Serbia has started regulating the crypto industry as the country’s law on digital assets has gone into effect. It requires cryptocurrency service providers to obtain a license and legalizes crypto activities, including trading and mining.
Serbia Starts Regulating Cryptocurrency
Serbia’s recently adopted Law on Digital Assets went into effect last week with a publication in the government’s official gazette. Crypto service providers based in the country have six months to comply. The Serbian parliament has also adopted a set of amendments to the tax regulations covering digital assets, explained Karanovic & Partners law firm.
The new law applies to all digital assets, which are divided into two types: virtual currencies and digital tokens. Digital assets are defined by legislation as “a digital record of value that can be digitally bought, sold, exchanged, or transferred and that can be used as a medium of exchange or for investment purposes (with some exceptions),” the law firm described. The Serbian Securities Commission and the National Bank of Serbia are tasked with overseeing the crypto industry.
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The law recognizes stablecoins and permits cryptocurrency mining. Crypto issuance is also permitted. However, for offerings that do not have a whitepaper approved by the commission, advertising is permitted only if it fulfills strict conditions set out in the law.
Secondary and over-the-counter (OTC) trading through organized platforms is permitted and can be facilitated using smart contracts. Furthermore, crypto services are permitted after the service providers obtain a license from the authority. However, licensing is not a requirement for providing advisory services.
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