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)

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 cryptoattività............................................................................................................. 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

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

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

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

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.................................................................................