Regulatory Alerts2021-08-30
Added · Updated
Decision on Detailed Conditions and Manner of Issuing and Revoking Approval to Provide Virtual Currency Services in a Foreign Country
The National Bank of Serbia issued this Decision to establish the detailed conditions and procedures for digital asset service providers to obtain approval for establishing branches or directly providing virtual currency services in foreign countries. The regulation mandates that applicants submit comprehensive documentation, including business plans, organizational structures, and proof of management integrity, while requiring the National Bank to verify that the target jurisdiction meets international AML/CFT standards and allows for effective supervision. Furthermore, the Decision outlines strict grounds for revoking approval, such as non-compliance with Serbian regulations, negative impacts on the provider's domestic operations, or failure to commence services within the prescribed timeframe.