The Republic of San Marino has reportedly initiated the Register of Blockchain Entities, opening their doors to blockchain-focused businesses to obtain an operating license in the nation. 

Reported on November 22, the Institute for Innovation of the Republic of San Marino – the state-owned firm specified in enhancing tech development for the country – was in charge of setting set up the project.

As revealed by the San Marino RTV, any establishments, headquartered in the microstate of San Marino, is now authorized to submit for required license to operate as a blockchain firm, by filling a form on the webpage of the Republic of San Marino Innovation Institute.

The authorized certification granted to blockchain firms will reportedly be compliant with the provisions of the Delegated Decree number 86 of 2019.

Per the report, the newly-established Register of Blockchain Entities will be dealing only with companies, which are in full compliance with the industry regulations. A thorough analysis will be carried out, to check transparency, quality and proper market positioning, before deciding the applicants are qualified or not. Furthermore, constant checks and yearly examinations will be in play as part of the certification renewal process. 

“The interest of foreign investors has been very high and we believe that this project will have a significant impact on the entire economic system of the Republic, giving the Blockchain Entities the great advantage to act in a legislative framework with clear and defined rules. The registry will allow a fast and clear dialogue with all public and private stakeholders…”