Armenia vs San Marino
Crypto regulation comparison
Armenia
San Marino
Legal
Legal
Armenia adopted a comprehensive Law on Crypto Assets in May 2025, effective July 2025, modeled on the EU's MiCA. The Central Bank of Armenia licenses crypto service providers. Non-entrepreneur crypto gains are tax-free (0%); ECOS Free Economic Zone offers incentives for blockchain startups. Licensing enforcement begins January 2026.
San Marino has developed a regulatory framework for blockchain entities. The country has issued licenses for blockchain-based businesses.
Tax Type
Capital gains
Tax Type
Unclear
Tax Rate
0% (non-entrepreneur) / 10-20% (business)
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Central Bank of Armenia
Regulator
Central Bank of San Marino, AIF (Financial Information Agency)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation
Key Points
- Law on Crypto Assets adopted May 2025, effective July 2025
- Central Bank of Armenia licenses all crypto service providers
- 0% capital gains tax for non-entrepreneur crypto transactions
- Framework modeled on EU MiCA regulation
- Licensing enforcement begins January 31, 2026
Key Points
- Delegated Decree on blockchain technology entities issued
- Licenses issued for blockchain-based businesses
- AIF provides regulatory oversight
- Small jurisdiction working to attract blockchain companies
- Developing comprehensive digital asset regulation