SMFSC Seeks Feedback on Crypto Transparency Rules

The San Marino Financial Standard Council (SMFSC) — a financial self-regulatory association committed to promoting transparency, honesty, and responsibility in global finance — has announced that it is seeking industry and public feedback on a series of proposals to enhance transparency and accountability in the crypto markets.

The initiative forms part of SMFSC’s ongoing mission to develop self-regulatory standards that strengthen investor confidence, reduce misconduct, and ensure that innovation in digital assets evolves within a framework of integrity and fairness.

“Clear, consistent standards for crypto activity are essential to build trust,” the Council stated.
“Transparent regulation — even when self-applied — not only protects participants but also helps the industry grow responsibly.”

Building a Transparent and Accountable Crypto Ecosystem

SMFSC’s consultation outlines a set of measures designed to improve disclosure, governance, and data reliability across the crypto sector. The proposed framework includes:

• Enhanced transparency of trading activity, including fair access to market data and clearer reporting standards.
  
• Disclosure requirements for crypto service providers, covering risk management, asset custody, and operational resilience.
  
• Voluntary registration principles for exchanges and token issuers that commit to ethical conduct and investor protection.
  
• Periodic assessments of market practices, ensuring consistency with SMFSC’s self-regulatory principles and international best practices.
  

The Council emphasised that the initiative is not intended to restrict innovation, but to establish clear expectations that promote stability and accountability in an evolving market.

Protecting Investors and Supporting Innovation

SMFSC noted that greater clarity in the crypto markets will help protect consumers from misleading or fraudulent activity, while also supporting responsible growth and competitiveness among legitimate market participants.

The Council believes that transparent self-regulation can serve as an effective complement to formal regulation, offering the flexibility to adapt to technological change while maintaining robust ethical safeguards.

“A transparent crypto market is not only safer — it is stronger,” SMFSC said.
“Our goal is to help create a system where innovation thrives alongside integrity.”

Next Steps and Industry Engagement

The Council has opened a public consultation period to gather feedback from crypto exchanges, investors, academics, and other stakeholders. Submissions will help shape a final framework expected to be published in early 2026.

In parallel, SMFSC will host a series of roundtable discussions and educational workshops to promote dialogue on best practices in digital asset transparency and governance.

A Step Toward Global Ethical Standards

By advancing these proposals, SMFSC continues to position itself as a leader in self-regulatory innovation, promoting standards that enhance the health and integrity of the global financial system.

“Our commitment is to a future where finance — traditional or digital — is open, accountable, and trustworthy,” the Council concluded.
“Through collaboration and transparency, we can ensure that the crypto market serves people, not speculation.”