The draft legislation was introduced in October and native media reported the legislation was handed by the nation’s legislators in late November. The “Digital Asset Regulation” formally went into impact Tuesday following its publication within the official gazette, and might be utilized six months from now.
Below the brand new specs, digital asset service suppliers in Serbia can function after “acquiring permission from the supervisory authority.” The nation’s Securities Fee and the Nationwide Financial institution of Serbia (NBS) are tasked with supervision and making use of the legislation.
Serbia was not at all times pleasant in the direction of crypto. In 2014, the NBS declared that bitcoin was not authorized tender within the nation.
The brand new legislation comes at a time when Japanese European nations, together with Romania and Bulgaria, are increasing their tech industries. Serbia is experiencing a tech growth, with the trade accounting for greater than 6% of the nation’s GDP.
With the brand new guidelines, digital property will be issued in Serbia with or with out an authorized white paper, although an asset with an unapproved white paper can’t be marketed within the nation and there are limitations on the quantity of such property that may be distributed.
Relating to buying and selling, digital asset exchanges will want licenses to function, in line with the brand new legislation. Secondary buying and selling of digital property issued in Serbia (with an authorized white paper), over-the-counter (OTC) buying and selling and use of sensible contracts in secondary buying and selling are additionally allowed.
The provisions of the brand new legislation don’t apply to digital transactions which are carried out inside a restricted community of individuals accepting digital property “as a type of loyalty or reward, with out prospects of its switch or sale.” The legislation additionally doesn’t apply to miners, who’re permitted to accumulate digital property by mining, in line with the legislation.
Nevertheless, monetary establishments beneath the supervision of the NSB are nonetheless prohibited from participating with digital property besides in preserving cryptographic keys. They can’t convert their property to digital currencies or “devices related to digital property,” present providers associated to digital property or take part in companies providing such providers.
Digital asset service suppliers are required to request for permission from a supervisory physique inside the six months earlier than the legislation is applied.