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Great News! Vechain Expands In Europe!
The year 2021 proved to be a watershed year for the VeChain Foundation, with a slew of exciting innovations taking place, some of which are game changers on a basic level, while others which considerably enhance Vechain’s capacity to serve the global economy with blockchain-based services.
The opening of their new Foundation headquarters in Europe, which will allow them to better serve one of the world’s fastest-growing markets while maintaining their original headquarters in Singapore to ensure coverage of the entire Southeast Asian region, is one such change they are pleased to announce today. A formal invitation to relocate to San Marino was extended after a series of tight cooperation, and the VeChain Foundation accepted the invitation in a move that would provide several advantages and prospects in the future.
Europe Is VeChain Foundation’s New Home
During a special signing ceremony sponsored by the government of San Marino in June 2019, CEO Sunny Lu was asked to officially work on the nation’s aim of becoming the world’s first carbon-neutral country, a project that would later become a component of the country’s 2030 Development Plan.
A series of legal decrees, as well as successful implementations of VeChain’s technologies, led to the VeChain Foundation being invited to relocate its headquarters to San Marino. The move will assist the VeChain Foundation in realizing its digital ambitions while also providing the VeChain Foundation with a significantly higher level of regulatory clarity for its operations and development.
San Marino has made significant investments in blockchain technology and has put in place a number of blockchain-based rules, resulting in a very hospitable climate for blockchain-based businesses and activities. A new Decree titled “Provisions on blockchain technology for business” establishes a transparent, straightforward, and simple regulatory framework that specifies particular standards for the many uses of distributed ledger technology (DLT) in the business world.
Having reached a high level of regulatory preparedness, San Marino is well-positioned to become a global leader in the fields of blockchain and cryptocurrency. The VeChain Foundation anticipates that its relocation to San Marino will aid in the advancement of regulations, innovation, and adoption. The following ordinances contributed to the establishment of a favorable regulatory environment for blockchain technology:
Blockchain Decree eBook
Blockchain Decree N.86
A New Technology Center For VeChain In Europe
A new technology team will be formed by the VeChain Foundation to support the growing demand from businesses throughout Europe. The foundation also plans to further expand its technology presence in Europe by forming a new technology team to support the growing demand from businesses throughout Europe.
The new technology team will be headquartered mostly in Dublin, Ireland, and will report to Antonio Senatore, the VeChain Foundation’s newly appointed Head of Technology for SDGs. They will collaborate closely with the Foundation’s core developers. The IT team will also be able to grow across numerous locations in Europe, including San Marino, Italy, and other countries.
The team’s primary emphasis will be on allowing the expansion of the VeChainThor network’s technology ecosystem via the development of different technologies and frameworks, as well as the delivery of solutions in the areas of Sustainable Development Goals and circular economy.
The Benefits Of The Expansion
Greater transparency
Anti-money laundering protections to provide the highest level of safety for the system, as well as a robust legal foundation that cannot be changed Because of the guidelines established by the government, operators may move easily and with confidence.
Regulatory certainty
Companies may achieve the transformational potential that blockchain technology has to offer when they operate in an environment that is governed by clear and specific regulations that attracts qualified investors.
Facilitated taxation regime
With the establishment of a tailored taxation and accounting framework, the Republic of San Marino has achieved the degree of certainty and clarity required to allow for the unhindered mass spread of blockchain-based services worldwide.
Clarity in the regulatory environment is a prerequisite for massive growth
Because of a favorable regulatory environment, new applications such as San Marino’s Green Pass, which was a system that digitized immunization data as NFTs, may be created without hindrance.
Because of the establishment of European bank accounts and the inclusion of the VeChainThor public blockchain under the EU’s financial framework, the move also strengthens the capacity to roll out use cases and improves accessibility for enterprises interested in using the VeChainThor public blockchain. By operating out of San Marino, VeChain will be able to more quickly spread what has been created in San Marino to the rest of the EU and then to the rest of the world.
Regulation, innovation, and adoption are all working together to create synergies that are putting blockchain technology firmly on the path to widespread adoption. We are looking forward to the relocation to a more suitable blockchain environment, as well as the plethora of options that will be available to us in our new location.
