Regulator: San Marino Innovation Institute (Istituto per l'Innovazione della Repubblica di San Marino S.p.A.)
San Marino has no comprehensive legislation specifically for stablecoins. However, it has introduced frameworks that recognize blockchain-based tokens, and its 2019 "Blockchain Law" enables issuance of "utility tokens" and "security tokens." Some stablecoin activity is permitted under these general crypto laws, but there are no bespoke safeguards or supervisory rules targeted only at stablecoins.
