Launch of Public Consultation on Crypto-Assets Regulation

The Central Bank of the Republic of San Marino has initiated a public consultation process on the draft concerning Crypto-Assets Regulation. This Regulation aims to govern technologically advanced services that are becoming increasingly significant in the banking and financial intermediation sector.

The measure has been developed to implement, within the Bank’s areas of competence, the regulatory mandate set forth in Delegated Decree No. 2 of January 3, 2024, titled "Regulation of Distributed Ledger Technologies." This initiative considers the six-month deadline established in Article 37 of the same Decree, as reiterated by Delegated Decree No. 84 of April 3, 2024, which is still awaiting ratification by the Great and General Council.

The Regulation can only be adopted once the primary legislative framework is consolidated. Its primary objective is to introduce, in line with the principles established at the European level by Regulation (EU) No. 2023/1114 (commonly known as MiCAR), a specific regulatory and supervisory framework within the San Marino legal system, concerning:

• crypto-asset firms,  a new category of entities authorized to carry out the newly reserved activities listed in Annex 1 of the LISF, by the aforementioned Delegated Decree. These firms will be subject to the supervision of the Central Bank, with particular attention to capital, organizational, governance, and ownership structure requirements;
• crypto-assets, through the introduction of regulations designed to protect customers by establishing specific disclosure obligations for public offerings or admission to trading. These obligations include the publication of a so-called white paper, which must be subject to prior notification or authorization by the Central Bank.

Stakeholders may submit their contributions to the consultation by emailing:
dipartimento.vigilanza@bcsm.sm
indicating as the subject of the email: “Consultation on Crypto-Assets Regulation”

The consultation will end on July 4, 2024.