Country overview

#99
San Marino

Country stats

Rating Points
134
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
0%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
120
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
10
Total amount of crypto users out of the country's total population based on public data.
Taxation points
18
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
0
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
Legally allowed
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
Legally allowed
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Safe place
The overall level of security in a given country based on open data.
Crypto Salaries
No info
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No info
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
Low
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
No
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
Crypto-to-crypto
This license type allows VASP to provide legal exchange from one cryptocurrency to another.
Crypto-to-fiat
This type of license regulates the exchange from cryptocurrency to fiat.
Wallet/Custody
This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.
Cryptofund
This indicator means that investment funds, trusts, and crypto funds can get regulator approval to provide their activity in the country.
ICO/STO
This indicator describes legal procedures for token sales and security token issuance. This country has a clear regulation framework and licensing procedures for entities that provide this activity.
Good
Medium
Bad
intro

San Marino is a country in Europe completely surrounded by Italy. In this country, cryptocurrencies are recognized as legal tender with which you can pay taxes. You can also obtain a license in the country to sell cryptocurrencies for fiat.

Security level

  San Marino has a safe place security level according to our rating. The homicide level (1) is 0.4 per 100,000 inhabitants a year.   

Crypto Payments

  In 2017, the country passed a law that recognized (2) Bitcoin as a legal form of payment. This move sent a strong signal to the rest of the world that San Marino is open to new technologies and is willing to support businesses that are involved in them.  

Crypto Salaries

Probably legal (see paragraph above).

Legal

In the Republic of San Marino, a decree that regulates digital instruments has been introduced (3) in 2019. This regards utility tokens and security tokens, while payment tokens remain outside of the legal framework.

According to the document, the use of blockchain technology triggers tax deductions about the general income tax concerning income generated by using tokens. According to local legislators, tokens are not only a means of payment, but also a kind of voucher (check, guarantee) for the purchase of goods and services, as well as a financial instrument offered and given to potential investors in exchange for their financing. The purpose of the delegated decree on the blockchain is to guarantee transparency and ease of use of distributed ledger technology to reboot and update the economy of the microstate to transform it into a world center of high technology.

At the time of issuing tokens for the subsequent purchase by users, the organization operating in the field of blockchain will have to make clear obligations, some of which are similar for both categories of tokens: a white paper and a summary overview, in addition to the obligation to conduct an advertising campaign associated with the release of the token, with accurate identification of the product and reliable information about it that doesn’t contain deceptive content.

Both types of tokens are subject to strict rules regarding the prevention of money laundering. About investment tokens, the issuer will need to submit an information leaflet to the San Marino Innovation S.p.A. Institute, a joint stock company that functions as a science and technology park. Another important detail: in addition to registering an enterprise under the jurisdiction of San Marino (or as an alternative), it will be possible to create a special trust to manage the issue of tokens and investor relations, which will act as a single counterparty to the issuer.

Taxation
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