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Serbia: fintech & payments regulation

Regulated

Serbia fintech & payments: NBS-regulated licensing under 2025 Laws on Payment Services and Digital Assets

Lead regulator:
National Bank of Serbia
Key law:
Law on Payment Services (2025) and Law on Digital Assets (2021)
Last updated:
2026-07-12

The National Bank of Serbia (NBS) is the primary supervisor for payment services, electronic money, and payment systems under the consolidated Law on Payment Services (2025). The NBS also co-supervises digital asset services alongside the Securities Commission under the Law on Digital Assets (2021). Licensing is mandatory for payment institutions, electronic money institutions, and virtual currency service providers, with strict capital and governance requirements enforced through detailed NBS Decisions.

Recent regulatory activity includes updated licensing procedures, capital adequacy rules, and technical standards for strong customer authentication. The NBS maintains a robust supervisory framework covering both on-site and off-site monitoring, with specific focus on payment system operators and foreign exchange transactions. The regulatory environment is characterized by comprehensive documentation requirements and active oversight of market participants.

Who regulates

  • National Bank of Serbia

    Primary supervisor for payment services, electronic money, payment systems, and digital assets (jointly with Securities Commission)

    [1][2]

  • Securities Commission

    Joint supervisor for digital asset services

    [2]

Core laws & rules

  • Law on Payment Services (2025)

    Consolidated law regulating the provision of payment services, electronic money, and payment systems under NBS supervision, establishing definitions, licensing, and operational rules.

    [1]

  • Law on Digital Assets (2021)

    Law regulating the issuance, secondary trading, and service provision for digital assets, establishing licensing requirements for digital asset service providers and joint supervision by NBS and the Securities Commission.

    [2]

  • Law on Banks (2025)

    Consolidated law regulating the establishment, operation, supervision, and resolution of banks within Serbia.

    [3]

Licensing & registration

  • Payment Institution

    Requires NBS license and approval of management; mandates business plans, risk assessments, and proof of capital.

    [4]

  • Electronic Money Institution

    Requires NBS license; subject to specific capital adequacy decisions and supervision.

    [4][5]

  • Virtual Currency Service Provider

    Requires NBS license under the Law on Digital Assets; mandates business plans, governance structures, and white paper approval for issuers.

    [6][2]

  • Payment System Operator

    Requires NBS license; subject to supervision of operations and capital requirements. Capital: EUR 1,000,000

    [7]

Restrictions & warnings

  • Foreign currency payments for digital asset transactions must be conducted exclusively in dinars for domestic payments.

    [8]

  • Strong customer authentication using multi-factor authentication based on knowledge, possession, and inherence is mandatory for payment service providers.

    [9]

  • High-value domestic payment transactions exceeding 300,000 Serbian dinars must be executed through an important payment system.

    [10]

  • Interchange fees are capped at 0.2% for debit cards and 0.3% for credit cards.

    [11]

Direction of travel

  • Regulatory framework is actively updated with recent decisions on licensing procedures, capital adequacy, and technical standards, indicating a mature and evolving supervisory approach.

    [4][5][9]

Sources

  1. Law on Payment Services · 2025-05-22
  2. Law on Digital Assets of the Republic of Serbia · 2021-05-24
  3. Law on Banks · 2025-07-04
  4. Decision on Implementation of Provisions of the Law on Payment Services Relating to Issuing of Licenses and Approvals of the National Bank of Serbia · 2025-11-19
  5. Decision on Capital and Capital Adequacy of Payment and Electronic Money Institutions · 2024-12-25
  6. 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
  7. Decision on Detailed Conditions and Manner of Supervision of Operations of Payment Systems · 2025-02-25
  8. Decision on Foreign Currency Payments Relating to Digital Asset Transactions · 2021-08-30
  9. Decision on Technical Standards for Strong Customer Authentication and Common and Secure Open Standards of Communication · 2024-12-27
  10. Decision on the Minimum Value of Payment Transactions Executed in an Important Payment System · 2018-10-22
  11. Law on Multilateral Interchange Fees and Special Operating Rules for Card-based Payment Transactions · 2018-07-20

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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.