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 can be utilized six months from now.
Beneath 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 all the time 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 international locations, 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 accepted 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 response to the brand new legislation. Secondary buying and selling of digital property issued in Serbia (with an accepted 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 might be 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 response to the legislation.
Nevertheless, monetary establishments below the supervision of the NSB are nonetheless prohibited from participating with digital property besides in maintaining cryptographic keys. They can’t convert their property to digital currencies or “devices related to digital property,” present companies associated to digital property or take part in companies providing such companies.
Digital asset service suppliers are required to request for permission from a supervisory physique inside the six months earlier than the legislation is carried out.