Russia vs San Marino
Crypto regulation comparison
Russia
San Marino
Partially Regulated
Legal
Russia's crypto regulation is complex and evolving. The 2021 'On Digital Financial Assets' law recognizes crypto as property but bans its use as a means of payment. Mining was legalized and regulated in 2024 under a new mining law. Crypto is taxed as income at 13-15%. The CBR pushed for a total ban on crypto trading but was overruled by the government, which favors regulation. International sanctions have complicated Russia's crypto landscape.
San Marino has developed a regulatory framework for blockchain entities. The country has issued licenses for blockchain-based businesses.
Tax Type
Income
Tax Type
Unclear
Tax Rate
13-15%
Tax Rate
N/A
Exchanges
No
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
CBR (Central Bank of Russia), Ministry of Finance
Regulator
Central Bank of San Marino, AIF (Financial Information Agency)
Stablecoin Rules
Crypto payments banned; digital ruble CBDC introduced
Stablecoin Rules
No specific stablecoin regulation
Key Points
- Digital Financial Assets law (2021) recognizes crypto as property but bans use as payment
- Crypto mining officially legalized and regulated under 2024 mining legislation
- Crypto income taxed at 13% (up to RUB 5M) or 15% (above RUB 5M)
- Domestic crypto exchanges not legally operating; P2P trading widespread. CBR framework Dec 2025 targeting July 2026.
- International sanctions have increased interest in crypto for cross-border transfers
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