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The work of the Grand General Council will continue on the afternoon of Monday, August 26, starting with paragraph 7, reviewing Delegated Decree n.2 of January 3, 2024 – Technical regulation based on distributed registers.
Emanuele Santi (Rete) said: “It seems to me that in recent years there are companies in San Marino that have been operating mainly in tokens and that have seen some shortages, including millionaires: if this corresponds to the facts, it means that we are once again offering the opportunity for companies to operate in a very loose network, which allows some clever people to enter and commit fraud. We need to understand if in recent years someone has fraudulently taken advantage of the possibility of opening companies in these areas and then left us with losses that need to be repaired”.
Silvia Cecchetti (PSD) said: “This decree regulates not only payment tokens, but also the use and investment in tokens, virtual instruments or assets that emerge in the digital economy, in order to simplify the exchange bureaucracy. I do not agree with those who call for the withdrawal of this decree because it is not perfect or fully meets the requirements of Mika. This is incorrect because it means that nothing has been done to avoid making mistakes. We will have to monitor the progress of this decree and support healthy companies that intend to invest or have already done so”.
Dalibor Riccardi (Libera/PS) does not hide “some doubts related to regulation. Today we have an authority like the AIF, which has tools to independently manage surveillance and security services. I would like to ask the Minister what he thinks about the possibility of assigning regulation and registers to a single entity, while also avoiding creating “short circuits”.
In his reply, Secretary of State Marco Gatti first stressed that “operators have an obligation to disclose their information”. On the topic of regulators, “the AIF has a horizontal capacity for anti-money laundering. Then we are interested in the Central Bank, because there are financial tokens that must have the same rules as finance. This is the direction of the European Community. Then there is innovation in San Marino”. Gatti added: “We are holding meetings with professionals to study accounting principles. Parliament does not have to take on the technical part. Technicians must understand the merits of the regulation. We are confident that by the end of this year we will have a more complete picture of who works in San Marino and have an appropriate control system in place”.
The problem highlighted by Enrico Caratoni (RF) is the “mandate given to the government to have the ability to completely overturn the decree”. He added: “I am convinced that with this decree our system will become less competitive”.
Fabio Riggi (D-Md.) said: “What worries me is that if a country does not remain competitive, it becomes a drop in the bucket. I am not saying to leave loose rules, I am saying that a small country like San Marino must have the courage not to follow the crowd: this requires greater courage, in-depth analysis and risk analysis.”
“Many countries, in their attempt to be number one, fell behind. Eventually they were no longer attractive,” recalls William Casali (PDCS).
After the general debate, the Council will examine the amendments to the delegated decrees and put them to a vote. There was a heated back and forth between the opposition and the State Parliament, in particular on the RF amendment (later rejected) to amend Article 10, paragraph 2, which was proposed by the Central Bank and the Innovation Institute to publish in a specific section of their website a copy of the white paper published by the DLT operator. Many of the amendments proposed by the RF were rejected almost in their entirety. Two network amendments were approved: an amendment to Article 6 (after reformulation) and Article 10. The level of conflict increased with Article 37 (“Entry into force and repeal”), which provides for the repeal of the previous delegated decrees of 2019 and 2021 issued by the CBSM and the implementing measures issued by the Innovation Institute after their adoption. Criticism came from the Internet and the RF. Alleanza Riformista and Gian Nicola Berti defended the article.
II Delegated Decree n.2 of 3 January 2024 – Technical regulation based on distributed registers It was finally put to a vote and passed with 33 votes in favor, 12 votes against, and 2 abstentions.
Next we discuss Delegated Decree No. 12 of January 24, 2024 – Strengthening the collection activities of overdue tax collection services Report by Secretary of State Marco Gatti.
At 7:39 pm, the afternoon session was suspended. It will resume at 9 pm.
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