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Serbia: crypto & digital assets regulation

Regulated

Serbia VASP licensing under 2021 Law on Digital Assets; NBS/CNSA dual oversight

Lead regulator:
National Bank of Serbia
Key law:
Law on Digital Assets (2021)
Last updated:
2026-07-12

Serbia operates a formal licensing regime for virtual currency service providers and issuers under the 2021 Law on Digital Assets. The National Bank of Serbia serves as the primary supervisor for service providers, while the Securities Commission shares oversight responsibilities for issuers and market integrity.

Providers must obtain specific licenses, maintain minimum capital between EUR 20,000 and EUR 125,000, and adhere to strict record-keeping and white paper approval processes. The regulatory framework emphasizes anti-market abuse measures, mandatory data reporting, and the segregation of user funds.

Recent regulatory activity focuses on detailed implementation decisions regarding supervision, information security, and foreign currency payment conditions, indicating an active and evolving supervisory stance.

Who regulates

  • National Bank of Serbia

    Primary supervisor for virtual currency service providers; oversees licensing, supervision, and data reporting.

    [1][2][3]

  • Securities Commission

    Joint supervisory authority for digital asset issuers and market abuse prevention.

    [1]

Core laws & rules

  • Law on Digital Assets (2021)

    Establishes the legal framework for digital assets, mandates licensing for service providers, and defines joint supervision by the NBS and Securities Commission.

    [1]

Licensing & registration

  • Virtual Currency Service Provider

    Requires approval for providing virtual currency services, with detailed requirements for business plans, governance, and management consents. Capital: EUR 20,000 to EUR 125,000

    [4][5]

  • Virtual Currency Issuer

    Requires approval for white papers and issuance activities, with strict disclosure obligations.

    [6][1]

Restrictions & warnings

  • Domestic payments for digital asset transactions must be conducted exclusively in Serbian Dinars.

    [7]

  • Providers must maintain separate bank accounts for user funds and implement comprehensive risk management for information-communication systems.

    [8][9]

  • Strict obligations exist for the prevention of market abuse, including timely disclosure of inside information by issuers.

    [10]

Direction of travel

  • Regulatory focus remains on detailed implementation of supervision, data reporting, and operational security standards.

    [2][11]

Sources

  1. Law on Digital Assets of the Republic of Serbia · 2021-05-24
  2. Decision on the Content, Deadlines and Manner of Submitting Data on Virtual Currencies to the National Bank of Serbia · 2024-01-19
  3. Decision on the Content of the Register of Virtual Currency Service Providers and Detailed Conditions and Manner of Keeping that Register · 2021-10-21
  4. Decision on Implementation of Provisions of the Law on Digital Assets Relating to Issuing of Licence to Provide Virtual Currency Services and Consents of the National Bank of Serbia · 2021-08-09
  5. Decision on the Manner of Calculating the Minimum Capital and Reporting on Minimum Capital of a Virtual Currency Service Provider · 2021-08-09
  6. Decision on Implementing Provisions of the Law on Digital Assets Regarding the Approval of the White Paper When Issuing Virtual Currencies · 2021-10-21
  7. Decision on Foreign Currency Payments Relating to Digital Asset Transactions · 2021-08-30
  8. Decision on the Contents and Form of Records Kept by Virtual Currency Service Providers Holding User Funds · 2021-10-18
  9. Decision on Conditions of Information-Communication System Management for Virtual Currency Service Providers · 2021-10-21
  10. Decision on the Prevention of Abuse in the Virtual Currency Market · 2021-10-18
  11. Decision on Detailed Conditions and Manner of Supervision over Virtual Currency Service Providers and Virtual Currency Issuers and Holders · 2021-08-09

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This guide is compiled automatically from 11 primary-source documents published by Serbia's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.