Regulation No. 2024-03 on Crypto-Assets

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REGULATION ON CRYPTO-ASSETS year 2024 / number 03 (Consolidated text as of 29/01/2026 – Supp. II)

Central Bank of the Republic of San Marino Regulation No. 2024-03 on Crypto-Assets – Supp. II 2 TABLE OF CONTENTS PART I INTRODUCTION ......................................................................................................................................10 TITLE I PREAMBLE ...............................................................................................................................................10 Article I.I.1 – Legislative Sources............................................................................................................ 10 Article I.I.2 – Definitions ................................................................................................................... 10 TITLE II OBJECTIVES AND STRUCTURE OF THE PROVISION.....................................................................18 Article I.II.1 – Purposes. ....................................................................................................................... 18 Article I.II.2 – Preparation ............................................................................................................... 18 Article I.II.3 – Structure ...................................................................................................................... 19 TITLE III SCOPE OF APPLICATION AND EXCLUDED ENTITIES.............................................................19 Article I.III.1 – Scope of Application ............................................................................................. 19 Article I.III.2 – Excluded Entities.......................................................................................................... 19 PART II ACTIVITIES OF CRYPTO-ASSET FIRMS.......................................................................................... 21 TITLE I PREAMBLE.............................................................................................................................................. 21 Article II.I.1 – Legislative Sources .......................................................................................................... 21 Article II.I.2 – Administrative Penalties ............................................................................................. 21 TITLE II PERMISSIBLE ACTIVITIES................................................................................................................... 21 Article II.II.1 – Reserve on services for issuing asset-referenced tokens and services in crypto￾attività............................................................................................................. 21 Article II.II.2 – Unauthorized Activity................................................................................................................ 22 Article II.II.3 – Other reserved and non-reserved activities exercisable accessorially ......................... 22 Article II.II.4 – Other connected or instrumental activities exercisable....................................................... 23 Article II.II.5 – Further activities exercisable upon authorization ................................................... 23 Article II.II.6 – Savings collection instruments ........................................................................... 23 PART III AUTHORIZATION ...............................................................................................................................24 TITLE I PREAMBLE ..............................................................................................................................................24 Article III.I.1 – Legislative Sources ......................................................................................................... 24 Article III.I.2 – Administrative Penalties ............................................................................................ 24 TITLE II AUTHORIZATION FOR INCORPORATION....................................................................................24 Article III.II.1 – Applicants .......................................................................................... 24 Article III.II.2 – Form of Application............................................................................................... 24 Article III.II.3 – Content of Application......................................................................................... 24 Article III.II.4 – Declaration of Controlling Parties .................................................................... 25 Article III.II.5 – Beneficial Owners........................................................................................................ 26 Article III.II.6 – Method of Submission................................................................ 26 Article III.II.7 – Time Limit for Decision ..................................................................................... 26 Article III.II.8 – Suspension of Time Limit........................................................................................... 26

Central Bank of the Republic of San Marino Regulation No. 2024-03 on Crypto-Assets – Supp. II 3 Article III.II.9 – Interruption of Time Limit ........................................................................................... 27 TITLE III MINIMUM REQUIREMENTS....................................................................................................27 Article III.III.1 – Criteria for drafting the Articles of Incorporation................................................................. 27 Article III.III.2 – Legal Form .............................................................................................................. 29 Article III.III.3 – Registered Office.................................................................................................... 29 Article III.III.4 – Share Capital....................................................................................................... 29 Article III.III.5 – Locked Deposit.................................................................................................. 30 Article III.III.6 – Requirements for Promoters........................................................................................... 31 Article III.III.7 – Requirements for Senior Management ......................................................................... 31 Article III.III.8 – Business Plan ............................................................................................. 31 TITLE IV INTERMEDIATE STEPS...........................................................................................................32 Article III.IV.1 – Incorporation of Companies ....................................................................................... 32 Article III.IV.2 – Transmission of Articles of Incorporation........................................................................... 33 TITLE V AUTHORIZATION TO COMMENCE OPERATIONS ........................................................................33 Article III.V.1 – Preamble .................................................................................................................. 33 Article III.V.2 – Time Limits for Application ............................................................................................ 33 Article III.V.3 – Form of Application............................................................................................... 33 Article III.V.4 – Content of Application ........................................................................................ 33 Article III.V.5 – Amendments and Additions to the Business Plan ................................................ 34 Article III.V.6 – Method of Submission ............................................................... 34 Article III.V.7 – Time Limit for Decision..................................................................................... 34 Article III.V.8 – Resubmission of Application..................................................................................... 35 Article III.V.9 – Minimum Requirements ...................................................................................................... 35 Article III.V.10 – Inspection Checks............................................................................................ 35 Article III.V.11 – Technical Suitability Assessment by the Institute for Innovation ................... 36 Article III.V.12 – Notification of Commencement of Operations ...................................................................... 36 TITLE VI ACTIVITIES OF FOREIGN ENTITIES......................................................................................................36 Chapter I Branches of Foreign Crypto-Asset Firms.......................................................................................................36 Article III.VI.1 – Requirements for Authorization................................................................................. 36 Article III.VI.2 – Authorization Application .................................................................................... 37 Article III.VI.3 – Business Plan ............................................................................................. 38 Article III.VI.4 – Requirements for Branch Managers ............................................................. 39 Article III.VI.5 – Authorization Procedure .......................................................................................... 39 Article III.VI.6 – Applicable Provisions.......................................................................................... 40 Chapter II Provision of Services without a Fixed Establishment .............................................................................................41 Article III.VI.7 – Scope of the Regulation ................................................................. 41 Article III.VI.8 – Conditions for Authorization ............................................................................. 41 Article III.VI.9 – Authorization Application .................................................................................... 42 Article III.VI.10 – Authorization Procedure ........................................................................................ 43 Article III.VI.11 – Applicable Provisions........................................................................................ 43 Chapter III Representative Offices .........................................................................................................................44

Central Bank of the Republic of San Marino Regulation No. 2024-03 on Crypto-Assets – Supp. II 4 Article III.VI.12 – Prohibition on Exercising Reserved Activities................................................................ 44 Article III.VI.13 – Requirements................................................................................................................ 44 Article III.VI.14 – Procedure.............................................................................................................. 44 TITLE VII AMENDMENT, WAIVER AND REVOCATION OF AUTHORIZATION............................................45 Article III.VII.1 – Request for Amendment .......................................................................................... 45 Article III.VII.2 – Waiver of Authorization................................................................................... 46 Article III.VII.3 – Revocation of Authorization ................................................................................... 46 TITLE VIII AUTHORIZATION FOR THE ISSUANCE OF ELECTRONIC MONEY TOKENS.................47 Article III.VIII.1 – Reserve on issuance of electronic money tokens........................................... 47 Article III.VIII.2 – Prohibition on Paying Interest on Electronic Money Tokens........... 47 Article III.VIII.3 – Investment of Funds Received in Exchange for Electronic Money Tokens ............ 48 Article III.VIII.4 – Issuance and Redeemability of Electronic Money Tokens ................................ 48 PART VI SENIOR MANAGEMENT.....................................................................................................................49 TITLE I REFERENCE ....................................................................................................................................................49 Article IV.I.1 – Applicable Provisions for Senior Management of Crypto-Asset Firms...................... 49 PART VII OWNERSHIP STRUCTURES..........................................................................................................................50 TITLE I PREAMBLE ..............................................................................................................................................50 Article V.I.1 – Legislative Sources .......................................................................................................... 50 Article V.I.2 – Administrative Penalties ............................................................................................. 50 TITLE II REQUIREMENTS.............................................................................................................................................50 Chapter I Good Repute...................................................................................................................................................50 Article V.II.1 – Requirements .................................................................................................................... 50 Article V.II.2 – Certification Method ......................................................................................... 51 Article V.II.3 – Foreign Certificates......................................................................................................... 51 Article V.II.4 – Validity Requirements for Certificates............................................................................. 52 Article V.II.5 – Exempted Entities ........................................................................................................ 52 Chapter II Sound and Prudent Management .........................................................................................................................52 Article V.II.6 – Requirements .................................................................................................................... 52 Article V.II.7 – Information Note ....................................................................................................... 54 Article V.II.8 – Attached Documentation .......................................................................................... 55 TITLE III AUTHORIZATION FOR ACQUISITION OF QUALIFIED HOLDINGS........................55 Article V.III.1 – Scope of Application............................................................................................ 55 Article V.III.2 – Obligated Parties.......................................................................................................... 56 Article V.III.3 – Authorization Application ..................................................................................... 57 Article V.III.4 – Declaration of Controlling Parties.................................................................... 57 Article V.III.5 – Time Limit for Decision ..................................................................................... 57 Article V.III.6 – Assessment Criteria ............................................................................................... 58

Central Bank of the Republic of San Marino Regulation No. 2024-03 on Crypto-Assets – Supp. II 5 TITLE IV COMMUNICATION OBLIGATIONS....................................................................................................58 Article V.IV.1 – Ownership Structures .................................................................................................... 58 Article V.IV.2 – Voting Agreements ........................................................................................................ 59 TITLE V INTERVENTION POWERS..................................................................................................................59 Article V.V.1 – Revocation of Authorization....................................................................................... 59 Article V.V.2 – Annulment of Shareholder Resolutions ................................................................. 60 Article V.V.3 – Order to Divest Holding ............................................................................................... 60 Article V.V.4 – Verification of Continued Compliance..................................................................... 60 PART VI FINANCIAL STATEMENTS ...............................................................................................................................................62 TITLE I PREAMBLE ..............................................................................................................................................62 Article VI.I.1 – Legislative Sources......................................................................................................... 62 Article VI.I.2 – Administrative Penalties............................................................................................ 62 TITLE II GENERAL PROVISIONS.............................................................................................................................62 Article VI.II.1 – General Obligations ..................................................................................................... 62 Article VI.II.2 – Composition of Financial Statements....................................................................................... 62 Article VI.II.3 – Audit Obligations for San Marino Crypto-Asset Firms and Branches of Foreign Crypto-Asset Firms .................................................................................. 63 Article VI.II.4 – Certification of Audit Firm and Auditors ............................. 63 Article VI.II.5 – Reference....................................................................................................................... 63 PART VII PRUDENTIAL SUPERVISION ..............................................................................................................64 TITLE I PREAMBLE ..............................................................................................................................................64 Article VII.I.1 – Legislative Sources........................................................................................................ 64 Article VII.I.2 – Administrative Penalties .......................................................................................... 64 TITLE II OWN FUNDS.....................................................................................................................................64 Article VII.II.1 – Determination of Own Funds ............................................................................ 64 TITLE III CAPITAL REQUIREMENTS FOR ART ISSUERS ......................................................................................64 Chapter I General Provisions...................................................................................................................................64 Article VII.III.1 – Capital Requirements for ART Issuers ................................................................... 64 Chapter II Asset Reserve........................................................................................................................................66 Article VII.III.2 – Obligation to Hold an Asset Reserve and Composition and Management of Such Asset Reserve............................................................................................. 66 Article VII.III.3 – Custody of the Asset Reserve............................................................................ 68 Article VII.III.4 – Investment of the Asset Reserve ..................................................................... 71 Article VII.III.5 – Right of Redemption................................................................................................. 72 Article VII.III.6 – Prohibition on Paying Interest ............................................................................... 72 TITLE IV CAPITAL REQUIREMENTS FOR CASPs ....................................................................................................73 Article VII.IV.1 – Capital Requirements for CASPs........................................................................... 73

Central Bank of the Republic of San Marino Regulation No. 2024-03 on Crypto-Assets – Supp. II 6 TITLE V ORGANIZATIONAL REQUIREMENTS..............................................................................................................74 Chapter I General Provisions ............................................................................................................................................74 Article VII.V.1 – Characteristics of the Organization ........................................................................ 74 Article VII.V.2 – Internal Control System ................................................................................... 76 Article VII.V.3 – Corporate Control Functions............................................................................... 76 Article VII.V.4 – Role of Corporate Bodies and Dynamics in Exercising Corporate Governance Functions......................................................................................................... 77 Chapter II Corporate Bodies and Structures ......................................................................................................................78 Article VII.V.5 – Board of Directors ............................................................................... 78 Article VII.V.6 – Head of Executive Structure ................................................................................ 79 Article VII.V.7 – Internal Auditing ..................................................................................................... 80 Article VII.V.8 – Compliance............................................................................................................. 81 Article VII.V.9 – Risk Management ................................................................................................... 81 Article VII.V.10 – Board of Statutory Auditors................................................................................................ 82 Article VII.V.11 – Audit Firm ............................................................................................. 83 Chapter III Information Systems ...................................................................................................................................83 Article VII.V.12 – Preamble.................................................................................