San Marino

Regulates issuance, offering, admission to trading and provision of token services in San Marino. The Central Bank is the competent authority for crypto-assets ('type A' tokens) and the Istituto per l'Innovazione for other tokens (Art. 3). Operators may act only after entry in the register of DLT operators (Arts. 22-23), which depends on a UAE licence (Art. 22(5)). Art. 35 ties tokens to Law 92/2008 and gives AIF enforcement of administrative fines. Art. 37(1) makes effectiveness depend on implementing measures. The BCSM lists the text as in force.

Amends the Criminal Code to cover fraudulent use of non-cash payment instruments (Art. 3, new Art. 204 bis), computer fraud including transfers of virtual currency (Art. 4, new Art. 204 ter) and counterfeiting offences (Arts. 5-7). Art. 11 repeals Arts. 1-5 of Law 102/2013 'Disposizioni penali contro le frodi e le contraffazioni', which the BCSM still lists among its payment-systems laws. The BCSM lists this decree as text in force.

Amends Law 92/2008: adds definitions of virtual assets and virtual asset service providers, brings VASPs into the list of obliged entities (Art. 19(1)(g quater)), lowers the occasional-transfer threshold in Art. 21 to EUR 1,000 and restates five-year record retention in Arts. 34 and 34 bis. It also adds a technical annex on prominent public functions and beneficial ownership. Italian title not seen.

Transposes Directives 2014/65/EU (MiFID II) and 2014/57/EU for San Marino, together with the related EU regulations 600/2014 and 596/2014. Art. 17 inserts paras 1-bis to 1-quater into LISF Art. 68, letting anyone report possible violations to the supervisor, with a secure channel, protection against retaliation and confidentiality. The Central Bank's investment services regulation 2024-05 is made under it.

Sets the payment services regime in San Marino and transposes Directive (EU) 2015/2366 (PSD2), as Art. 1 states, in line with the Monetary Convention with the EU. The BCSM lists it as text in force.

San Marino's data protection law. It lists lawful grounds for processing (Art. 5), notice duties (Arts. 13-14), data subject rights (Arts. 15-22), breach notification (Arts. 34-35) and data protection officers (Arts. 38-40). The Authority's powers are in Art. 59, and its decisions apply administrative sanctions under Arts. 72-73. The consolidated text includes amendments up to Law 207 of 22 December 2021.

Adds computer-crime offences to the Criminal Code: unlawful access to protected systems (new Art. 182 bis), interception (Art. 190 bis), damage to data and systems (Art. 203 bis), computer fraud (Art. 204 ter), fraud by electronic signature certifiers (Art. 204 quater), computer documents (Art. 301 bis) and false declarations to a certifier (Art. 302 bis). It is criminal law rather than a cybersecurity framework.

Raises fines for breaches of Title VII obligations (Art. 1, amending Art. 139(h) of Law 166/2013) and adds an accounting-records offence (new Art. 140 bis, Art. 2). Arts. 3-4 let anyone report relevant facts to the judicial or police authority, protect good-faith reporters from liability and keep their identity confidential. It does not create an anti-corruption agency.

Central Bank procedures for reports under LISF Art. 68, in force from 6 February 2007; the text read is the version in force on 4 January 2021. It covers complaints from customers and whistleblowing reports that anyone may make (Art. 1(2)), by email to whistleblowing@bcsm.sm. Anonymous reports are not considered (Art. 3(2)), and the Authority commits to protect reporters against retaliation (Art. 8(3)(b)).

Framework law for banks, financial companies, investment and insurance activities in San Marino. Art. 39 lets the Central Bank issue binding general measures as regolamenti and circolari. Art. 26 gives it power over insurance distribution and Art. 27 requires insurance intermediaries to be entered in a register it keeps. The BCSM text is an unofficial consolidation updated to 29 August 2024.