rules for the initial token offeringsAn initial token offering represents the moment in which a Blockchain entity (legal entity that has obtained a particular recognition by the Institute and registered in a special register) issues digital tools (investment tokens or use tokens), allowing users to purchase them according to the specific rules provided for the individual types of tokens.The following rules are common to both token categories:Whitepaper and summary note (non-technical language)Obligation to advertise the token offer that is clearly identifiable and that provides accurate and non-misleading information.San Marino Innovation has the power to condition the offer thanks to a series of reinforced measures to protect the user and the market. The Institute may request an integration of the information provided by the Blockchain organization, in order to preserve the transparency and credibility of the system, as well as prohibit or suspend the offer / advertising in case of violation of the provisions of the law.Rules for initial offerings of investment tokensIn addition to the aforementioned rules, it will be necessary to apply further directives as this typology requires a higher level of protection.In the case public offerings, it will be necessary to prepare:Information Prospectus, drawn up in line with the provisions of the LISF and the European Directive "Prospectuses" to be presented to the Institute for Innovation of the Republic of San Marino S.p.A.In the case of non-public offerings, it will be necessary to present:Enriched whitepaper, so there is no need to present the prospectus.The offer not to the public must have the following characteristics:Limited to a limited number of investors (maximum 150).Reduced amount (maximum € 8 million).For qualified investors.Token with a denomination of 100,000 euros.Table of required documentation for the initial token offerWhitepaperSummary NoteInformative ProspectEnriched WhitepaperUtility Token✓✓Investment token Public offer✓✓✓Investment token Non public offer✓✓Tax and accounting treatmentThe Republic of San Marino has decided to resort to an assimilation mechanism, under both the fiscal and the accounting profile, in particular:Usage (utility) tokens are assimilated to foreign currencies.The investment tokens are similar to shares, financial instruments or debt securities of the issuer depending on the underlying instrument.The taxation regime will therefore be clear, with no room for interpretation. There is a tax exemption for IGR (General Income Tax) for income generated through transactions carried out with tokens covered by the decree.Use of the TrustThe Blockchain bodies, in addition to or as an alternative to the choice of setting up a company under San Marino law, can opt for the establishment of a special trust which has the specific function of:Manage the issue of tokens (utility and investment) in a unified and centralized manner.Managing relations with investors in a unified and centralized manner, nevertheless acting as the sole interlocutor with respect to the issuer.Therefore, the use of the trust institution represents the optimal vehicle for the management of the token issuing activity.Protection for the transparency of the systemThe Decree includes a solid anti-money laundering regulation to protect the system. The procedures for adequate verification pursuant to the laws in force in San Marino with regard to transactions in the various areas of application are reinforced by additional precautions:The obligation to apply the appropriate verification in a reinforced form.Access to the system only and exclusively for those subjects who, even in the jurisdictions of belonging, are subjected to control measures equivalent to the adequate verification reinforced by the San Marino system.The sector policy chosen for San Marino is to attract operators with vision and skills andconsequently investors and consultants to consolidate the San Marino ecosystem.--------San Marino InnovationSan Marino Innovation, Institute for Innovation of the Republic of San Marino SpA, is a private law company that is owned solely by the State. The strength of the initiative lies therefore in having the State as the guarantor of the broad spectrum social and economic objectives. The company has the task of creating an ecosystem for the growth of the innovation of the Republic, touching all aspects: research, training, collaboration between the players, internationalization of the offer, as well as attracting investment capital both in liquid form and in the form of technological implementation by leading companies in the sector.San Marino Innovation is the reference body for the Great and General Council (homologous of the Italian Parliament) and the State Congress (homologous of the Italian Council of Ministers), as well as other institutions and public bodies, and also for private individuals, associations and the companies involved, in the field of innovation, with the aim of supporting the national short-term and long-term strategy in collaboration and coordination with the public offices in charge also through the proposal of regulations aimed at encouraging the growth of the Republic's innovative eco-system San Marino.Our goalsAccelerate the positive impact that technology can have on the lives of citizens.Contribute to the development of a new economy that uses innovation as an engine for the growth of competitiveness of the Republic of San Marino.Implement the San Marino Digital Agenda.Our strategyThe Institute's positioning is based on an open and systemic approach to innovation. Its theoretical foundations are robust starting from the extensive literature on open innovation deriving from Chesbrough's ideas (2003), but in particular more recent studies on the role of “open-system” intermediaries dealing with “orchestrating” the countless actors that make up a lively and dynamic ecosystem dedicated to innovation (Giudici, Reinmoeller, Ravasi, 2017).The San Marino Innovation Institute is explicitly positioned as the “open-system orchestrator” of the lines of development and technological innovation of the Republic of San Marino, putting in place and facilitating cooperation.The research shows how the effectiveness of this type of open-system orchestration is based on structured activities that support the creation of communities of innovators, propose advanced training courses, facilitate the transfer, and make sure that all the actors work together minimizing the risks of free-riding (Giudici e al., 2017). San Marino Innovation adds another point of differentiation to this role: being the reference body for the State in accompanying the development of the innovation ecosystem of models and technologies, thus allowing companies to have more regulatory certainties in areas where technology is evolving rapidly.The Scientific CommitteeThe Scientific Committee is a social organ with the functions of:Encourage the aggregation and collaboration between all the "innovation ecosystem" bodies such as, but not limited to: Universities, Public Administrations, Research Centers, Financial Institutes and Companies.Facilitate technology transfer in traditional sectors.Promote the dissemination of knowledge and the use of innovative technologies.The Blockchain Technical Table of the Scientific CommitteeIt is impossible to stop technological revolutions and blockchain is no exception. The key is to prepare and understand the role that different operators can play. With a global market that sees blockchain stand at 339.5 million dollars in 2017 and with a growth perspective for 2021 equal to 2.3 billion, the Republic of San Marino has a clear role: becoming the European hub of blockchain. Already in recent months it has been activated with various initiatives, the most important of which is the Blockchain Technical Table, led by San Marino Innovation. An innovative state, therefore, which is endowing itself with clear, definitive and extremely lean legislation.The Institute for Innovation of the Republic of San Marino is the perfect partner for companies and start-ups, training centers and institutions that are looking for a place where they can grow and prosper projects and ideas, where they can access a unique and exclusive regulatory and technological sand box environment.The projects will be managed and led by the main market players who are now part of the Blockchain Technical Table of the Scientific Committee: IBM, Intesa, SIA, Oracle, Cisco Systems, Cerved, DNV GL, The AvantGrade Group, and different law firms such as Studio Legale Fabioano, Studio Legale Loconte & Partners and Studio Legale Gattai Minoli Agostinelli & Partners.SANMARINO INNOVATIONRepublic of San Marino Innovation InstituteVia III Settembre, 99 Dogana47891 Repubblica di San Marinosanmarinoinnovation.com
Submitted June 07, 2019 at 10:43PM
No comments:
Post a Comment