San Marino Compliance Report

Regulatory Overview

Regulatory Status

Regulators have not addressed crypto; legal status ambiguous

Primary Legislation

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Travel Rule

Not adopted

Tax Reporting

**Delegated Decree No. 36 of 10 April 2019 (Decreto Delegato n. 36 del 10 aprile 2019) – "Regulation on Blockchain Technology for Enterprises" (Regolamento sulle Tecnologie a Registro Distribuito per le Imprese):**. This decree establishes a comprehensive regulatory framework for blockchain technology and crypto-asset offerings, service providers, and issuance. It defines "crypto-assets," "blockchain projects," and outlines the role of the Central Bank of San Marino (BCSM) as the supervisory authority.. **Crucially, this decree focuses on regulation, licensing, and consumer protection, rather than directly imposing specific crypto taxes.** The tax implications arise from how assets defined under this decree are treated under the general tax code.. **Generally Exempt:** San Marino **does not levy capital gains tax on individuals** for profits derived from the sale of financial instruments, including, by interpretation, cryptocurrencies, *provided that these activities are not carried out in a professional or business capacity.*. This is a significant advantage for individual investors. If an individual is simply buying and selling crypto for personal investment, any gains are typically tax-free.

Key Facts

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