Serbia Legalizes Digital Asset Trading And Issuance

The Serbian government who were not crypto-friendly made a reversal to permit digital asset trading and issuance. 

The Digital Asset Law officially took effect Tuesday following a publication in the official gazette and will be applied six months from now. 

The draft was announced in October 2020, and local media reported the law was passed by the nation’s legislators late November.

According to the announcement, new specifications are mapped out. Under the latest specifications, digital asset service providers can operate after obtaining permission from the supervisory authority. The country’s Securities Commission and the National Bank of Serbia (NBS) are tasked with the supervision and applying the law., they said. 

Recall that Serbia in 2014 through the NBS declared that bitcoin was not legal tender. However, they are reversing their initial policy to acknowledge crypto and allow trading and issuance. 

The Serbia government’s new law came when their neighbouring countries, including Romania and Bulgaria, expand their tech industries. 

The Serbia Digital asset law allows users to issue digital assets in Serbia with or without an approved white paper. However, assets with an unapproved white paper cannot be advertised in the country, and there are limitations on the number of such assets that can be distributed. 

On the other hand, secondary trading of digital assets issued in Serbia (with an approved white paper), over-the-counter (OTC) trading, and smart contracts in secondary trading are also allowed.

” The law also doesn’t apply to minors, who are permitted to acquire digital assets by mining”, the new law provides.