The Republic of San Marino, an enclave surrounded by Italy in Southern Europe, where anyone making use of Blockchain systems can now apply to the Institute for Innovation of the Republic of San Marino for recognition as "Blockchain Body," pursuant to Delegated Decree no. 86 of May 23, 2019 entitled "Blockchain Technology Standards for Companies" which introduces transparent, clear and simple regulation, providing specific rules for the different applications of distributed registry technology.
The assessment of the requisites for obtaining recognition allows priority access to the token emission authorization procedures, under the jurisdiction of the Republic of San Marino; registration in the Blockchain Register and inclusion in the list of compliant subjects with respect to the sector rules, ensuring transparency, quality and market positioning for all registered companies.
The due diligence process of the Institute is oriented to an in-depth evaluation of the Blockchain Bodies which will become part of the Register and adopts stringent reputational criteria of the subjects as well as a legal, technological and planning evaluation at the time of issuing tokens.
The Institute has provided itself with clear processes for the supervision and sanctioning activity towards the subjects recognized and or certified by the same as foreseen by the current regulations in the sector.
These checks and controls will be carried out every year for the renewal of the 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 for subjects who have not obtained the authorizations and or certifications required by law and continue to operate in the territory, with the aim of informing and protecting the audience of potential interested parties, privileging transparency and reputation of the system.