North Macedonia
Norway
Serbia
UkraineNikolai Timofejev
15 years in FinTech and payments. Maps your token to the right class and regulator, and leads the file all the way to the registration decision, including banking and payment rails.
Get a crypto license in San Marino.
A crypto license in San Marino is set by Delegated Decree No. 138 of 29 August 2024, which replaced the 2019 blockchain decree: Type A crypto-assets need a Central Bank authorisation as a crypto-asset firm, with capital from €50,000; Type B tokens and other DLT services go through the register of San Marino Innovation; corporate tax is 17%. A euro-using microstate inside Italy but outside the EU, so no MiCA passport, and we say that up front. We build the file.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Crypto licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
San Marino in brief
Crypto license in San Marino: a purpose-built DLT jurisdiction, EU-adjacent.
San Marino built its blockchain framework early and rebuilt it in 2024. The first rules, Delegated Decree No. 86 of 23 May 2019, created a register of blockchain entities run by San Marino Innovation, the state Institute for Innovation. Delegated Decree No. 138 of 29 August 2024, ratifying Decree No. 2 of 3 January 2024, replaced them once its implementing rules were adopted in the autumn of 2024. It splits tokens into Type A - crypto-assets, meaning tokenised financial instruments, financial instrument tokens and cryptocurrencies - supervised by the Central Bank of San Marino, and Type B, every other token, which stays with the Institute; an operator handling both answers to the Central Bank. Type A services and asset-referenced token issuance are reserved to a crypto-asset firm the Central Bank authorises under its Regulation No. 2024-03: a joint-stock company with paid-up capital of €50,000 to €150,000 depending on the service, €350,000 for an issuer of asset-referenced tokens, a blocked deposit at a Sammarinese bank of at least half the capital, and a decision within 180 days. Type B operators enter the Institute's DLT register after an operating authorisation from the Economic Activities Office, with a decision within 30 days of a complete file.
Geography does real work here. San Marino is a microstate of about 34,000 people enclaved in Italy; it uses the euro under a monetary agreement with the EU, yet it is not an EU member - so there is no MiCA passport, and we say that plainly rather than in a footnote. What you get instead is a purpose-built national framework with a clean two-regulator taxonomy, a register run by a state institute since 2019, a joint-stock company for crypto-asset firms and a capital company for other DLT operators, AML supervision by the AIF under Law No. 92 of 2008, and a 17% corporate tax rate. It fits token issuers and DLT projects that want a dedicated, reachable European home - and for EU-wide retail distribution we pair it with a MiCA route rather than pretend one is included.
San Marino's DLT law is Delegated Decree No. 138 of 2024, which replaced the 2019 decree: San Marino Innovation keeps the DLT register, the Central Bank authorises crypto-asset firms.
Type A crypto-assets go to the Central Bank (capital from €50,000), Type B tokens to the Institute. Euro-based, EU-adjacent - but national-only, with no MiCA passport. Corporate tax: 17%.
The regime
Two token types, two regulators.
Since the 2024 decree, the supervisor follows the token: Type B utility projects go to San Marino Innovation, Type A financial tokens to the Central Bank. The first job is classifying your token honestly; the second is building the file. We do both.
The token decides the regulator - Type B to San Marino Innovation, Type A to the Central Bank. We classify yours first.
01 - TYPE B · SAN MARINO INNOVATION
Utility tokens and DLT operators
The Institute's side: entry in the DLT register after an operating authorisation, Type B token offers with a white paper notified to the Institute 20 days before publication, and DLT services in Type B tokens - the route most non-financial projects take.
The Institute's side: entry in the DLT register after an operating authorisation, Type B token offers with a white paper notified to the Institute 20 days before publication, and DLT services in Type B tokens - the route most non-financial projects take.
- ✓Entry in the DLT register kept by San Marino Innovation
- ✓Operating authorisation from the Economic Activities Office
- ✓White paper notified 20 days before an offer
- ✓Capital company (SpA or Srl) under Law No. 47/2006
- ✓AML/CFT under Law No. 92/2008, with the AIF
- ✓Decision within 30 days of a complete file
02 - TYPE A · CENTRAL BANK
Decree No. 138 of 2024Crypto-asset firms and stablecoins
The Central Bank's side: crypto-asset services and asset-referenced token issuance, reserved to a crypto-asset firm the Central Bank authorises under Regulation No. 2024-03 - a joint-stock company with its own capital, deposit and governance.
Type A: crypto-asset services and asset-referenced tokens - a crypto-asset firm authorised by the Central Bank, capital from €50,000.
- ✓Custody, trading platforms, exchange and transfers
- ✓Asset-referenced and e-money tokens
- ✓Paid-up capital of €50,000-150,000 by service
- ✓€350,000 for asset-referenced token issuers
- ✓Blocked deposit of at least half the capital
- ✓Central Bank decision within 180 days
Costs and timelines are confirmed for your case before any work begins. This is a national framework - no EU passport attaches to it - so we also map where your clients sit and whether a parallel MiCA route is needed.
Why San Marino
Small, early, and precisely drafted.
The framework rests on the 2024 DLT decree and its token taxonomy, run by the Central Bank and San Marino Innovation - inside a euro-based microstate on Italy's doorstep.
✓
Early, then rebuilt
San Marino wrote blockchain rules in 2019, ahead of most of Europe, and rewrote them in 2024. You build against a current statute, with a register that has run since 2019.DLT rules since 2019, rewritten in 2024.
✓
A clean two-regulator taxonomy
Since Decree No. 138 of 29 August 2024, Type A crypto-assets belong to the Central Bank and Type B tokens to the Institute. You know your supervisor from day one - no perimeter guessing.Your supervisor known from day one.
✓
EU-adjacent, euro-based
The euro under a monetary agreement with the EU, Italian banks and professionals next door, and Rimini forty minutes away. Operationally European - without EU membership, which cuts both ways.Euro books; Italy minutes away.
✓
17% corporate tax
A 17% general income tax on company profits, and crypto tax rules written into the 2024 decree from the 2025 tax year: disposals are taxed, like-for-like crypto swaps and year-end revaluations are not. The position is knowable in advance.Crypto tax rules written into the decree.
✓
A regulator you can reach
In a state of 34,000 people, the register is run by a named institute that answers. Meetings happen, questions get replies - a working scale that large-jurisdiction applicants rarely experience.Microstate scale - questions get replies.
✓
Honest limits
National-only authorisation, no MiCA passport, a small home market. It fits issuers and DLT projects wanting a dedicated base; for EU-wide retail reach we add a MiCA licence rather than oversell this one.National-only; MiCA added where needed.
How it compares
How San Marino differs from other routes.
San Marino is the early, purpose-built microstate framework - national, not passported. The honest comparison is below.
San Marino vs other jurisdictions
| Feature |  San Marino | Other jurisdictions |
|---|---|---|
| Regulatory regime | DLT register (Institute) · authorisation (Central Bank) | Licence or registration routes |
| Token taxonomy | Type A / Type B, set by decree | Often case-by-case |
| EU status | Euro user, non-EU - no passport | MiCA passport inside the EU/EEA |
| Corporate tax | 17% | Ranges widely |
Regulatory regime
San MarinoDLT register (Institute) · authorisation (Central Bank)
Other jurisdictionsLicence or registration routes
Token taxonomy
San MarinoType A / Type B, set by decree
Other jurisdictionsOften case-by-case
EU status
San MarinoEuro user, non-EU - no passport
Other jurisdictionsMiCA passport inside the EU/EEA
Corporate tax
San Marino17%
Other jurisdictionsRanges widely
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| San Marino | DLT register · Central Bank authorisation | 17% corporate | Two-regulator taxonomy, national |
 Andorra | Digital Assets Act 2022 (AFA) | 10% corporate | National framework, supervised |
 Liechtenstein | TVTG + MiCA (FMA) | 12.5% corporate | EEA passport, premium bar |
 Monaco | Token-offering approvals | 25% corporate (activity-based) | Case-by-case, national |
San MarinoLicense typeDLT register · Central Bank authorisation
Taxation17% corporate
RequirementsTwo-regulator taxonomy, national
AndorraLicense typeDigital Assets Act 2022 (AFA)
Taxation10% corporate
RequirementsNational framework, supervised
LiechtensteinLicense typeTVTG + MiCA (FMA)
Taxation12.5% corporate
RequirementsEEA passport, premium bar
MonacoLicense typeToken-offering approvals
Taxation25% corporate (activity-based)
RequirementsCase-by-case, national
Europe · non-EU
Crypto licences in neighbouring jurisdictions
Before you apply
Crypto license requirements in San Marino: what the DLT registration requires.San Marino crypto license requirements.
The Institute and the Central Bank review files against the 2024 decree, the Central Bank's Regulation No. 2024-03 and the AML law. The checklist below is what a passing file is built around.
01
Sammarinese entity - a joint-stock company with its registered office in San Marino for a crypto-asset firm; a capital company under Law No. 47 of 2006 for other DLT operators.
02
Correct regulator - Type A tokens to the Central Bank, Type B to the Institute; mixed books default to the Central Bank.
03
Operating authorisation - from the Economic Activities Office, with the activity codes under Delegated Decree No. 50 of 2024, before entry in the DLT register.
04
Fit & proper management - directors and UBOs disclosed, with records the supervisor can verify.
05
Token documentation - a white paper in Italian and English notified to the Institute 20 days before a Type B offer; for crypto-assets, the Central Bank's white paper rules, which can require its authorisation.
06
AML/CFT framework - KYC, monitoring and reporting to the AIF under Law No. 92/2008, with a named officer.
07
Safeguarding of client tokens - custody policy and key-management design.
08
Systems and record-keeping the Institute or Central Bank can inspect.
09
Business plan - services, volumes and financials the supervisor can test.
10
Capital, governance and substance - for a crypto-asset firm, paid-up capital of €50,000 to €350,000 by activity, a blocked deposit of at least half of it, three or more directors, a board of statutory auditors, an audit firm and management in San Marino.
11
Honest scope - San Marino authorisation is national; EU distribution is planned separately, not assumed.
01
SpA for Type A; capital company for Type B.
02
Correct regulator by token class.
03
Operating authorisation, then the DLT register.
04
Fit & proper directors, UBOs disclosed.
05
White paper: notified (Type B), Central Bank rules (Type A).
06
AML/CFT to the AIF under Law No. 92/2008.
07
Safeguarding and key management.
08
Systems the supervisor can inspect.
09
Business plan the regulator can test.
10
Capital, deposit, office in San Marino (Type A).
11
EU distribution planned separately.
Reflects Delegated Decree No. 138 of 29 August 2024, which replaced Delegated Decree No. 86 of 23 May 2019, and Central Bank Regulation No. 2024-03 in force since 2 October 2024, as of 2026. San Marino authorisation carries no EU passport - MiCA does not apply here.Decree No. 138/2024 + Central Bank Regulation No. 2024-03, as of 2026. No EU passport attaches.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawDelegated Decree No. 138 of 29 August 2024 ratifying Delegated Decree No. 2 of 3 January 2024 on distributed ledger technologies - Consiglio Grande e Generaleconsigliograndeegenerale.sm
- LawCentral Bank of San Marino - Regulation No. 2024-03 on crypto-assets (in force since 2 October 2024)bcsm.sm
- RegulatorCentral Bank of the Republic of San Marinobcsm.sm
How it works
From first call to the DLT registration.
01
Perimeter and token class
We classify your token against the Type A / Type B taxonomy, fix the competent regulator, and set scope, costs and timeline in writing.Type A or B fixed; scope in writing.
02
Sammarinese company
Incorporation, registered office, directors and the governance layer the supervisor assesses behind the file - a joint-stock company where the Central Bank authorises.Company, office, directors.
03
The registration file
White paper, AML/CFT pack, custody and systems documentation, and for a crypto-asset firm the capital and governance file - assembled to the decree's standard.White paper, AML, custody - decree-grade.
04
Regulator review
The file before San Marino Innovation or the Central Bank, with every question round answered until the decision: 30 days on a complete file at the Institute, up to 180 days at the Central Bank.30 days at the Institute, up to 180 at the Central Bank.
05
Registration and operations
Entry in the DLT register and the business live, with ongoing AML and reporting duties we can keep running - plus a MiCA route where EU reach is needed.Register entry; MiCA added if EU reach.
Quick facts
RegulatorsCentral Bank · Institute
FrameworkDelegated Decree No. 138/2024
Central Bank rulesRegulation No. 2024-03
TaxonomyType A / Type B tokens
Company formSpA (Type A) · SpA or Srl (Type B)
Corporate tax17%
CurrencyEuro - non-EU state
EU passportNone - national only
A small framework drafted with unusual precision - the taxonomy tells you your regulator before you file. The limit is reach: national authorisation, no passport, and we plan around that openly.
On the ground in San Marino
Run from our Dubai office, with Sammarinese counsel.
Prifinance - San Marino desk
City of San Marino · San Marino
City of San Marino, San Marino
01
Sammarinese incorporation
The company formed under Law No. 47/2006 - a joint-stock company where the Central Bank authorises - structured for the DLT register from the first document.Company built for the DLT register.
02
The token classification
Your token assessed against the Type A / Type B taxonomy honestly - because the classification decides your regulator, disclosure bar and costs.Type A or B - it decides everything.
03
The registration file
White paper, AML/CFT pack, custody and systems documentation - drafted by us and defended before the Institute or the Central Bank.White paper, AML, custody - to standard.
04
Banking and operations
Euro accounts arranged on full disclosure, with Italian and Sammarinese options mapped to your flows before launch.Euro accounts on full disclosure.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of crypto companies in San Marino.
Company profits carry a 17% general income tax, and the 2024 DLT decree wrote crypto tax rules into law from the 2025 tax year - a rarity that removes most of the guesswork.
17% corporate rate
The general income tax on company profits is 17%, with ordinary deductions. A registered DLT operator is taxed as a normal Sammarinese company - one clean figure to model.One clean figure to model.
Crypto rules in the decree
From the 2025 tax year, disposals of crypto-assets are taxable events, swaps between crypto-assets with the same characteristics and functions are not, and year-end changes in value stay out of taxable income.Disposals taxed from 2025.
A small exemption for individuals
Individuals' capital gains on crypto-assets are exempt up to €2,000 per tax period under the income tax law as amended by the 2024 decree. For founders living in San Marino it is a detail worth knowing, not a strategy.Gains up to €2,000 a year.
Euro books, Italian doorstep
Accounting runs in euro under the monetary agreement, and cross-border work with Italian banks, auditors and counterparties is routine daily practice, minutes away.Cross-border routine, minutes away.
Indirect tax differs
San Marino levies no VAT; a single-stage import tax applies instead. For a services-and-tokens model the indirect position is genuinely different from the EU - we map it per case.No VAT - single-stage import tax.
Records serve both
The AML and register record-keeping the framework requires also underpins the tax position - regulator-grade books double as tax-office-grade books.Regulator-grade books serve tax too.
Tax summary
Corporate income tax17%
Crypto rulesDecree No. 138/2024, from 2025
Year-end revaluationOutside taxable income
Indirect taxSingle-stage import tax, no VAT
CurrencyEUR
EU passportNone
*As of 2026. Crypto tax rules under Article 30 of Delegated Decree No. 138/2024, applied from the 2025 tax year - we confirm the position for your model before you rely on it.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Sammarinese company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, registered business.
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San Marino · DLT
Get your crypto license in San Marino with expert support.
Full-service assistance - from company registration to the DLT registry entry with the correct regulator.
Get a consultation →Free legal opinion
Is San Marino the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which token class, regulator or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The San Marino DLT framework, answered.
Does San Marino regulate crypto?+
Yes - through a purpose-built framework. Delegated Decree No. 86 of 23 May 2019 created the first blockchain regime; Delegated Decree No. 138 of 29 August 2024 replaced it in the autumn of 2024, with a Type A / Type B taxonomy split between the Central Bank and San Marino Innovation.
Who regulates what?+
The token decides. Type A crypto-assets - financial instrument tokens, fiat-referenced e-money tokens and cryptocurrencies - sit with the Central Bank of San Marino. Type B tokens, utility tokens included, sit with the Institute for Innovation. An operator handling both answers to the Central Bank.
Can I passport into the EU?+
No. San Marino uses the euro under a monetary agreement but is not an EU member, so MiCA does not apply and no passport exists. For EU-wide retail distribution we pair the Sammarinese base with a MiCA licence in a member state - and we say this before you commit, not after.
What entity do I need?+
A crypto-asset firm authorised by the Central Bank must be a joint-stock company with its registered office in San Marino; other DLT operators need a capital company under Law No. 47 of 2006. Every operator obtains an operating authorisation and enters the DLT register kept by San Marino Innovation before starting.
What does a token offering require?+
For Type B tokens, a white paper in Italian and English, notified to San Marino Innovation at least 20 days before publication - a notification, not an approval; small offers, offers to professionals and free distributions are exempt. For crypto-assets the Central Bank sets the white paper rules and can make it subject to authorisation.
How are crypto companies taxed?+
A 17% general income tax on profits. From the 2025 tax year the 2024 decree sets crypto rules: disposals are taxable, like-for-like crypto swaps and year-end revaluations are not. San Marino has no VAT; a single-stage import tax applies instead.
Why San Marino at all?+
An early, precisely drafted national framework with a reachable regulator, euro accounting and Italy next door. For token issuers and DLT projects wanting a dedicated European base without the MiCA bar, it is a working answer - within its stated limits.
Is such a small jurisdiction credible?+
Small, but real: a state institute has run the DLT register since 2019, the Central Bank authorises crypto-asset firms and supervises them with inspection and sanction powers, and AML reporting runs to the AIF under Law No. 92/2008. The framework's size is a fact; its seriousness is another.
Does San Marino regulate crypto?+
Yes - Decree No. 138/2024, after the 2019 rules.
Who regulates what?+
Type A: Central Bank. Type B: the Institute.
EU passport?+
None - non-EU; MiCA paired where needed.
Entity?+
SpA for Type A, capital company for Type B.
Token offering?+
White paper notified 20 days ahead (Type B).
Company taxes?+
17%; crypto rules in the decree from 2025.
Why San Marino?+
Early, precise, reachable - within stated limits.
Credible at this size?+
Yes - state register since 2019, Central Bank powers.
Client notes
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which token class, regulator or route fits your business.Free legal opinion: which San Marino token class and regulator fit your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on token class and regulator, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Central Bank of San Marino, San Marino Innovation or any other public authority. Licences and registrations are granted by, and obtained directly from, the competent authorities.