CBSM launches public consultation on Crypto-Assets Regulation

The Central Bank of the Republic of San Marino launched a public consultation on the draft Regulation on Crypto-Assets. This Regulation aims to govern technologically advanced services, which are playing an increasingly significant role in the banking and financial intermediation sector.

Through this draft Regulation, CBSM aims to implement the regulatory mandate provided for in Delegated Decree No. 2 of January 3, 2024, "Regulation of Distributed Ledger Technologies", within its own areas of competence. This takes into consideration the six-month term provided in Article 37 of the aforementioned Decree, as reiterated by Delegated Decree No. 84 of April 3, 2024, still awaiting ratification by the Great and General Council.

The Regulation will be adopted once the primary regulatory framework is established. Its main goal is to introduce a specific supervisory framework into the San Marino legal system, based on the principles established at the European level by EU Regulation No. 2023/1114 (known as MICAR). Specifically, the newly-adopted Regulation will govern the following:

  • Crypto-Asset Firms, a new category of entities authorized to carry out the newly-introduced reserved activities included in Annex 1 of the LISF, as provided for in the aforementioned Delegated Decree. These firms will be under the Central Bank’s supervision, with particular reference to capital, organizational, governance, and ownership structure requirements.
  • Crypto-Assets: new rules for the public offering or admission to trading of crypto-assets will be introduced to safeguard customers. This will entail specific disclosure requirements, including the publication of the so-called white paper, subject to prior notification or authorization by the Central Bank.

Contributions to the consultation may be sent to the following email address:, with the subject line: ‘Consultation on Crypto-Assets Regulation’.

The consultation will end on July 4, 2024.