New Crypto Rules on Stablecoins, Custody & Firm Resilience

The San Marino Financial Services Committee (SMFSC) has unveiled a set of new regulatory proposals aimed at strengthening oversight of stablecoin issuance, crypto-asset custody, and the financial resilience of cryptocurrency firms. This initiative forms part of the country’s ongoing strategy to cultivate a secure, transparent, and competitive digital assets ecosystem.

These proposals represent the latest phase in San Marino’s structured regulatory rollout, which follows extensive industry consultations, roundtable discussions, and feedback from earlier policy papers.

Stablecoin Regulatory Framework

Under the proposed rules, stablecoins—cryptocurrencies pegged to fiat currencies to maintain stable value—will be subject to stricter requirements. Issuers must ensure the preservation of asset value and provide clear, transparent disclosures regarding the management of underlying reserves. The SMFSC views stablecoins as a potential driver of efficiency in payment and settlement systems, particularly for cross-border transactions.

To further encourage innovation, the SMFSC also announced plans to enhance its innovation support services, with a dedicated focus on stablecoin projects in the coming months.

Collaboration with Banking Institutions

The SMFSC will collaborate closely with banks in San Marino to establish a clear and consistent regulatory pathway for stablecoin activities. This coordinated approach aims to provide operational clarity for firms under the new regulatory regime.

Custody Services and Risk Mitigation

For companies offering cryptocurrency custody services, the proposals mandate stringent safeguards to protect client assets and guarantee their continuous accessibility. Furthermore, the framework introduces measures designed to reduce the probability and impact of potential failures among regulated entities involved in stablecoin issuance or custody, thereby enhancing overall market stability and resilience.