The Republic of San Marino has officially adopted the Register of Blockchain Entities, inviting companies in the industry to apply for certification.

Companies can apply for blockchain certification online

The project was initiated by San Marino’s fully state-owned tech innovation company, the Institute for Innovation of the Republic of San Marino, Cointelegraph Italia reports Oct. 22.

According to local public service broadcaster San Marino RTV, companies in the microstate of San Marino can now apply to be recognized as a blockchain entity via an official form on the official website of the Republic of San Marino Innovation Institute. As per the report, the certification will be granted in accordance with the provisions of the Delegated Decree number 86 of 2019.

Annual checks for certification renewal

According to the report, the newly launched Register of Blockchain Entities will only include entities that fully comply with the rules in the industry. The applicants will have to pass necessary examinations in order to ensure transparency, quality and proper market positioning, the report notes. Additionally, the Institute will conduct constant checks as well as annual examinations in order to renew certifications. Sergio Mottola, president of San Marino Innovation, said:

“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…”

In July 2019, the Republic of San Marino signed an agreement with blockchain application platform VeChain to deploy blockchain tech to provide incentives for sustainable ecological behavior from citizens. In June, the captains regent of the Republic of San Marino, Nicola Selva and Michele Muratori, issued a governmental decree on blockchain tech for businesses.