San Marino

**Report on the Current Status of Retail Cryptocurrency Trading in San Marino**

**Date:** 2025-06-26

**Topic:** Retail_Trading_Status

**Description:** Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

**Retail_Trading_Status**

**Status Value:** Allowed-Regulated

**Narrative Explanation:**

Retail cryptocurrency trading is legally permitted in San Marino and is subject to a developing regulatory framework. The country has been actively working to position itself as a hub for blockchain technology and cryptocurrency innovation, enacting specific legislation to govern these activities.

Historically, San Marino began its journey towards blockchain regulation as early as 2015. A significant step was the issuance of Delegated Decree No. 37 in February 2019, titled "Rules on blockchain technology for businesses," which provided an initial framework for token issuance and classification (utility and security tokens). This decree notably excluded payment tokens like Bitcoin from its specific regulations at that time.

More recently, San Marino has taken further steps to create a comprehensive regulatory environment. Delegated Decree No. 2 of January 3, 2024, "Regulation of Distributed Ledger Technologies (DLTs)," and its subsequent ratification by Delegated Decree No. 138 of August 29, 2024 (though some sources might show slightly different dates or numbers for these decrees, the intent and progression are clear), aim to provide a clear and structured legal environment for the blockchain and cryptocurrency industry, including the issuance, offering, trading, and provision of services related to tokens. This framework is designed to align with European standards, particularly the European Union's Markets in Crypto-Assets Regulation (MiCA), even though San Marino is not an EU member.

The Central Bank of the Republic of San Marino (CBSM) plays a crucial role in overseeing crypto-assets, particularly those considered financial instruments. San Marino Innovation, a state-owned entity, is responsible for regulating other types of tokens and promoting the development of the blockchain ecosystem.

Retail investors are permitted to buy, sell, and hold cryptocurrencies. Exchanges are available to Sammarinese residents, and many allow deposits via bank transfers, credit/debit cards, and crypto deposits.

**Key Regulatory Aspects:**

*   **Licensing and Registration:** Entities involved in token-related activities, including exchanges and other service providers, must be licensed and registered with the appropriate authority (CBSM or San Marino Innovation). Foreign DLT operators intending to offer crypto-asset services in San Marino must also seek authorization from the Central Bank.
*   **AML/KYC Requirements:** San Marino has a strong focus on transparency and compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) regulations. Entities operating in the crypto space must adhere to these requirements. This includes KYC processes for customer verification. Several international exchanges available to San Marino residents also implement robust AML/KYC procedures.
*   **Taxation:** San Marino has specific tax rules for cryptocurrency-related income. For individuals, gains from the sale or realization of crypto-assets are subject to an 8% substitute tax. There is an annual exemption for capital gains up to €2,000. The exchange of cryptocurrencies with the same characteristics and functions is generally not considered a tax-relevant event.
*   **Consumer Protection:** The regulatory framework includes provisions to protect consumers and ensure market integrity. This includes requirements for issuers of tokens to prepare and publish a whitepaper with detailed project information.
*   **Ongoing Developments:** The Central Bank of San Marino launched a public consultation in June 2024 on a draft Regulation on Crypto-Assets. This regulation aims to implement the mandate from Delegated Decree No. 2 of January 2024 and align with MiCAR, further solidifying the supervisory framework for crypto-asset firms and public offerings.

While San Marino is actively fostering a crypto-friendly environment, the regulatory landscape is still evolving. The authorities aim to balance innovation with robust oversight to ensure financial stability and investor protection.

**Relevant Text Excerpts and Sources:**

*   **UPay Blog (2024-12-11):** "Adoption Status: Cryptocurrency is legal in San Marino. The country is actively making preparations to become a global blockchain and cryptocurrency center by enacting legal measures and tax benefits and executing advanced projects."
*   **UPay Blog (2024-12-11):** "The most notable advancement is Delegated Decree No. 2nd of January 2024, which regulates Distributed Ledger Technologies (DLTs). This decree is one step in a broader plan to provide a safe but also scalable space for blockchain businesses. Moreover, the Central Bank of the Republic of San Marino (CBSM) has already made a public consultation to devise a framework for the regulation of crypto assets that is likely to take into account the European Institutions' Markets in Crypto-Assets Regulation (MiCAR)."
*   **UPay Blog (2024-12-11):** "Only entities that are in compliance with the AML requirements of the State of San Marino (and with similar requirements in their respective home jurisdictions) are allowed to run, to provide a safe and reliable environment for digital asset transactions."
*   **UEEx Technology (2025-04-16):** "Yes, cryptocurrency is legal in San Marino. The country has friendly regulations for crypto trading and blockchain businesses."
*   **Banca Centrale della Repubblica di San Marino (2024-06-14):** "The Central Bank of the Republic of San Marino launched a public consultation on the draft Regulation on Crypto-Assets. This Regulation aims to govern technologically advanced services, which are playing an increasingly significant role in the banking and financial intermediation sector. Through this draft Regulation, CBSM aims to implement the regulatory mandate provided for in Delegated Decree No. 2 of January 3, 2024, 'Regulation of Distributed Ledger Technologies', within its own areas of competence."
*   **Banca Centrale della Repubblica di San Marino (2024-06-14):** "Its main goal is to introduce a specific supervisory framework into the San Marino legal system, based on the principles established at the European level by EU Regulation No. 2023/1114 (known as MICAR). Specifically, the newly-adopted Regulation will govern the following: Crypto-Asset Firms, a new category of entities authorized to carry out the newly-introduced reserved activities... These firms will be under the Central Bank's supervision... Crypto-Assets: new rules for the public offering or admission to trading of crypto-assets will be introduced to safeguard customers. This will entail specific disclosure requirements, including the publication of the so-called white paper, subject to prior notification or authorization by the Central Bank."
*   **PlasBit (2024-03-04):** "Yes, cryptocurrency is legal in San Marino. The government has shown support for digital currencies and blockchain technology. San Marino has introduced a decree to encourage the development and use of these advancements within its borders."
*   **Glysolid on Binance Square (2024-12-16):** "San Marino has introduced specific legislation to regulate the taxation of cryptocurrencies... Income from the sale or realization of cryptocurrencies is subject to a substitute tax at a rate of 8%... There is an exemption for capital gains of up to 2,000 euros per year."
*   **Dott.ssa Stefania Maria Gatti (referencing Decree No. 138 of August 29, 2024):** "The San Marino Decree No. 138 of August 29, 2024, is a comprehensive regulatory framework designed to govern the issuance, offering, trading, and provision of services related to tokens, including cryptocurrencies, within the Republic of San Marino." And "Operators involved in token-related activities must be licensed and registered with the appropriate authority (Banca Centrale or Istituto per l'Innovazione)."
*   **Affidaty S.p.A. (2024-06-05):** "On January 3, 2024, Delegated Decree No. 2 “Regulation of Technologies Based on Distributed Ledgers” was issued. Through this legislation, the Republic of San Marino “aimed to adapt to the digital age... aligning itself with what is provided in the MiCAR Regulation."
*   **HLB San Marino (2024-11-12, referencing earlier decrees and new regulations):** "San Marino opens the doors to what are officially identified as 'technologies based on distributed registers', but more commonly known as crypto-activities. In truth, already with the Delegated Decree 3 January 2024 n.2, then ratified with Delegated Decree 29 August 2024 n. 138... it is only from 2 October that the two 'implementing' Regulations of the Central Bank of the Republic of San Marino and San Marino Innovation have entered into force". This article further details the roles of CBSM for Type A tokens (crypto-assets) and San Marino Innovation for Type B tokens.

**Direct URL Links to Sources:**

*   [https://upay.com/blog/crypto-adoption-around-the-world-san-marino](https://upay.com/blog/crypto-adoption-around-the-world-san-marino)
*   [https://ueex.com/en/blog/best-crypto-exchanges-in-san-marino-ueex-technology/](https://ueex.com/en/blog/best-crypto-exchanges-in-san-marino-ueex-technology/)
*   [https://www.bcsm.sm/it/media-eventi/comunicati-stampa/comunicato-stampa-bcsm-avvia-la-consultazione-pubblica-sul-regolamento-crypto-assets/](https://www.bcsm.sm/it/media-eventi/comunicati-stampa/comunicato-stampa-bcsm-avvia-la-consultazione-pubblica-sul-regolamento-crypto-assets/)
*   [https://plasbit.com/blog/how-do-i-sell-bitcoin-in-san-marino-a-comprehensive-guide](https://plasbit.com/blog/how-do-i-sell-bitcoin-in-san-marino-a-comprehensive-guide)
*   [https://www.eternitylaw.com/news/crypto-regulation-in-san-marino/](https://www.eternitylaw.com/news/crypto-regulation-in-san-marino/)
*   [https://www.binance.com/en/square/post/264259](https://www.binance.com/en/square/post/264259)
*   [https://www.stefaniagatti.com/en/high-tech-startup-san-marino-and-blockchain/](https://www.stefaniagatti.com/en/high-tech-startup-san-marino-and-blockchain/) (Note: This page seems to have been updated and the specific text about Decree No. 138 of August 29, *2024* might be a typo in the search result, as other sources point to earlier 2024 decrees. The general information about the regulatory framework remains relevant.) A similar page in Italian also discusses these decrees.
*   [https://www.affidaty.io/en/the-micar-regulation-and-the-san-marino-case/](https://www.affidaty.io/en/the-micar-regulation-and-the-san-marino-case/)
*   [https://www.toccacelibronzetti.com/approfondimenti/blockchain-normativa-delle-tecnologie-basate-su-registri-distribuiti-a-san-marino/](https://www.toccacelibronzetti.com/approfondimenti/blockchain-normativa-delle-tecnologie-basate-su-registri-distribuiti-a-san-marino/) (In Italian)
*   [https://www.hlbsanmarino.com/cripto-attivita-regolamenti/](https://www.hlbsanmarino.com/cripto-attivita-regolamenti/) (In Italian)
*   [https://coinidol.com/san-marino-blockchain-cryptocurrency/](https://coinidol.com/san-marino-blockchain-cryptocurrency/)
*   [https://striga.com/solutions/marketplaces-crypto-banking-san-marino](https://striga.com/solutions/marketplaces-crypto-banking-san-marino)
*   [https://www.studiogiardi.com/blockchain-a-san-marino-disciplina-delle-tecnologie-basate-su-registri-distribuiti/](https://www.studiogiardi.com/blockchain-a-san-marino-disciplina-delle-tecnologie-basate-su-registri-distribuiti/) (In Italian)
*   [https://invezz.com/exchange/buy-bitcoin/san-marino/](https://invezz.com/exchange/buy-bitcoin/san-marino/)
*   [https://www.stefaniagatti.com/startup-a-san-marino-e-blockchain/](https://www.stefaniagatti.com/startup-a-san-marino-e-blockchain/) (In Italian)
*   [https://www.scorechain.com/blog/10-of-the-most-compliant-crypto-exchanges-in-scorechains-entity-directory/](https://www.scorechain.com/blog/10-of-the-most-compliant-crypto-exchanges-in-scorechains-entity-directory/)
*   [https://www.alessa.com/blog/aml-crypto-an-aml-checklist-for-cryptocurrency-exchanges/](https://www.alessa.com/blog/aml-crypto-an-aml-checklist-for-cryptocurrency-exchanges/)