San Marino -- Enforcement Actions Regulatory Overview

San Marino, being a microstate, has a smaller financial sector and regulatory landscape compared to larger nations. While it has established a legal framework for Distributed Ledger Technology (DLT) and cryptocurrency activities (e.g., Law No. 195 of 2020 on DLT, with subsequent regulatory frameworks from the Banca Centrale della Repubblica di San Marino - BCSM), concrete publicly reported, significant enforcement actions against cryptocurrency entities with all the requested details (specific entity, violation, penalty amount, date, outcome, and source URLs) for the last three years (approximately mid-2021 to mid-2024) are not readily available in public records or news reports.

Here's why this might be the case and what information is available:

1. No Licensed DLT Service Providers (as of last major assessment): A key finding from the MONEYVAL (Council of Europe anti-money laundering body) "Fifth Round Mutual Evaluation Report on San Marino" published in July 2022 stated:

   "No DLT Service Provider has yet been licensed by the BCSM to operate in San Marino." (Paragraph 246) "To date, the authorities have not conducted any AML/CFT supervision of DLT service providers as none have been licensed or operating in the jurisdiction." (Paragraph 247) This is a crucial point. If no DLT service providers (which would include most crypto businesses) have been officially licensed and operating within the jurisdiction, then there would be no entities to enforce against for regulatory breaches related to their licensed crypto activities. Enforcement actions typically target licensed or operating entities.

2. Focus on Regulatory Framework Development: San Marino has been more focused on building its regulatory framework. The BCSM is the primary regulator and issues circulars and regulations. Their focus in recent years has been on establishing robust AML/CFT measures for new technologies.

3. Discretionary Enforcement/Lack of High-Profile Cases: In smaller jurisdictions, enforcement actions, if they occur, might not always be widely publicized, especially if they are against smaller, unlicensed operations or result in administrative warnings rather than significant public penalties. It's also possible that San Marino hasn't experienced high-profile crypto-related financial crimes or major non-compliance incidents warranting significant public enforcement.

Conclusion:

Based on publicly available information, particularly the comprehensive MONEYVAL report from July 2022 and subsequent general financial news, there have been no significant, publicly detailed cryptocurrency enforcement actions in San Marino within the last three years that meet all the specified criteria (regulator, entity, violation, penalty amount, date, outcome, and source URLs). This is largely attributable to the fact that as of the most recent assessment, no DLT service providers had even been licensed to operate in the jurisdiction, meaning the scope for such enforcement actions against regulated entities was limited or non-existent.

General Regulatory Information (for context):

• Regulator Name: Banca Centrale della Repubblica di San Marino (BCSM)
• Relevant Legislation: Law No. 195 of 2020 on Distributed Ledger Technology (DLT) and subsequent BCSM regulations and circulars implementing AML/CFT measures.

Sources Consulted:

• MONEYVAL Report (July 2022):
  • Title: MONEYVAL Fifth Round Mutual Evaluation Report on San Marino
  • URL: https://rm.coe.int/moneyval-2022-5th-mer-san-marino-en/1680a7114b
  • This report is crucial as it details San Marino's AML/CFT framework and its effectiveness, specifically mentioning the status of DLT service providers.
• Banca Centrale della Repubblica di San Marino (BCSM) Official Website:
  • URL: https://www.bcsm.sm/
  • The BCSM website provides official information on regulations, circulars, and the financial sector, but a search of their press releases or supervisory actions sections does not reveal specific crypto enforcement actions meeting the requested criteria within the timeframe.

Should San Marino's DLT sector develop and licensed entities begin operations, it is likely that future enforcement actions would then become a public matter, at which point specific details would become available.