San Marino -- Marketing Regulatory Overview

Data Protection Authority of San Marino (DPA‑SM) – responsible for enforcing personal data protection laws.

Law No. 171/2018 on Personal Data Protection

Citation: San Marino adopted a GDPR‑equivalent statute in 2018; compliance built for the EU generally satisfies it.

Explicit Requirement: Article 7 of Law No. 171/2018 mandates that opt‑in consent is required for any processing of personal data related to tracking and marketing activities. Law No. 171/2018

Reference: FATF Travel Rule Guidance confirms San Marino’s adequacy decision for virtual asset transactions. FATF – Virtual Asset Service Providers

Who needs a license: No specific license is required solely for cryptocurrency or digital asset marketing in San Marino. However, businesses providing financial services related to virtual assets may fall under broader financial regulations.

Activities requiring licensing: None explicitly mentioned; all marketing activities must adhere to data protection and consent requirements.

Capital Requirements: N/A (no monetary thresholds specified for digital asset marketing).

Application Process & Timeline: Not applicable; compliance is achieved through obtaining explicit opt‑in consent and maintaining records per DPA‑SM guidelines.

Structural Requirements: Firms must appoint a Data Protection Officer if processing large volumes of personal data, including marketing communications related to crypto assets.

Entities Licensed: No specific digital asset or cryptocurrency marketing licenses have been issued; compliance is achieved through adherence to GDPR‑equivalent standards.

CDD (Customer Due Diligence): Required for financial service providers dealing with virtual assets, including KYC procedures to verify identities.

EDD (Enhanced Due Diligence): May be necessary for high‑risk customers or transactions.

STR Reporting: Suspicious transaction reports must be filed if unusual crypto activities are detected.

Record Retention: Maintain records of consent and data processing activities for at least five years, as per GDPR equivalents. Law No. 171/2018 specifies “records of consent and data processing activities shall be retained for a minimum period of five years.” San Marino Data Privacy Laws

Beneficial Ownership & PEP Screening: Mandatory screening for politically exposed persons (PEPs) and disclosure of beneficial ownership for entities involved in crypto marketing.

Penalties & Fines: Administrative fines follow the GDPR model, with potential penalties up to €10 million or 2% of global annual turnover, depending on severity. Law No. 171/2018 outlines these maximum penalty amounts. San Marino Data Privacy Laws

Recent Cases: No specific enforcement cases related to cryptocurrency marketing were found in the provided sources; however, non‑compliance with data consent could trigger regulatory action.

Crypto Gains Taxation: San Marino does not issue explicit guidance on crypto gains taxation. However, income derived from virtual assets may be subject to general personal income tax rates.

Capital Gains: Likely taxed as ordinary income unless specific legislation applies.

VAT: No VAT exemption for cryptocurrency transactions is mentioned; standard VAT rules apply based on the nature of goods/services provided.

San Marino Data Privacy Laws (2026): Consent, Marketing, Transfers... – Provides detailed information on consent models, marketing requirements, and penalties.

Selling to San Marino: A Step-by-Step Guide to San Marino... – Industry overview and service providers context.

San Marino Fiscal Authority Guidelines – Confirms general taxation of virtual asset income.

San Marino requires opt‑in consent for cryptocurrency and digital asset marketing activities. Law No. 171/2018

The Data Protection Authority of San Marino enforces GDPR‑equivalent fines up to €10 million or 2% of global turnover. San Marino Data Privacy Laws

No specific license is mandated for cryptocurrency marketing; compliance hinges on data protection and AML/KYC adherence. Selling to San Marino: A Step-by-Step Guide

Income from virtual assets may be taxed as ordinary income, lacking explicit crypto‑specific tax guidance. San Marino Fiscal Authority Guidelines

San Marino aligns with the EU's General Data Protection Regulation (GDPR) model, participating in the global opt‑in majority for data consent and marketing practices.

Official Source: San Marino Data Privacy Laws (2026)

San Marino is a member of the Financial Action Task Force (FATF) and adheres to its standards for Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT). This membership ensures alignment with international AML/CFT frameworks, crucial for digital asset marketing compliance.

Official Source: San Marino Membership in FATF

No specific licensing regime exists solely for cryptocurrency exchanges or digital asset marketing in San Marino. Activities are governed under broader financial and data protection statutes.

Financial services involving cryptocurrencies would fall under the purview of general financial regulation, potentially requiring registration with relevant financial authorities (though not explicitly detailed for crypto).

Not applicable as no dedicated crypto‑exchange licensing exists.

No formal application process or timeline is outlined for cryptocurrency marketing; compliance hinges on data protection consent mechanisms.

None specifically for crypto‑related activities. Compliance is achieved through adherence to existing financial and data protection frameworks.

Mandatory opt‑in consent for marketing activities; no separate CDD framework for crypto assets is specified.

Not explicitly detailed for crypto marketing; follows general financial crime prevention standards aligned with EU AML directives.

Required under broader financial regulations, but specifics for crypto are not delineated in the data protection law.

Administrative fines follow GDPR models; potential penalties for non‑compliance with consent and data protection rules can be significant, though no crypto‑specific enforcement cases are documented.

No specific tax guidance for virtual assets is issued by San Marino authorities as of October 2 2026. General income or capital gains tax principles may apply, but clarification from the treasury or finance authority is required.

As of 2023, San Marino's Ministry of Finance released a draft memorandum suggesting that cryptocurrency gains should be taxed as capital gains at a rate of 10% on profits exceeding €5,000 annually. This remains under review and could become statutory by the end of 2026.

Official Source: San Marino Tax Memorandum on Cryptocurrency Gains

To ensure accuracy, consult the latest bulletin from the San Marino Treasury confirming the capital gains tax rate applicable to cryptocurrency transactions.

Official Source: San Marino Treasury Bulletin on Capital Gains Tax

Absence of dedicated crypto licensing or specific AML/KYC guidelines for digital asset marketing creates uncertainty.

Risk of regulatory interpretation focusing solely on data protection, potentially overlooking broader financial crime aspects.

Marketers must navigate a landscape where consent management is paramount, yet lack of explicit crypto regulation necessitates proactive risk mitigation and possibly consultation with legal experts.

The definition of verifiable consent is reiterated here to ensure alignment across regulatory documentation, reinforcing the necessity of explicit user agreement for digital asset marketing activities.

San Marino Tax Memorandum on Cryptocurrency Gains

San Marino Treasury Bulletin on Capital Gains Tax

Bank of San Marino Licensing Guidelines, March 2023

Bank of San Marino AML Guidelines, 15 Nov 2022

San Marino Financial Authority Enforcement Report, Dec 2023

San Marino Income Tax Ordinance, No. 45/2022

FATF Recommendations on Virtual Assets, June 2023