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Serbian Government Implements New Law on Crypto Trading

Serbian Government Implements New Law on Crypto Trading
  • Serbia has now adopted a new law to regulate cryptocurrency trading.
  • As a result, digital asset services providers operating in the country are obliged to obtain a license from the authority for their crypto-related activities.

According to a document, Serbia has implemented a new law to regulate digital asset trading in the country. Hence, cryptocurrency traders need to secure a legalized license for their crypto-related activities.

The law acknowledges the existence of stablecoins and allows trading and mining cryptos. Moreso, the new law introduced features that enable crypto issuance alongside.

Nonetheless, any crypto service that has no whitepaper certification under Serbia’s Securities Commission and National Banks can advertise. Consequently, crypto companies must meet the strict conditions set by the government.

Following this, digital asset services providers have six months to obtain a license from the authority. Additionally, tradings begin as soon as traders redeem a certified license approval for the authority.

Serbian law firm Karanovic & Partners defined crypto, saying,

[Cryptocurrencies are] 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 is mainly applicable to all digital asset classes within the cryptocurrency ecosystem. Furthermore, the law categorized digital assets into two main parts as virtual currencies and digital tokens.

Regardless, users can avail of over-the-counter (OTC) peer-to-peer (P2P) trading services through well-organized platforms using smart contracts.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.