Regulatory AlertsSan Marino: crypto & digital assets regulation
RegulatedSan Marino VASP licensing via BCRSM under Reg. 2024-03; comprehensive crypto framework
- Lead regulator
- Banca Centrale della Repubblica di San Marino (BCRSM)
- Also involved
- —
- Core law
- Regulation No. 2024-03 on Crypto-Assets (2024)
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- —
- Data protection
- —
- Sandbox
- No
San Marino has established a comprehensive regulatory framework for crypto-asset service providers (CASPs) through BCRSM Regulation No. 2024-03. The regime covers authorization, minimum capital, and organizational requirements for firms dealing in crypto-assets, electronic money tokens, and asset-referenced tokens. The Central Bank acts as the primary supervisor, signaling a move towards formalized oversight of the digital asset sector.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicenceCASP Authorization[1] Requires strict authorization under Reg. 2024-03 | — | — | BCRSM |
| Custody of client assets | LicenceCASP Authorization[1] Included in comprehensive CASP framework | — | — | BCRSM |
| Token issuance / public offering | LicenceCASP Authorization[1] Covers asset-referenced and e-money tokens | — | — | BCRSM |
| Broker-dealer / OTC desk | LicenceCASP Authorization[1] Falls under crypto-asset firm regulation | — | — | BCRSM |
| Stablecoin issuance | LicenceCASP Authorization[1] Specifically covers electronic money tokens | — | — | BCRSM |
| Crypto payments acceptance | LicenceCASP Authorization[1] Crypto payments handled via CASP license | — | — | BCRSM |
| Mining / staking services | Uncertainverify with regulator Not explicitly detailed in summary | — | — | — |
| Advisory / portfolio management | Uncertainverify with regulator Not explicitly detailed in summary | — | — | — |
New — what changed recently
- 2024-01-29Regulation No. 2024-03 on Crypto-Assets — BCRSM issued comprehensive framework for crypto-asset firms, e-money tokens, and asset-referenced tokens.[1]
Market-entry checklist
- 1Apply for CASP AuthorizationSubmit application to BCRSM under Regulation No. 2024-03 for crypto-asset services.
- 2Meet Minimum Capital RequirementsEnsure statutory capital floors are met as mandated by the new regulation.
- 3Establish Organizational StructureImplement strict organizational and governance procedures required by the Central Bank.
- 4Define Token ScopeClarify if offering asset-referenced tokens or e-money tokens for specific licensing.
Sources
- Regulation No. 2024-03 on Crypto-Assets · 2026-01-29