09 August 2018

Italian lawyers helping San Marino on the road to Blockchain haven

San Marino appoints lawyers as republic joins other smaller jurisdictions looking to position themselves as a global blockchain haven.

Lawyers from Italian firms Loconte & Partners and Gattai, Minoli, Agostinelli & Partners have been appointed to San Marino Innovation’s technical committee for the regulation of blockchain technology and others active in this field.

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 including Cisco, the Financial Information Authority (AIF) and Cerved. The meeting is seen as a fundamental step to establishing legislation in the sector. The working group says all the applications of blockchain are being studied, along with regulatory issues, from a ‘purely scientific approach.’ The long-term goal is to finalise the legislation for any firm wanting to develop the technology in San Marino but operate internationally. Sergio Mottola, President of San Marino Innovation, presented the project ‘San Marino Blockchain’ and a document based on work carried out by San Marino Innovation SpA, consisting of an in-depth analysis of key Blockchain regulations now in force in the most advanced states. Mr Mottola said, ‘there are many sectors that will be innovated by Blockchain technology, which is a disruptive technology. The very meaning of the word disrupt is to change innovating, so the new will not kill the old technology, but will support it and will produce a strong innovation.’

He explained the first steps to enter the world of blockchain, technological innovation and digital transformation is to start from the theme of digital identity, and “without the possibility of guaranteeing the security of transactions, it is not possible to think of a digital environment.’ He concluded, ‘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. Soon we will hear about San Marino as a world hub of the blockchain.’