NEWS SAN MARINO LEGISLATION ON BLOCKCHAIN

On 27th February 2019, San Marino published the new Blockchain Decree (no. 37) concerning the legal and fiscal system about innovative technology blockchain.

This Decree concerns utility and security token (at the moment, payment tokens are not considered) and states, for the issuers, the obligation to arrangement a Whitepaper and to consign it with a brief description of the project to San Marino Innovation (in the cases of utility tokens) and of others fulfillments, for example, an informative chart in compliance with the current regulations (in the cases of security tokens).

The subjects of this Decree are the companies and institutions residing in San Marino and European Union and those who residing in other not European Countries interested in working in the territory.

Other news that have been introduced are: the possibility for the blockchain institutions to manage the tokens issue establishing a trust, in addition or as an alternative to corporate operations, in order to permit to the issuers to interact whit a unique subject; the total tax exemption for incomes obtained by token operations and an equalization of token to a foreign currency for tax and accounting purposes.

Our staff remains available for any clarification.