As communicated a few hours ago by the Institute for Innovation of the Register of Blockchain Entities of San Marino, from today it will be possible to apply to be recognised as a Blockchain Entity by the relevant institute, in accordance with Delegated Decree no. 86 of 2019.
As a result of this recognition, companies can be included in the subjects that comply with the rules of the sector and then declare that they comply with the laws on transparency, quality and positioning of the same on the market.
As we know, the regulation in the crypto and blockchain space is often particularly stringent and, through a process of due diligence of the applicant companies, the institute can supervise and sanction those who do not comply with the rules and regulations, providing the final consumer with an additional guarantee.
In fact, by consulting the list of blockchain entities, end consumers will be able to easily access the data of those who have or have not the relevant recognition. The Register of Blockchain Entities, in fact, has also created a rating for those companies that provide additional data on transparency and not only, which will certainly lead the investor to choose companies that offer and provide many details.
This tool was also created to give a reference point in a sector that in previous years has led to unpleasant situations, such as the number of failed projects or scams. The President of San Marino Innovation, Sergio Mottola, has expressed his support to protect the interests of investors:
“The opening of the Register of Blockchain Entities, an initiative already announced with the Delegated Decree, and now ready for its official launch, was the result of intense months of work in which the Institute, together with the Scientific Committee and the Board of Directors, worked to draw up and approve specific sector regulations – in compliance with 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, given the interesting advantages for all recognised operators who will be able to act in a legislative framework with clear and defined rules”.
It is interesting to note that San Marino is increasingly at the forefront of the blockchain sector and wants to become a blockchain world hub, a desire also expressed by the Central Bank of the country, which recommends researching cryptocurrencies.