The captains regent of the Republic of San Marino, Nicola Selva and Michele Muratori, have issued a governmental decree on blockchain tech for businesses, according to a recent document.
The new decree outlines procedures for registering a blockchain-based organization with the "Istituto per l'Innovazione della Repubblica di San Marino," or San Marino Innovation Institute.
According to the decree, blockchain-based organizations in the Republic of San Marino, the EU, or any country not classified as "High risk" and also considered relevant to the purview of San Marino legislation, may apply for registration with the institute.
The institute sets out to provide regulatory certainty, as well as supervision and enforcement of those regulations - and an anti-money laundering policy - particularly for initial token offerings.
"Utility tokens shall be regarded as vouchers for the purchase of services or goods offered by the Blockchain Entity Security tokens shall be digital assets which represent depending on the underlying instrument: a) participating instruments of the issuer; b) debt securities of the issuer."
The decree also includes tax policies for utility tokens and security tokens.
Utility tokens, notably, will be treated as foreign currency for tax purposes.
Security tokens, on the other hand, will be treated as participating equity instruments or debt securities, depending on the nature of the security token.
Lastly, both types of token will be exempt from standard income tax for the purpose of "Income generated through operations" using the tokens.
As previously reported by Cointelegraph Italy, the decree was initially presented in Milan on February 28.
Republic of San Marino Issues Regulatory Policies on Tokens, Token Offerings
gepubliceerd op Jun 7, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.