San Marino cryptocurrency tax guide

What this guide covers

This guide summarizes San Marino's crypto regulatory and tax position for 2025. A government tax-authority source wasn't directly fetched. This is educational information, not individualized tax advice.

Tax treatment of cryptocurrency

San Marino exempts income from specifically regulated token transactions from general income tax, and the likely reason ordinary crypto trading doesn't share that exemption is now clearer. San Marino enacted blockchain regulation, Delegated Decree 37 (published 27 February 2019), creating a legal basis for blockchain entities and specifically regulated token transactions, modeled on rules from the US, Singapore, Switzerland, Liechtenstein, France, and Luxembourg. Read directly, a Bloomberg Tax analysis (corroborated by an Italian tax commentary and Cointelegraph) confirms a full income-tax exemption for income from operations using the decree's tokens, with tokens treated as foreign currency for tax/accounting purposes — but the decree's scope specifically covers utility and security tokens, while payment tokens (ordinary cryptocurrency trading, like buying and selling Bitcoin) remain outside this framework. This guide treats that scope distinction as the likely explanation for why ordinary crypto trading isn't exempt, rather than an unresolved question, though this specific reconciliation is this guide's own inference. A newer decree, reported as Delegated Decree no. 138 of 2024, is described by one secondary source as covering crypto-assets more broadly and aligning with EU standards, but this guide doesn't independently confirm its content. Outside the original decree's specific exemption, general crypto taxation (payment tokens) is reported as following ordinary San Marino income tax principles.

Common taxable events

• Crypto activity falling outside Decreto Delegato 37/2019's specifically regulated token framework — reported as following general San Marino income tax principles, though this guide doesn't confirm specific rates.

Potentially non-taxable events

• Income from token transactions specifically regulated by Decreto Delegato 37/2019 — exempt from general income tax, per a direct Bloomberg Tax analysis.
• A reported six-month holding-period exemption (crypto held over six months before sale isn't subject to capital gains tax) — this guide doesn't treat this as confirmed, since it comes from a single exchange marketing blog not corroborated elsewhere.

Tax rates and thresholds

No confirmed general crypto tax rate is identified. One secondary source reports standard income tax rates applying to crypto gains generally and a 17% rate for corporate crypto activities, but this guide doesn't treat the 17% figure as independently confirmed.

Cost basis and calculation

Not confirmed in this research pass.

Reporting and compliance

• This guide doesn't identify a confirmed individual reporting obligation specific to crypto under current San Marino tax law, outside the decree's specifically regulated token framework.

Residency and cross-border issues

Not resolved in this research pass.

Example

This guide omits a worked tax example, given that the scope of the decree's income-tax exemption (specifically regulated tokens vs. ordinary crypto trading generally) was not independently confirmed, and the reported six-month holding rule and 17% corporate rate are each single-sourced.

Official resources

• Ufficio Tributario: https://www.finanze.sm/

Limitations and review information

Tax year covered: 2025. Last verified: October 28, 2026 (citation-integrity pass; the Bloomberg Tax analysis re-read directly, clarifying the utility/security-vs-payment-token scope distinction). Known gap: a San Marino government source wasn't directly fetched; the reported 2024 decree, six-month holding rule, and 17% corporate rate each still rest on thin or single-source sourcing. This is educational information only, not individualized tax advice — confirm current specifics directly with San Marino's Ufficio Tributario or a qualified local adviser.