San Marino pursuing blockchain fame
San Marino has jumped on the blockchain bandwagon as it seeks to steer the country towards being a global reference point for the technology.
The Technical Group of the Scientific Committee of the Republic of San Marino officially held its first meeting at the Palazzo Begni, home of the Secretariat of State for Foreign Affairs and Finance and Budget, with participants such as Cisco, the Financial Information Authority (AIF) and Cerved.
The parties involved have called it a “fundamental step” to establishing legislation in the sector.
The working group says all the applications of blockchain are being studied, their regulatory issues and consequences, from a “purely scientific approach”.
The long-term goal is to finalise the legislation for any firm wanting to develop the technology in the premises but wishes to operate internationally.
The different members of San Marino’s government want to transform the country into a blockchain haven.
“San Marino Blockchain”, a document resulting from the last month of work carried out by San Marino Innovation, was presented to address the most interesting regulations regarding blockchain that are now in force in the most advanced states.
“In the Republic we have a great opportunity: the institutions are part of the project and we can use the regulatory lever with a certain flexibility. In this case, the small size and the innovative culture are very helpful and we are confident about future developments,” says Sergio Mottola, president of San Marino Innovation.
Very original, some would say, given that we recently saw similar efforts by Malta, which has already passed laws with the same aim.
In fact, back in April, Malta was one of 22 EU member states that signed a declaration on the establishment of a European Blockchain Partnership.
Similarly, Lithuania wants to spearhead the blockchain revolution, looking to become the first ever country to offer entities from around the world the opportunity to register and manage companies using blockchain.