Regulatory AlertsSerbia: fintech & payments regulation
RegulatedSerbia fintech: NBS licenses payments/e-money; FIA regulates crypto
- Lead regulator
- National Bank of Serbia (NBS)
- Also involved
- FIA (Digital Assets) · NBS (AML)
- Core law
- Law on Payment Services (2025)
- Entry capital
- EUR 35,000 (Payment Institution)
- Approval timeline
- 6 months to license
- Customer assets
- Segregated in dedicated accounts
- Data protection
- LPDPA 2018 · RSIP
- Sandbox
- No
The National Bank of Serbia (NBS) is the primary supervisor for payment services and electronic money, operating under the consolidated Law on Payment Services. The regime is fully harmonized with EU PSD2 standards, requiring licensing for payment institutions and e-money institutions. The FIA supervises crypto assets under the Law on Digital Assets.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Institution[1][2] Requires NBS license under Law on Payment Services | EUR 35,000 | 6 months | National Bank of Serbia |
| E-money & wallet issuance | LicenceElectronic Money Institution[1][2] Higher capital floor for e-money issuance | EUR 350,000 | 6 months | National Bank of Serbia |
| Domestic money transfer | LicencePayment Institution[1] Domestic transfers covered by payment license | EUR 35,000 | 6 months | National Bank of Serbia |
| Cross-border remittance | LicencePayment Institution[1] Cross-border payments require NBS license | EUR 35,000 | 6 months | National Bank of Serbia |
| Agent network | LicencePayment Institution[3] Agents must be appointed by licensed institution | EUR 35,000 | 6 months | National Bank of Serbia |
| Open banking / account information | LicencePayment Institution[1] AIS/PIS requires payment license | EUR 35,000 | 6 months | National Bank of Serbia |
| Foreign-exchange services | LicencePayment Institution[1] FX services included in payment license | EUR 35,000 | 6 months | National Bank of Serbia |
New — what changed recently
- 2025-05-22Law on Payment Services — Consolidated law enacted to regulate payment services, e-money, and payment systems under NBS supervision.[1]
- 2024-12-25Decision on Capital and Capital Adequacy — Established regulatory framework for initial capital and ongoing capital adequacy of payment and e-money institutions.[2]
- 2024-12-27Decision on Technical Standards for SCA — Established technical standards for strong customer authentication and secure communication protocols.[4]
Market-entry checklist
- 1Incorporate Serbian entityRegister a company with minimum capital of EUR 35,000 for payment institutions.
- 2Submit NBS license applicationProvide business plan, risk assessment, and proof of capital to the National Bank of Serbia.
- 3Appoint qualified managementEnsure key function holders possess good reputation and appropriate qualifications.
- 4Implement AML/KYC systemsEstablish internal controls and reporting mechanisms compliant with NBS supervision.
- 5Register with RSIPComply with data protection obligations under the Law on Personal Data Protection.
Sources
- Law on Payment Services · 2025-05-22
- Decision on Capital and Capital Adequacy of Payment and Electronic Money Institutions · 2024-12-25
- Decision on the Standards of Safe and Sound Business Practices in Providing Payment Services through an Agent · 2019-08-15
- Decision on Technical Standards for Strong Customer Authentication and Common and Secure Open Standards of Communication · 2024-12-27
This guide is compiled automatically from 4 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.