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.
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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.
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.
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.
Probably legal (see paragraph above).
Republic of San Marino introduced (3) in 2019 Decree No. 37, that regulated digital assets. The document includes utility tokens and security tokens, while payment tokens remained outside of the legal framework. The main regulator is the Cental Bank of San Marino (BCSM).
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 doesnβt 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.
In 2024 BCSM has presented (4) its new draft regulations on digital assets and Delegated Decree No. 2 of January 3, 2024 (5) about "Regulation of Distributed Ledger Technologies". This decree implements most MiCA updates and requirements. However, we don't have information, how this law works on practical level.
Personal Income Tax (6) in San Marino has a progressive rate from 9.0% to 35.0%. The standard corporate tax (7) rate for legal entities is 17%. The capital gains tax (8) in San Marino is 8%. Regulation updates in 2024 confirm 8% crypto gain tax for crypto.
1)ππ»List of countries by intentional homicide rate
2)ππ»How Can San Marino Be A Suitable Destination For Profitable Bitcoin Trading? Article
3)ππ» San Marino Reduces Tax Burden With Blockchain. Article
4)ππ»CBSM launches public consultation on Crypto-Assets Regulation
5)ππ»Delegated Decree No. 2 of January 3, 2024
6)ππ»Economy and Banking Sector of San Marino. Article
7)ππ»San Marino β Orbitax Corporate Tax Rates. Article
8)ππ»DOING BUSINESS IN the Republic of San Marino. PDF file
Last update: December 2024