San Marino regulates distributed ledger technologies and crypto-assets under Delegated Decree No. 138 of 29 August 2024 (ratifying Delegated Decree No. 2 of 3 January 2024), in force since 2 October 2024. The Central Bank of San Marino supervises crypto-asset issuers and service providers, while San Marino Innovation keeps the DLT operator register for other tokens.
| Status | Legal |
| Risk Score | 25/100 (Low Risk) |
| Region | europe |
| Currency | EUR |
| Capital Gains (Personal) | 8% substitute tax on gains from disposal of crypto-assets by individuals (Delegated Decree No. 150 of 25 October 2023, from tax year 2024); gains up to EUR 2,000 a year exempt; withheld at source when realised through a San Marino authorised crypto service provider |
| Capital Gains (Corporate) | 17% corporate tax |
| VAT on Crypto | No |
| Staking Tax | No specific guidance |
| Airdrop Tax | No specific guidance |
Since tax year 2024, individuals pay an 8% substitute tax on crypto-asset gains under Delegated Decree No. 150/2023 amending the General Income Tax Law (Law No. 166/2013), with a EUR 2,000 annual exemption; exchanges between crypto-assets with the same characteristics and functions are not taxable events. For companies, crypto-assets follow the rules for financial instruments; 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 29 August 2024 on the regulation of technologies based on distributed ledgers (ratifying Delegated Decree No. 2 of 3 January 2024, in force since 2 October 2024); Regulation 001/2024 on the DLT Operator Register |
| Ease | unknown |
Operators must enrol in the DLT Operator Register under Delegated Decree No. 138/2024 and Regulation 001/2024; crypto-asset issuers and service providers fall under Central Bank of San Marino supervision.
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 regulates distributed ledger technologies and crypto-assets under Delegated Decree No. 138 of 29 August 2024 (ratifying Delegated Decree No. 2 of 3 January 2024), in force since 2 October 2024. The Central Bank of San Marino supervises crypto-asset issuers and service providers, while San Marino Innovation keeps the DLT operator register for other tokens.
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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