Fintech & digital payments rules in San Marino (2026)

BCSM Regulation No. 2014-04 'on payment and electronic money issuing services' entered into force on 1 November 2014, creating authorisation regimes for payment institutions and EMIs harmonised with EU Directives 2007/64/EC and 2009/110/EC.

The Central Bank of the Republic of San Marino (BCSM) is the financial supervisory authority; its Statute (Law No. 96 of 29 June 2005) assigns it responsibility for regulating and supervising the national payments system.

BCSM maintains a register of payment service providers established under Article 25 of Delegated Decree No. 177/2018 and governed by Regulation No. 2020-04, Part XIII, listing authorised PSPs.

San Marino participates in the Single Euro Payments Area, enabling households, businesses and public administration to use EU-standard payment services; SEPA participation is governed by BCSM Regulation No. 2024-04 on payment transactions (SEPA).

San Marino has separately regulated distributed-ledger technologies (Delegated Decree No. 138 of 29 Aug 2024, in force 2 Oct 2024), defining crypto-assets, electronic-money tokens, utility tokens and NFTs in a framework broadly aligned with the EU MiCAR; this sits alongside, not within, the core PI/EMI regime.

Under the 2023 EU Association Agreement, San Marino must transpose and apply EU financial-services rules (banking, securities, asset management, AML/CFT) to gain single-market access, with a transition of up to 15 years; this is expected to further deepen its payments/fintech framework. No San Marino-specific BNPL regime was identified in official sources.