What is San Marino's FATF status?

San Marino is classified by FATF as: fsrb_only.

What is the AML/KYC regime in San Marino?

KYC is mandatory for crypto businesses.

🇸🇲 San Marino

San Marino has a clear regulatory framework for cryptocurrencies, including the Delegated Decree No. 37/2019 on Blockchain Technology. The Central Bank of San Marino oversees financial and crypto-related activities with updated regulations and guidance.

Overview

Status	Legal
Risk Score	30/100 (Moderate Risk)
Region	europe
Currency	EUR

Tax Information

Capital Gains (Personal)	0% - no capital gains tax in San Marino for individuals
Capital Gains (Corporate)	17% corporate tax
VAT on Crypto	No
Staking Tax	No specific guidance
Airdrop Tax	No specific guidance

San Marino has no capital gains tax for individuals. Corporate income is taxed at 17%.

Licensing & Registration

Required	No
Regulator	BCSM
Framework	Delegated Decree No. 37/2019 on Blockchain Technology
Ease	unknown

The Delegated Decree No. 37/2019 provides the regulatory framework for blockchain and crypto activities, but specific licensing details are not provided in the source.

Enforcement Activity

Level: Moderate

Enforcement focused on unlicensed operators and consumer protection

AML / KYC

KYC Required	Yes
Travel Rule	Yes
FATF Member	No
FATF Status	fsrb_only
FATF Body	MONEYVAL
Suspicious-Activity Reporting	Yes

DeFi, Stablecoins & NFTs

Status: Unclear

No specific DeFi regulation

Stablecoins

Status: no_rules

No specific stablecoin framework

NFTs

Status: no_rules

No specific NFT regulation

Mining

Legal	Yes
Electricity Cost	$0.18/kWh
Renewable Energy	30%
Infrastructure	good

Mining is legal with moderate electricity costs and 30% renewable energy share. Infrastructure is rated good due to stable European standards.

Geopolitical Risk

Stability	stable
Sanctions	No
Corruption Index	65/100
Banking Access	moderate

Risk Factors

small size
limited domestic market

San Marino is politically stable with no international sanctions. It has moderate corruption levels and a generally favorable environment for crypto businesses.