San Marino has a clear regulatory framework for cryptocurrencies, including the Delegated Decree No. 37/2019 on Blockchain Technology. The Central Bank of San Marino oversees financial and crypto-related activities with updated regulations and guidance.
| Status | Legal |
| Risk Score | 25/100 (Low Risk) |
| Region | europe |
| Currency | EUR |
| Capital Gains (Personal) | 0% - no capital gains tax in San Marino for individuals |
| Capital Gains (Corporate) | 17% corporate tax |
| VAT on Crypto | No |
| Staking Tax | No specific guidance |
| Airdrop Tax | No specific guidance |
San Marino has no capital gains tax for individuals. Corporate income is taxed at 17%.
| Required | Yes |
| Regulator | Dual-regulator: BCSM (Banca Centrale della Repubblica di San Marino) for Type A crypto-assets; San Marino Innovation Spa for Type B utility/non-financial tokens |
| Framework | Delegated Decree No. 138 of August 29, 2024 – 'Regulation of Technologies Based on Distributed Ledgers' (effective October 2, 2024); implementing Regulation 001/2024 on the DLT Operator Register |
| Ease | unknown |
The Delegated Decree No. 37/2019 provides the regulatory framework for blockchain and crypto activities, but specific licensing details are not provided in the source.
Enforcement focused on unlicensed operators and consumer protection
| KYC Required | Yes |
| Travel Rule | Yes |
| FATF Member | No |
| FATF Status | fsrb_only |
| FATF Body | MONEYVAL |
| Suspicious-Activity Reporting | Yes |
Status: Unclear
No specific DeFi regulation
Status: no_rules
No specific stablecoin framework
Status: no_rules
No specific NFT regulation
| Legal | Yes |
| Electricity Cost | $0.18/kWh |
| Renewable Energy | 30% |
| Infrastructure | good |
Mining is legal with moderate electricity costs and 30% renewable energy share. Infrastructure is good for data centers and internet connectivity.
| Stability | stable |
| Sanctions | No |
| Corruption Index | 60/100 |
| Banking Access | open |
| Sanctions Program Active | No |
Risk Factors
San Marino is politically stable with no international sanctions. Corruption is moderate with a CPI around 60. The business environment is favorable with good internet freedom and banking access. Key risks include small market size and limited resources.
San Marino has a clear regulatory framework for cryptocurrencies, including the Delegated Decree No. 37/2019 on Blockchain Technology. The Central Bank of San Marino oversees financial and crypto-related activities with updated regulations and guidance.
San Marino is classified by FATF as: fsrb_only.
Yes, licensing is required for VASPs.
KYC is mandatory for crypto businesses.
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Explore IT Services →Last reviewed: 2026-09-22 · Data source: Soken Crypto Legal Map
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