After a significant 2021, VeChain Foundation kicks of 2022 with another exciting development. This on the heels of many exciting developments taking place — some of which are fundamentally game changing and others that greatly benefit the ability of VeChain to serve the global economy with blockchain-based services.
One such change we are proud to announce today is the opening of our new Foundation headquarters in Europe, expanding our presence to one of the fastest growing markets while maintaining our original headquarters in Singapore to ensure coverage of SEA. Following a series of close collaborations, San Marino formally invited the VeChain Foundation to relocate in a move that opens up many benefits and opportunities moving forward.
In June 2019, CEO Sunny Lu was invited to a special signing ceremony hosted by the San Marino government to formally collaborate on the nation’s goal of becoming the first carbon-neutral country, a project that would go on to form part of its 2030 Development Plan.
Following a series of legal decrees and successful implementations of VeChain’s technologies, the VeChain Foundation was formally invited to move its headquarters to San Marino to help realize its digital ambitions while providing the VeChain Foundation a much greater degree of regulatory clarity for its operations and development.
San Marino has invested heavily in blockchain and implemented a tranche of blockchain-based regulations, creating a highly accommodating environment for blockchain-based companies and activities. A recent Decree “Provisions on blockchain technology for business” introduces a transparent, clear and simple regulatory framework that provides specific rules for the different applications of DLT.
With its advanced state of regulatory readiness, San Marino is poised to be a leader within the field of blockchain and crypto. Moving to San Marino will help deliver advancements in regulation, innovation and adoption for the VeChain Foundation. The positive regulatory environment for blockchain technology was created via the following decrees:
The VeChain Foundation is also planning to further expand its technology presence in Europe by forming a new technology team in order to support the growing demand from businesses throughout Europe.
The new technology team will be mainly based in Dublin, Ireland, under the supervision of the newly appointed Head of Technology for SDGs of the VeChain Foundation, Antonio Senatore and work closely with the Foundation core devs. The technology team will also scale across multiple locations within Europe, such as San Marino and Italy.
The team will be focused on enabling technological ecosystem growth for the VeChainThor network through various tooling and frameworks, alongside the delivering of solutions in the area of SDGs and the circular economy.
The move to Europe carries many benefits for the VeChain Foundation. For example:
Anti-money laundering safeguards for maximum protection of the system and a solid legal framework that cannot be altered. Operators can move smoothly and with certainty based on the government’s rules.
An ecosystem regulated with clear and precise rules that attracts worthy investors and helps realize the transformative potential blockchain technology can offer to companies.
Facilitated taxation regime
The Republic of San Marino has created a bespoke taxation and accounting regime, providing the level of certainty and clarity needed to enable unfettered mass expansion of blockchain-based services.
With a favorable regulatory framework, innovative applications such as San Marino’s Green Pass, a system that digitized vaccination records as NFTs, can be developed freely.
The move also increases the ability to roll out use cases and improves accessibility for companies looking to use the VeChainThor public blockchain thanks to the gaining of European bank accounts and being within the EU’s financial framework. By operating from San Marino, VeChain can more easily expand what has been built in San Marino to the EU mainland and onwards, globally.
Regulation, innovation and adoption continue to create synergies that place blockchain technology firmly on a trajectory to mass adoption. We are excited for the move to a more conducive blockchain space and are excited about the abundant opportunities that await us in our new home.