In the Republic of San Marino, a decree that regulates digital instruments has been introduced. This regards utility tokens and security tokens, while payment tokens still remain outside of the legal framework.
According to the document, the use of blockchain technology triggers tax deductions in relation to the general income tax in respect of income generated by using tokens. According to local legislators, tokens are not only a means of payment, but also a kind of voucher (check, guarantee) for the purchase of goods and services, as well as a financial instrument offered and given to potential investors in exchange for their financing.
The purpose of the delegated decree on the blockchain is to guarantee transparency and ease of use of distributed ledger technology in order to reboot and update the economy of the microstate in order to transform it into a world center of high technology.
At the time of issuing tokens for the subsequent purchase by users, the organization operating in the field of blockchain will have to make clear obligations, some of which are similar for both categories of tokens: a white paper and a summary overview, in addition to the obligation to conduct an advertising campaign associated with the release of the token, with accurate identification of the product and reliable information about it that doesn’t contain deceptive content.
Both types of tokens are subject to strict rules regarding the prevention of money laundering. In relation to investment tokens, the issuer will need to submit an information leaflet to the San Marino Innovation S.p.A. Institute, a joint stock company that functions as a science and technology park.
Another important detail: in addition to registering an enterprise under the jurisdiction of San Marino (or as an alternative), it will be possible to create a special trust to manage the issue of tokens and investor relations, which will act as a single counterparty to the issuer.
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