Crypto & Digital Assets · San Marino
Is crypto legal in San Marino? Regulation & rules (2026)
San Marino shaded by its crypto & digital assets status
San Marino enacted one of Europe's earliest standalone crypto regulatory frameworks starting in 2019, covering token classification, DLT operator registration, virtual-asset custody, and token offerings. Successive decrees through 2023–2024 expanded the regime to cover all crypto-assets and introduced a MiCA-aligned supervision structure under the BCSM, while establishing a flat 8% substitute tax on crypto-asset capital gains effective from the 2024 tax year. As a non-EU microstate surrounded by Italy, San Marino voluntarily aligns its rules with EU MiCA (Regulation 2023/1114) but applies its own independent national framework.
Key points
Delegated Decree No. 37 of 27 February 2019 established the initial blockchain legal jurisdiction, classifying digital instruments into utility tokens and investment (security) tokens, requiring whitepapers or prospectuses filed with San Marino Innovation before any offering.
Delegated Decree No. 87/2021 and subsequently DD No. 111/2021 established a dedicated framework for virtual asset custody services, regulating safeguarding of cryptographic keys and setting prudential standards with the active involvement of the Central Bank (BCSM).
Delegated Decree No. 150/2023 and its follow-on DD No. 2 of 3 January 2024 (ratified as DD 138/2024 on 29 August 2024) extended the framework to all crypto-assets, aligned with EU MiCA's three-type classification (asset-referenced tokens, e-money tokens, other crypto-assets), and required BCSM-supervised authorisation for crypto-asset service providers.
Delegated Decree No. 50 of 14 March 2024 requires all DLT operators—including crypto exchanges and VASPs—to obtain formal authorisation and register in the Blockchain Entities Registry maintained by San Marino Innovation, with ATECO activity codes assigned per business type.
Under DD 150/2023, capital gains on crypto-asset disposals by individuals are subject to an 8% substitute tax, with an annual exempt threshold of €2,000. Staking, airdrop, and mining income classification follows the same framework, and businesses are subject to general corporate income tax (IGR) on crypto gains with certain exemptions for token-related activities.
BCSM (prudential and ART/EMT supervision), San Marino Innovation (registry, sandbox, utility/investment token filings), and AIF (AML/CFT financial intelligence) jointly supervise the sector, mirroring the EU model of splitting competences across authorities.
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Last verified 5/24/2026 · Orientation, not legal advice - verify against the primary sources linked above. Explore the full world map →