Serbia has started regulating the crypto industry as the country’s law on digital assets has come into force. Cryptocurrency service providers must obtain a license and legalize crypto activities, including trading and mining.
Serbia starts regulating the cryptocurrency
Serbia’s recently passed digital assets law came into effect last week with a publication in the government’s official gazette. Crypto service providers based in the country have six months to meet the requirements. The Serbian Parliament has also passed a number of changes to the tax rules for digital assets, said the law firm Karanovic & Partners.
The new law applies to all digital assets, which are divided into two types: virtual currencies and digital tokens. Digital assets are defined by law as “digital record of value that can be bought, sold, exchanged or transferred digitally and that (with a few exceptions) can be used as a medium of exchange or for investment purposes,” the law firm described. The Serbian Securities Commission and the National Bank of Serbia have the task of overseeing the crypto industry.
The law recognizes stablecoins and allows cryptocurrency mining. The issuance of crypto is also permitted. However, for offers without a white paper approved by the Commission, advertising is only allowed if it meets the strict conditions set out in the law.
Secondary and over-the-counter trading (OTC) via organized platforms is permitted and can be facilitated with the help of smart contracts. In addition, crypto services are permitted after the service providers have obtained a license from the authority. However, licensing is not a prerequisite for the provision of advisory services.
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