The Republic of San Marino is taking steps to position itself as a blockchain hub.
San Marino Innovation, the Republic of San Marino Innovation Institute, has confirmed the creation of a joint venture with Estonian-based Polybius, which provides for the incorporation of a new company under San Marino law aimed at developing a first of its kind blockchain ecosystem. Olympus Advisors, led by Samir Mastaki, played an instrumental role in harnessing this partnership.
Work will begin immediately on the drafting of an all-encompassing legislative framework for the blockchain industry, capitalizing on the region’s intent to become a reliable and proactive legislative partner for the industry.
The joint venture will also enable San Marino to harness Polybius’ Digital ID technology to create new and world leading identity mechanisms for authentication and verification. A move driven by ongoing European personal and private data management initiatives.
“We are the world’s oldest republic and we are proud to begin a transformation lead by technology,” Secretary of State for Economic Development Andrea Zafferani said. “We believe this partnership will have an significant impact on the economy, growing the innovation sector which is at the core of our development strategy. The Republic will also acquire a state of art set of regulations to become a world-leading blockchain hub.”
“San Marino is ideally placed to become an innovator with this type of technology” said Sergio Mottola, executive chairman of San Marino Innovation. “We are not interested in short term or opportunistic policies to take advantage of the speculation surrounding today’s cryptocurrency world. Rather, we are intrigued by the revolution implicit in the underlying technology; the blockchain, which we expect to bring an impact on the global economy greater than what the Internet has.
“The Government of the Republic is willing to take the lead on this transformation and is superbly placed to promote digital innovation through the constitution of a forward-looking legislation and jurisdiction to favour the growing blockchain infrastructure.”
“We were a pioneer of distributed ledger technologies through our HashCoins OÜ company,” Polybius co-founder Ivan Turygin said. “Now we are able to bring that expertise and experience to bear on a project that will position San Marino as a hub for innovation and deliver a strong incentive for the Government to continue growing the industry in the long run.”
“Our broad experience includes development of practical solutions on multiple blockchains, most notably Emerson,” Polybius co-founder Sergei Potapenko said. “In the past, we have developed and implemented solutions ranging across password-free authorization, data storage and notary services.”