---
type: country
domain: crypto-regulation
status: stable
tags: ["crypto-regulation", "europe", "moneyval", "legal"]
aliases: ["SM", "SMR"]
created: 2026-04-13
updated: 2025-06-01
compile_into: ["[[country--san-marino]]"]
sources:
  - name: "BCSM"
    url: "https://www.bcsm.sm"
    type: "official"
---

# 🇸🇲 [[country--san-marino|San Marino]] (SM) — Crypto Regulation

> 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.

## Overview

| Field | Value |
|-------|-------|
| Status | Legal |
| Risk Score | 30/100 (Moderate Risk) |
| Enforcement Level | Moderate |
| Region | [[domain--europe|europe]] |
| Currency | [[entity--eur|EUR]] |

## Tax

| Type | Rate |
|------|------|
| Capital Gains (Personal) | 0% - no capital gains tax in San Marino for individuals |
| Capital Gains (Corporate) | 17% corporate tax |
| VAT on Crypto | No |
| Mining Tax | No specific guidance |
| 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%.

## Licensing

| Field | Value |
|-------|-------|
| Required | No |
| Regulator | [[entity--bcsm|BCSM]] |
| Framework | Delegated Decree No. 37/2019 on Blockchain Technology |
| Ease | unknown |
| Cost | N/A |
| Timeline | N/A months |

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.

## AML / KYC

| Field | Value |
|-------|-------|
| KYC Required | Yes |
| Travel Rule | Yes |
| FATF Member | No |
| FATF Status | fsrb_only |

## DeFi

**Status:** Unclear

No specific DeFi regulation

## Stablecoins

**Status:** no_rules

No specific stablecoin framework

## NFTs

**Status:** no_rules

No specific NFT regulation

## Mining

| Field | Value |
|-------|-------|
| Legal | Yes |
| Electricity Cost | $0.18/kWh |
| Renewable Energy | 30% |
| Climate | temperate |
| Infrastructure | good |

Mining is legal with moderate electricity costs and 30% renewable energy share. Infrastructure is rated good due to stable European standards.

## Geopolitics

| Field | Value |
|-------|-------|
| Stability | stable |
| Sanctions | No |
| Corruption Index | 65/100 |
| Ease of Business | easy |
| Internet Freedom | free |
| Banking Access | moderate |

## Enforcement

Enforcement focused on unlicensed operators and consumer protection

## CBDC Status: unknown

---

*Data source: [Soken Crypto Legal Map](https://soken.dev/crypto-map/). Last reviewed: 2026-04-13.*

**Sources:**
- [BCSM](https://www.bcsm.sm)