The captain regent of the Republic of San Marino, Nicola Selva and Michele Muratori have issued a governmental decree on blockchain-related business which effectively clarified the stance of the government towards the nascent industry.
The new decree explains the procedure of registering a blockchain-based organization with the San Marino Innovation Institution with the condition that the registrant is not classified as high risk by the Republic of San Marino, the EU or any country.
To provide regulatory certainty the institute will provide supervision and enforcement of anti-money laundering (AML) policy particularly for initial token offerings (ITOs or ICO) as well as providing a clear definition of Utility tokens and Security Tokens.
According to the Republic of San Marino utility tokens shall be regarded as vouchers for the purchase of services or goods offered by the blockchain entity while security tokes shall be digital assets which represent either a participating instrument of the issuer or debt securities of the issuer.
The decree also includes tax policies for utility tokens and security tokens, the former will be treated as foreign currency for tax purposes while the latter will be considered as participating equity instruments or debt securities, depending on the nature of the security tokens.
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