Malaysia vs San Marino
Crypto regulation comparison
Malaysia
San Marino
Legal
Legal
Cryptocurrency is legal and regulated in Malaysia. The Securities Commission oversees digital asset exchanges (DAX) and initial exchange offerings under the Capital Markets and Services (Prescription of Securities) Order 2019. Only SC-approved exchanges can operate. Malaysia does not impose capital gains tax on crypto for individuals, though frequent trading may be classified as business income.
San Marino has developed a regulatory framework for blockchain entities. The country has issued licenses for blockchain-based businesses.
Tax Type
None
Tax Type
Unclear
Tax Rate
0%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
SC (Securities Commission Malaysia), BNM (Bank Negara Malaysia)
Regulator
Central Bank of San Marino, AIF (Financial Information Agency)
Stablecoin Rules
Digital assets on approved exchanges only; stablecoins not separately regulated
Stablecoin Rules
No specific stablecoin regulation
Key Points
- Digital asset exchanges must be registered and approved by the Securities Commission
- Only approved tokens can be listed on registered exchanges (e.g., BTC, ETH, XRP on approved list)
- No capital gains tax for individuals; frequent trading may be treated as business income
- BNM regulates crypto for AML/CFT purposes under the Anti-Money Laundering Act
- IEOs must be conducted through SC-approved platforms
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