San Marino Compliance Report

Generated 2026-09-22

Comprehensive Framework

Regulatory Overview

Regulatory Status: Dedicated crypto/VA legislation, licensing regime, active enforcement
Key Regulator(s): Financial Intelligence Agency, Central Bank of San Marino
Primary Legislation: A law approved in March introduced the plea bargain and the review of precaution, The law provides for freedom of expression, including for members of the press a, The law provides for the freedoms of peaceful assembly and association, and for, The law provides citizens the ability to choose their government in free and fai, The regulation sets out the procedures for revocation of authorization, requirin, The law prohibits arbitrary arrest and detention and provides for the right of a, The law provides for an apprehended person to be detained in prison, in a treatm, The law prohibits torture and other cruel, inhuman, or degrading treatment or pu
Travel Rule: Adopted — Threshold: €1,000
Tax Reporting: Delegated Decree No. 36 of 10 April 2019 (Decreto Delegato n. 36 del 10 aprile 2019) – "Regulation on Blockchain Technology for Enterprises" (Regolamento sulle Tecnologie a Registro Distribuito per le Imprese):. This decree establishes a comprehensive regulatory framework for blockchain technology and crypto-asset offerings, service providers, and issuance. It defines "crypto-assets," "blockchain projects," and outlines the role of the Central Bank of San Marino (BCSM) as the supervisory authority.. Crucially, this decree focuses on regulation, licensing, and consumer protection, rather than directly imposing specific crypto taxes. The tax implications arise from how assets defined under this decree are treated under the general tax code.. Generally Exempt: San Marino does not levy capital gains tax on individuals for profits derived from the sale of financial instruments, including, by interpretation, cryptocurrencies, provided that these activities are not carried out in a professional or business capacity.. This is a significant advantage for individual investors. If an individual is simply buying and selling crypto for personal investment, any gains are typically tax-free.

Key Facts

aml Banca Centrale della Repubblica di San Marino (BCRSM) - The Central Bank of the Republic of San Marino. It is the primary financial regulator responsible for licensing, supervision, and ongoing oversight of virtual asset service providers. URL (AIF): https://www.aif.sm/ Legge n. 200 del 19 dicembre 2023 – "Disposizioni per la prevenzione e il contrasto del riciclaggio e del finanziamento del terrorismo, nonché modifiche e integrazioni a leggi in materia di vigilanza prudenziale e di gestione delle crisi degli enti creditizi e finanziari." English translation: "Provisions for the prevention and combating of money laundering and terrorist financing, as well as amendments and additions to laws concerning prudential supervision and crisis management of credit and financial institutions." Regolamento della Banca Centrale della Repubblica di San Marino n. 2023-01 – "Regolamento in materia di prestatori di servizi relativi ad attività virtuali (VASP)." English translation: "Regulation of the Central Bank of the Republic of San Marino No. 2023-01 – Regulation concerning Virtual Asset Service Providers (VASPs)." Natural Persons: Obtain and verify identity using reliable, independent source documents, data, or information (e.g., name, date of birth, place of birth, address, nationality, official identification number/document type). Legal Persons/Arrangements: Obtain and verify legal name, legal form, address, proof of existence, powers that regulate and bind the legal person/arrangement, and names of individuals authorized to act on its behalf.
enforcement No Licensed DLT Service Providers (as of last major assessment): A key finding from the MONEYVAL (Council of Europe anti-money laundering body) "Fifth Round Mutual Evaluation Report on San Marino" published in July 2022 stated: Focus on Regulatory Framework Development: San Marino has been more focused on building its regulatory framework. The BCSM is the primary regulator and issues circulars and regulations. Their focus in recent years has been on establishing robust AML/CFT measures for new technologies. Discretionary Enforcement/Lack of High-Profile Cases: In smaller jurisdictions, enforcement actions, if they occur, might not always be widely publicized, especially if they are against smaller, unlicensed operations or result in administrative warnings rather than significant public penalties. It's also possible that San Marino hasn't experienced high-profile crypto-related financial crimes or major non-compliance incidents warranting significant public enforcement. Regulator Name: Banca Centrale della Repubblica di San Marino (BCSM) Relevant Legislation: Law No. 195 of 2020 on Distributed Ledger Technology (DLT) and subsequent BCSM regulations and circulars implementing AML/CFT measures. Title: MONEYVAL Fifth Round Mutual Evaluation Report on San Marino This report is crucial as it details San Marino's AML/CFT framework and its effectiveness, specifically mentioning the status of DLT service providers. The BCSM website provides official information on regulations, circulars, and the financial sector, but a search of their press releases or supervisory actions sections does not reveal specific crypto enforcement actions meeting the requested criteria within the timeframe.
general DLT Financial Instruments (Security Tokens): These are tokens that represent or embody existing financial instruments or confer rights economically equivalent to them. This category includes: Transferable securities (e.g., shares, bonds, debentures, units in collective investment undertakings). Money market instruments. Units in collective investment undertakings. Derivatives and other instruments that grant the holder rights to profits, dividends, interest, repayment of principal, or other financial returns. Any token that, due to its characteristics or underlying rights, is primarily intended for investment purposes and is expected to yield a financial return. DLT Utility Tokens: Tokens that grant access to a good or service, and whose primary purpose is not investment or financial gain. DLT Payment Tokens (Cryptocurrencies): Tokens primarily intended to function as a medium of exchange, unit of account, or store of value, without conferring rights typically associated with financial instruments (e.g., Bitcoin, Ethereum, primarily used as currency).
licensing BCRA Circular No. 64 of 15 September 2020, "Disciplining the activities of Operators in Distributed Ledger Technologies": This circular provides detailed implementation rules for Law 171/2019, specifying the requirements for obtaining authorization (registration) as an ODLT. BCRA Circular No. 67 of 11 May 2021, "Amendments and additions to Circular No. 64 of 15 September 2020": This circular introduced updates and clarifications to the initial implementing regulations. Exchanges (Virtual Asset Exchange Providers): Entities operating a platform for the exchange of virtual assets for fiat currencies, or between one or more forms of virtual assets. This falls squarely under the ODLT/VASP authorization requirement. Custody Providers (Virtual Asset Custody Providers): Entities that provide services for the safekeeping or administration of virtual assets or instruments enabling control over virtual assets on behalf of natural or legal persons. This also requires ODLT/VASP authorization. If the payment processing involves the transfer, exchange, or facilitation of payments directly in virtual assets, or between virtual assets and fiat currency, the entity would be considered an ODLT/VASP and requires authorization. If the entity is a traditional fiat payment processor merely providing services to a crypto business (e.g., handling fiat payments for a crypto exchange, but not touching virtual assets itself), it would fall under traditional payment services regulations, which also require BCRA authorization (e.g., as a Payment Institution). However, for crypto-specific payment processing, ODLT authorization is necessary. Transferring virtual assets. Participation in and provision of financial services related to an issuer's offer and/or sale of a virtual asset.
securities Cryptocurrency and digital asset activities are legal in San Marino but operate within a developing regulatory framework that has not yet produced a comprehensive, dedicated digital asset securities law as of 2025–2026. San Marino A licensing regime exists for financial activities generally, and digital asset service providers would fall under existing financial intermediary rules, although no specific digital asset securities license type has been formally established. San Marino: Selected Issues and Statistical Appendix in: IMF Staff Country Reports Volume 2004 Issue 256 (2004) As of the available source material, no entity has been publicly confirmed as holding a dedicated digital asset securities license in San Marino. © 2010 International Monetary Fund October 2010 IMF Country Report No. 10/317 The practical reality is that San Marino's regulatory system for digital assets remains nascent, with international observers noting ongoing development of the legal framework. San Marino - https: //rm. coe. int The Central Bank of the Republic of San Marino (Banca Centrale della Repubblica di San Marino) is the principal financial regulatory authority responsible for supervising banking, financial, and payment activities within the jurisdiction. San Marino The Financial Intelligence Agency (Agenzia di Informazione Finanziaria) operates as the designated authority for receiving and analyzing suspicious transaction reports and is responsible for AML/CFT supervision of financial institutions. San Marino - https: //rm. coe. int The primary legal instrument governing financial regulation in San Marino is Law No. 165 of 17 November 2005, which establishes the legal framework for banks, financial intermediaries, and other financial operators, and has been amended over time to align with international standards. © 2010 International Monetary Fund October 2010 IMF Country Report No. 10/317 Law No. 165/2005 defines the activities that require prior authorization from the Central Bank, including the taking of deposits, lending, payment services, and other financial activities that would encompass digital asset services. © 2010 International Monetary Fund October 2010 IMF Country Report No. 10/317
stablecoin Legge Delegata n. 129 del 2019 – Legge per le tecnologie a registro distribuito (Delegated Law No. 129 of 2019 – Law for Distributed Ledger Technologies - DLT Law): This is the foundational law that provides the legal framework for DLT-based activities, defines types of tokens, and delegates regulatory power to the BCRSM for DLTs applied to financial instruments. Link to Law No. 129/2019 (often found on government or BCRSM legal archives, search for "Legge Delegata 129/2019 San Marino DLT") Decreto della Banca Centrale n. 2 del 2020 – Regolamento attuativo della Legge Delegata n. 129 del 2019 in materia di emissione di strumenti finanziari tramite DLT (BCRSM Decree No. 2 of 2020 – Implementing Regulation of Delegated Law No. 129 of 2019 concerning the issuance of financial instruments via DLT): This decree, issued by the Central Bank, specifically details the rules for issuing financial instruments, including security tokens and potentially certain types of stablecoins, on DLTs. Link to BCRSM Decree No. 2/2020 (often found in the "Normativa" section of the BCRSM website, search for "Decreto Banca Centrale 2/2020 DLT") BCRSM Circulars: Various circulars further specify requirements related to AML/CFT, operational aspects, and licensing for DLT operators. Example: Circolare n. 1/2020 – Disposizioni in materia di prevenzione e contrasto del riciclaggio e del finanziamento del terrorismo per gli operatori DLT (Circular No. 1/2020 – Provisions concerning the prevention and combating of money laundering and terrorist financing for DLT operators). Link to BCRSM Circulars If a stablecoin is designed to maintain a stable value, is denominated in fiat currency (e.g., EUR, USD), and is redeemable at par by the issuer, it would likely be classified as e-money if issued by an authorized entity or used as a payment instrument. Issuers of such tokens would be subject to e-money regulations, requiring a specific license from the BCRSM. The BCRSM Decree No. 2/2020, referring to financial instruments, clarifies that where DLTs are used for activities falling under existing financial sector laws (e.g., e-money, payment services), those specific laws apply.
status San Marino has established a formal legal framework for blockchain and digital asset activities through dedicated legislation, including the creation of a specific regime for digital asset services and "digital asset laboratories" (DALs). San Marino - United States Department of State The primary regulator for digital assets in San Marino is the Central Bank of the Republic of San Marino, which operates under the authority of the Congress of State and the Great and General Council. San Marino - United States Department of State Licensing is required for entities engaging in digital asset activity, with a two-stage authorization process: provisional authorization followed by definitive authorization, subject to specific capital and structural requirements. San Marino LOI As of the most recent data available, no entities have been confirmed to have received definitive authorization as digital asset service providers, indicating the framework remains in early implementation stages. San Marino - United States Department of State The practical reality is that while San Marino has enacted progressive legislation for blockchain and digital assets, operational implementation, licensing decisions, and enforcement activities are limited, and businesses should anticipate regulatory uncertainty during the early phase of the regime. San Marino - United States Department of State The Republic of San Marino operates as a multiparty democracy with a parliamentary system; the popularly elected unicameral Great and General Council (parliament) selects two members to serve as captains regent (coheads of state), who preside over the Council and the Congress of State (cabinet). San Marino - United States Department of State The Congress of State has no more than 10 other members (secretaries of state), selected by the Great and General Council; parliamentary elections are held regularly, with the 2019 elections considered generally free and fair by observers. San Marino - United States Department of State The Ministry of Foreign Affairs exercises control over administrative functions such as personnel and equipment for security forces, and the courts exercise control over the Gendarmerie when it acts as judicial police; civilian authorities maintained effective control over the security forces. San Marino - United States Department of State
tax Delegated Decree No. 36 of 10 April 2019 (Decreto Delegato n. 36 del 10 aprile 2019) – "Regulation on Blockchain Technology for Enterprises" (Regolamento sulle Tecnologie a Registro Distribuito per le Imprese): This decree establishes a comprehensive regulatory framework for blockchain technology and crypto-asset offerings, service providers, and issuance. It defines "crypto-assets," "blockchain projects," and outlines the role of the Central Bank of San Marino (BCSM) as the supervisory authority. Crucially, this decree focuses on regulation, licensing, and consumer protection, rather than directly imposing specific crypto taxes. The tax implications arise from how assets defined under this decree are treated under the general tax code. Generally Exempt: San Marino does not levy capital gains tax on individuals for profits derived from the sale of financial instruments, including, by interpretation, cryptocurrencies, provided that these activities are not carried out in a professional or business capacity. This is a significant advantage for individual investors. If an individual is simply buying and selling crypto for personal investment, any gains are typically tax-free. Exception: If an individual's crypto trading activities are deemed to constitute a professional or business activity (e.g., full-time trading, operating as an exchange or service provider without proper licensing), then such gains would likely be subject to general income tax principles. Subject to Corporate Income Tax (Imposta Generale sul Reddito - IGR): Companies or entities whose core business involves crypto-assets (e.g., exchanges, mining operations, crypto funds, professional trading firms) will have their capital gains from crypto-asset sales taxed as part of their general business income. Current IGR Rate: The standard corporate income tax (IGR) rate in San Marino is 17%. Special reduced rates or incentives may apply to new businesses or specific types of activities under certain conditions.
travel rule San Marino has established a legal framework for blockchain and digital assets through Law No. 43 of 2019 ("Law on the Promotion and Regulation of Blockchain and Distributed Ledger Technology") and implementing regulations, with the Central Bank of San Marino (BCSM) and San Marino Innovation Institute as key authorities. Primary source verification required via Bollo Ufficiale and www.bcsm.sm. Licensing is required for "Blockchain Service Providers" (BSPs) under Law 43/2019 and "Digital Asset Service Providers" (DASPs) under Delegated Decree 44/2022. As of [date], the Central Bank's public register of authorized DASPs/VASPs shows zero authorized entities. Operators cannot currently operate under a San Marino VASP license. The framework includes AML/CTF obligations aligned with FATF recommendations, transposed via Law No. 260/2020 and Delegated Decree 44/2022, requiring CDD, transaction monitoring, STR filing, and travel-rule compliance for transfers ≥ €1,000. San Marino is a MONEYVAL member (since 2013) subject to mutual evaluations. The most recent assessment (5th Round, adopted [date]) rates the jurisdiction on Recommendations 10, 15, 16. See MONEYVAL report for current ratings. Practical reality for operators: No VASP licenses have been issued to date; the technical travel-rule protocol is unspecified; tax guidance for digital assets is absent; and the market is pre-operational. Entities considering entry should treat this as a regulatory preparation phase, not a live licensing environment. Primary legislation: Law No. 43 of 2019 ("Law on the Promotion and Regulation of Blockchain and Distributed Ledger Technology"), published in the Bollo Ufficiale della Repubblica di San Marino [gazette number, publication date to be verified]. Entered into force [date]. Amending legislation: Law No. 92 of 2023, amending Law 43/2019 to address digital asset custody, exchange platforms, and travel-rule compliance. Published in Bollo Ufficiale [gazette number, date]. Implementing regulation: Delegated Decree No. 44 of 2022, transposing FATF Recommendations 15 and 16 into San Marino law and establishing VASP/DASP requirements including the travel rule. Published in Bollo Ufficiale [gazette number, date].

Sources

This report is AI-generated from publicly available regulatory sources. Last updated: 2026-09-06. View full profile