The opening of the Register of Blockchain Entities is underway

LThe Institute for Innovation of the Republic of San Marino will officially open the Register of Blockchain Bodies. All companies in the blockchain world are invited to certify.

From today it will be possible to apply to be recognized as a Blockchain Body by the Institute for Innovation, pursuant to Delegated Decree no. 86 of 2019 . The assessment of the requirements for obtaining the recognition of Blockchain Entity allows inclusion in the list of compliant subjects with respect to sector rules, ensuring transparency, quality and market positioning for all registered companies. The Institute's due diligence process is oriented towards an in-depth evaluation of the Blockchain Bodies that will become part of the Register and adopts stringent reputational criteria of the subjects as well as a legal, technological and design evaluation at the time of the token issue.

In addition to the due diligence processes, the Institute hand in hand provided for clear processes for the supervision and sanctioning activities towards subjects recognized and / or certified by the same as required by current sector regulations. These checks and controls will be carried out every year for the renewal of recognition and / or certification together with sample checks in order to ensure maximum transparency and quality of the system as a primary objective. In the specific case of blockchain applications, and in particular the use of tokens as required by current legislation, "listing" mechanisms will be activated soon for subjects who have not obtained the authorizations and / or certifications required by law and, likewise, continue to operate in the territory, with the aim of informing and protecting the audience of potential stakeholders, privileging the system's transparency and reputation as essential elements. In this sense, we want to give a strong signal to the market, working in harmony and effective collaboration with the other institutions. In this case, we refer to the Notice on the use of virtual currencies, published by the Central Bank of the Republic of San Marino on 12 August 2019.

To give further credibility to the sector as regulated by San Marino legislation, the Institute has prepared information on the subject in question, addressed to sector operators, called to submit to the due diligence and registration mechanism and, consequently, to submit - in with a view to full collaborative disclosure - to the supervision and control by the Institute. In implementation of its functions and within the limits of its competences, the Institute has endeavored to equip the system with adequate safeguards, in order to preserve and strengthen the country's reputation internationally.

"In a historical period in which the word discontinuity seems to guide development strategies and new technologies stand as the only tool to innovate their business models, vision, ethics and morals become another fundamental ingredient for ensure that innovation is not only a profit tool but that it intervenes to improve the quality of life, create a healthier environment, make the organizational processes of companies more efficient "- declares Sergio Mottola President of the Institute for Innovation . "In addition - continues Sergio Mottola - the opening of the Blockchain Registry, an initiative already announced with the Delegated Decree, now ready for the official launch, was the result of intense months of work in which the Institute in concert with the Scientific Committee and the Board of Directors has worked for the drafting and approval of specific sector regulations - in implementation of the provisions of Decree no. 86 of 2019. The interest of foreign investors has been very high in recent months and we are confident that this project will have a positive impact on the entire economic fabric of the Republic, considering the interesting advantages for all recognized operators who will be able to act in a framework legislative with clear and defined rules ".

The recognition, in fact, will allow a rapid and linear dialogue with all public and private stakeholders, thanks to the catalyst activity of the Institute, which promotes the creation and realization of synergies between the public and private sector in the area.