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Singapore vs San Marino

Crypto regulation comparison

← Back to map | Singapore | San Marino
Singapore

Singapore

San Marino

San Marino

Legal
Legal

Singapore is a leading global crypto hub with a comprehensive regulatory framework under the Payment Services Act (PSA) 2019, amended in 2022. MAS licenses Digital Payment Token (DPT) service providers for AML/KYC compliance and consumer protection. Singapore has no capital gains tax, making it attractive for crypto businesses and investors. However, MAS has progressively tightened retail investor protections, restricting crypto advertising and requiring risk warnings. Short term trading gains is considered income and taxed as such.

San Marino has developed a regulatory framework for blockchain entities. The country has issued licenses for blockchain-based businesses.

Tax Type Varies
Tax Type Unclear
Tax Rate 0%-24%
Tax Rate N/A
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator MAS (Monetary Authority of Singapore)
Regulator Central Bank of San Marino, AIF (Financial Information Agency)
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
Stablecoin Rules No specific stablecoin regulation
Key Points
  • Payment Services Act (PSA) 2019 provides licensing for Digital Payment Token (DPT) services
  • MAS issues Major Payment Institution (MPI) and Standard Payment Institution (SPI) licenses for crypto
  • No capital gains tax on crypto for individuals; trading profits may be taxed if deemed business income
  • MAS introduced stablecoin regulatory framework in August 2023 for SG$-pegged stablecoins
  • Strict retail investor protection: crypto advertising restricted, no incentives for trading
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
Sources
Sources