Crypto Regulation Serbia Prepared by: Alan Abazović (Tax Specialist), Petar Kilibarda (Senior Legal Counsel), and Miomir Stojković (Senior Legal Counsel).

Contents:

• Is Crypto Legal in Serbia?
• Which Law Regulates Cryptocurrency in Serbia?
• How Serbia Legally Defines Cryptocurrency
• Who Regulates Crypto?
• Are Crypto Exchanges Legal in Serbia? Crypto Exchange Licensing
• Are ICOs and Token Sales Allowed in Serbia?
• Is OTC (Peer-to-Peer) Trading Allowed?
• Crypto Taxation in Serbia
• AML and Compliance Rules
• Can Banks Hold or Trade Crypto in Serbia?
• Mining in Serbia
• Border Rules and Reporting Obligations for Crypto in Serbia
• Inheritance & Estate Planning for Cryptocurrency in Serbia
• Is Serbia Crypto-Friendly?

PLUS

• Frequently Asked Questions (FAQ)

Legal Status, Regulation, Licensing, Taxes & Compliance Explained

Is cryptocurrency legal in Serbia? Yes.

Namely, Serbia is one of the few European jurisdictions that has adopted a dedicated, comprehensive crypto law, providing legal certainty for investors, startups, exchanges, and service providers.

That said, since 2021, digital assets have been formally regulated under the Zakon o digitalnoj imovini (Law on Digital Assets, Official Gazette RS 153/2020).

So, unlike many countries that rely on patchwork rules, Serbia created a clear statutory framework covering:

• ownership

• trading

• exchanges

• token issuance

• taxation

• AML compliance

• licensing

• inheritance

As a result, cryptocurrency activities are legal, regulated, and institutionally recognized.

In light of the above, this guide explains how the system works in practice.

Is Crypto Legal in Serbia?

Short answer

Cryptocurrencies are not banned and not grey-zone assets.

Instead, Serbian law treats them as:

digital property (imovina)

However:

Only the Serbian dinar (RSD) is legal tender.

This means crypto can be used contractually, but cannot replace official currency.

Which Law Regulates Cryptocurrency in Serbia?

Primary legislation

The legal foundation for cryptocurrency regulation in Serbia is the Law on Digital Assets (Zakon o digitalnoj imovini, Official Gazette RS 153/2020), effective since June 2021.

This statute:

• defines digital assets (virtual currencies and tokens)

• regulates exchanges, custody and trading platforms

• introduces licensing requirements

• governs token issuance and white papers

• establishes supervision by the National Bank of Serbia and the Securities Commission

Serbia adopted a technology-neutral approach, meaning the law regulates the use and economic function of digital assets rather than any specific blockchain technology.

Related legislation

Digital assets are also subject to several companion laws, including:

• Law on the Prevention of Money Laundering and Terrorist Financing (AML/KYC compliance)

• Corporate Income Tax Law

• Personal Income Tax Law

• VAT Law

• Capital Market Law (for tokens with characteristics of financial instruments)

Together, these statutes create a complete regulatory framework covering licensing, taxation, compliance, and investor protection.

How Serbia Legally Defines Cryptocurrency

One of the key strengths of the Serbian framework is that it does not treat all crypto the same.

Instead, the Serbian Law On Digital Assets (or Crypto Law in Serbia original title reads as follows Zakon o digitalnoj imovini) introduces a functional classification system, dividing digital assets based on their economic purpose and legal characteristics.

This distinction is important because it determines:

• which regulator is competent

• whether a license is required

• whether capital markets rules apply

• which tax regime applies

• how the asset may be offered or marketed

Under Serbian law, all crypto first qualifies as “digital property (imovina)”, and then falls into one of two main legal categories.

1. Virtual Currencies (Cryptocurrency-type assets)

What are virtual currencies?

Virtual currencies are blockchain-based assets primarily designed to function as:

• a medium of exchange

• a store of value

• or a means of transfer

They behave similarly to money in practice but do not have the legal status of money.

Typical examples

• Bitcoin (BTC)

• Ethereum (ETH)

• Litecoin

• stablecoins

• other decentralized cryptocurrencies

Legal characteristics

Under Serbian law, virtual currencies:

• are not issued or guaranteed by a central bank or public authority

• are not legal tender in Serbia

• are not classified as currency or electronic money

• are not backed by the state

• are accepted only voluntarily by contractual agreement

• exist exclusively in digital form

• are transferable and tradable electronically

Legal treatment

They are treated as:

👉 intangible property (digital assets)

This means:

• they can be owned

• bought/sold

• inherited

• pledged

• seized in enforcement proceedings

• included in bankruptcy estates

Regulatory authority

Supervision falls under:

👉 Narodna banka Srbije (NBS)

The NBS regulates:

• exchanges

• custody/wallet services

• broker-dealers

• trading platforms

• AML/KYC compliance

Any company providing services involving Bitcoin-type assets must obtain an NBS license.

2. Digital Tokens (Tokenized rights/assets)

What are digital tokens?

Digital tokens represent specific proprietary or contractual rights embedded in blockchain form.

Unlike virtual currencies, they are not primarily payment instruments, but instead resemble:

• securities

• investment instruments

• or contractual claims

Typical examples

• ICO/IDO tokens

• utility tokens

• governance tokens

• security/investment tokens

• NFTs

• tokenized shares or debt instruments

What rights can tokens represent?

Tokens may legally grant holders:

• access to products or platforms (utility)

• entitlement to services

• revenue sharing

• profit participation

• voting/governance rights

• ownership interests

• intellectual property rights

• digital collectibles (NFTs)

In other words:

👉 tokens are legally closer to rights or claims, not “money”.

Legal treatment

Digital tokens are also considered:

👉 intangible property

However, depending on their features, they may additionally be classified as:

👉 financial instruments

If a token behaves like:

• shares

• bonds

• derivatives

• or investment securities

then capital markets law applies automatically.

This triggers:

• prospectus rules

• investor protection requirements

• additional approvals

Regulatory authority

Supervision falls under:

👉 Komisija za hartije od vrednosti Republike Srbije

The Securities Commission regulates:

• token issuance

• white paper approvals

• ICOs

• trading of investment-type tokens

• investor protection

3. Hybrid Assets (Mixed characteristics)

Some assets combine features of both categories.

For example:

• stablecoins with investment mechanics

• tokens with both payment and profit-sharing rights

In these cases:

👉 jurisdiction is shared between the NBS and the Securities Commission

Both regulators may supervise different aspects simultaneously.

4. Why This Classification Matters in Practice

This legal split is not theoretical — it directly affects businesses.

So before launching any crypto project in Serbia, one must first determine:

👉 “Is this a virtual currency or a token — and if a token, does it qualify as a financial instrument?”

This step defines the entire compliance structure.

Practical takeaway

Serbia’s model offers:

• clarity
• predictability
• regulator specialization
• easier compliance

By clearly separating:

• money-like crypto
  from

• rights-based tokens

Serbia avoids legal uncertainty that exists in many jurisdictions where all crypto is treated identically.

Who Regulates Crypto?

Supervision of digital assets is divided between two authorities:

Narodna banka Srbije (NBS)

Responsible for virtual currencies and payment-type services, including:

• exchanges

• custody/wallet providers

• brokerage

• trading platforms

• AML/KYC compliance

Komisija za hartije od vrednosti Republike Srbije (Securities Commission)

Responsible for tokenized investment instruments, including:

• token issuance

• ICOs and white papers

• investment/security tokens

• capital-market style offerings

This dual-supervision model separates payment-like crypto from investment-like tokens and closely mirrors the regulatory logic later adopted under the EU’s MiCA framework.

Are Crypto Exchanges Legal in Serbia? Crypto Exchange Licensing

Yes — but only if licensed

Cryptocurrency exchanges and other crypto service providers may legally operate in Serbia. However, they cannot start business freely.

Instead, the law requires them to obtain prior authorization from the competent regulator.

In practice, this means that any company wishing to run an exchange, wallet service, or trading platform must first register as a:

Digital Asset Service Provider (DASP)

Under the Zakon o digitalnoj imovini, providing crypto services without a license is not permitted.

Therefore, before offering services to clients, the company must:

1. incorporate a Serbian legal entity,

2. prepare internal compliance procedures (AML/KYC, risk controls, IT security),

3. meet minimum capital requirements, and

4. submit an application to the regulator.

Only after receiving formal approval may the company begin operations.

Who grants the license?

Authorization depends on the type of digital asset involved.

Narodna banka Srbije (NBS)

licenses providers dealing with virtual currencies, such as:

• exchanges (fiat ↔ crypto)

• crypto-to-crypto swaps

• custody and wallet services

• brokerage

• trading platforms

• payment-related services

Komisija za hartije od vrednosti Republike Srbije

licenses providers dealing with digital tokens, especially:

• token issuance

• ICO/IDO offerings

• investment/security tokens

• token trading platforms

If an activity involves both categories, both regulators may participate in supervision.

What activities require a license?

The licensing requirement applies broadly.

In particular, a permit is mandatory if a company:

• operates a crypto exchange

• buys or sells digital assets for clients

• exchanges one crypto asset for another

• holds or safeguards clients’ private keys

• manages crypto portfolios

• executes client orders

• maintains a trading platform

• organizes token offerings or issuance

In other words:

👉 If you handle client crypto or intermediate trades, you need authorization.

What does the licensing process look like in practice?

The procedure resembles financial services licensing.

First, the applicant submits documentation describing:

• ownership structure

• management team

• business plan

• IT systems

• custody safeguards

• AML/KYC policies

• internal controls

• risk management procedures

Next, the regulator reviews whether:

• managers have good reputation and no relevant convictions

• capital is sufficient

• compliance systems are adequate

• client assets will be protected

Only after this review does the regulator issue a formal license.

Consequently, crypto businesses operate under ongoing supervision, not one-time approval.

They must then:

• submit periodic reports

• maintain capital levels

• comply with AML rules

• allow inspections

Minimum capital requirements

The law sets minimum founding capital depending on the services provided.

Typically:

• simple brokerage/custody → around EUR 20,000

• exchange or platform operation → higher thresholds

• full-scope providers → up to EUR 125,000

At least half of this capital must be paid in cash.

This ensures that providers have sufficient financial stability before handling client assets.

What services do NOT require a license?

Importantly, not every crypto-related activity triggers regulation.

Purely advisory services do not require authorization.

Therefore, lawyers, consultants, accountants, and IT advisors may:

• provide legal advice

• structure token models

• prepare white papers

• offer tax or technical consulting

without obtaining a DASP license.

However, once they begin holding or transferring client assets, the license requirement applies.

Practical takeaway

To summarize:

Crypto services are fully legal in Serbia. However, the law treats exchanges and custodians like regulated financial institutions.

Therefore:

• operating casually is not allowed

• licensing is mandatory

• regulators actively supervise providers

As a result, Serbia offers both legal certainty and investor protection, while still allowing legitimate crypto businesses to operate.

Are ICOs and Token Sales Allowed in Serbia?

Yes — token fundraising is legal, but structured

Serbia expressly allows companies to raise capital through blockchain-based tokens, including:

• Initial Coin Offerings (ICOs)

• token offerings

• tokenized fundraising rounds

• utility or investment token sales

However, issuers cannot simply market tokens freely.

Instead, the law requires them to follow a defined disclosure and approval framework before approaching the public.

Step 1 — Determine what type of token you are issuing

First, the issuer must classify the token.

This step is crucial because it determines:

• which regulator is competent

• whether approval is required

• whether capital markets rules apply

If the token functions primarily as:

• payment or exchange → treated closer to virtual currency

• investment or profit participation → treated as a financial instrument

Therefore, the legal consequences differ significantly.

Step 2 — Prepare a white paper (if offering to the public)

If the issuer intends to:

• publicly advertise

• market to retail investors

• conduct an open token sale

then it should prepare a white paper.

The white paper acts similarly to a simplified prospectus.

It must clearly explain:

• the project

• token rights and utility

• risks

• technology

• business model

• use of funds

• compliance measures (AML, governance)

Step 3 — Submit the white paper for approval

The issuer then submits the document to the competent authority:

Narodna banka Srbije

if the token behaves like a virtual currency

Komisija za hartije od vrednosti Republike Srbije

if the token has investment or security-like characteristics

The regulator reviews the document to ensure:

• clarity

• accuracy

• no misleading claims

• adequate investor protection

Step 4 — Marketing rules depend on approval

This is where the practical difference appears.

If approved

The issuer may:

• publicly advertise

• market online

• promote the token

• list it on platforms

• sell broadly to investors

If not approved

The issuer:

• must clearly state that the white paper is not approved

• cannot publicly advertise

• must avoid general public solicitation

In other words:

👉 public fundraising requires approval

👉 private or limited sales may proceed without it

When do capital markets laws apply?

In addition, some tokens trigger stricter regulation.

If the token resembles:

• shares

• bonds

• derivatives

• or other securities

then Serbia’s Zakon o tržištu kapitala automatically applies.

Consequently, the issuer may need:

• a formal prospectus

• additional disclosures

• investor protection measures

• further approvals

However, the law also introduces a practical exemption.

Small offerings exception

If:

• the token is not share-like, and

• not convertible into shares, and

• the total offering is below EUR 3,000,000 within 12 months

then full capital market regulation does not apply.

This makes smaller startup fundraising significantly easier.

Is OTC (Peer-to-Peer) Trading Allowed?

Yes — direct trading is legal

Besides licensed exchanges, Serbian law also allows participants to trade crypto directly.

This is called:

Over-the-counter (OTC) trading

In practice, this means:

Two parties may:

• negotiate privately

• agree on price

• transfer crypto directly

• settle without an exchange or intermediary

Therefore, individuals and companies can freely:

• buy

• sell

• swap

digital assets between themselves.

Is a license required for OTC trades?

No.

A license is required only when a business:

• intermediates transactions for others

• operates a platform

• provides custody

• acts professionally as a service provider

However:

👉 simple peer-to-peer transactions do not require authorization

So:

• private individuals may trade freely

• companies may transact for their own account

• exchanges are required only when offering services to third parties

Practical takeaway

Serbia intentionally combines:

1. regulated public fundraising ✔
2. licensed professional intermediaries ✔
3. but free private transactions ✔

As a result:

• startups can legally raise funds via tokens

• exchanges operate under supervision

• investors remain protected

• yet private trading stays flexible

This balance provides both legal certainty and market freedom, which explains why Serbia has become one of the more crypto-friendly jurisdictions in Southeast Europe.

Crypto Taxation in Serbia

How digital assets are taxed in practice (companies, individuals, mining & VAT)

Serbia does not treat cryptocurrency as “money” for tax purposes.

Instead, tax authorities treat digital assets as:

👉 intangible property (imovina)

Therefore, standard tax principles that apply to property and investments also apply to crypto.

In practice, taxation depends on:

• who owns the asset (company or individual)

• what type of asset it is (virtual currency or token)

• how it is used (trading, investing, mining, or services)

• whether profits are reinvested

Below is how each situation works.

VAT (Value Added Tax)

Virtual currencies

Transactions involving cryptocurrencies such as Bitcoin or Ethereum are:

👉 exempt from VAT

This means:

• buying/selling crypto → no VAT

• exchanging crypto for fiat → no VAT

• exchange services → generally VAT exempt

Serbia follows the same logic as EU case law: crypto behaves like a payment instrument, not goods or services.

Tokens

Tokens require more careful analysis.

If a token simply represents:

• payment value

• or an investment instrument

→ VAT usually does not apply.

However, if a token grants:

• access to a service

• software usage

• digital content

• or rights to goods

then:

👉 the tax authority may treat the transaction as a supply of services

In that case:

👉 VAT may apply (currently 20%).

Practical recommendation

Before issuing utility tokens, businesses should:

• analyse what rights the token grants

• structure documentation carefully

• obtain a tax opinion if needed

Because misclassification can create unexpected VAT liability.

Taxation of Companies (Corporate Income Tax)

When does tax arise?

A Serbian company pays tax when it:

• sells crypto at a profit

• exchanges crypto

• uses crypto in business transactions

• realises any gain compared to acquisition cost

The profit becomes part of:

👉 regular business income

and is taxed under:

👉 Zakon o porezu na dobit pravnih lica

at the standard corporate rate.

How is gain calculated?

Very simply:

Selling price – Acquisition cost = Taxable gain

However:

Both numbers must be documented.

Therefore, companies must keep:

• exchange confirmations

• wallet records

• invoices

• accounting entries

Without documentation, the Tax Administration may deny the cost base and tax the entire amount.

Major tax incentive (important for investors)

Serbia offers one of the most overlooked crypto tax benefits in Europe.

If a company:

👉 reinvests gains from crypto sales
into
👉 a Serbian company or investment fund

within the same tax period,

then:

👉 the capital gain may be fully exempt from corporate tax

Practical use

This allows:

• founders

• holding companies

• investors

to rotate crypto profits into Serbian businesses tax efficiently.

This is often used for:

• startup investments

• real estate SPVs

• operating companies

Taxation of Individuals

Capital gains tax

When a private individual sells crypto at a profit:

👉 15% capital gains tax applies

under:

👉 Zakon o porezu na dohodak građana

What triggers tax?

Tax arises when the individual:

• sells crypto for fiat

• swaps one crypto for another

• uses crypto to purchase goods/services

• transfers crypto for value

Importantly:

👉 swaps are taxable events

So:
BTC → ETH
counts as a sale + purchase.

This often surprises active traders.

Reporting deadline

Individuals must:

• file a tax return

• within 120 days after the end of the quarter

• in which the gain occurred

Late filing may trigger penalties and interest.

How is gain calculated?

Selling price – acquisition price = taxable gain

Again:

Documentation is critical.

Without proof of acquisition price, the tax authority may assume zero cost.

Tax reliefs for individuals (very useful)

Serbia provides two strong incentives.

50% reinvestment relief

If the individual reinvests proceeds into:

• a Serbian company
  or

• a Serbian investment fund

within 90 days,

then:

👉 only 50% of the tax is payable

If reinvested within 12 months:
👉 refund possible

Long-term holding exemption

If crypto was held continuously for:

👉 10+ years

then:

👉 capital gains tax = 0%

This encourages long-term investment rather than speculation.

Mining Taxation

Is mining legal?

Yes — fully legal.

However, tax treatment depends on how the activity is structured.

Two possible approaches

Tax authorities may classify mining as:

1. Production (own asset creation)

Crypto is treated like self-produced property.

Then:

• acquisition value may include electricity/equipment costs

• tax arises only upon later sale

2. Service income

Mining is treated as providing validation services.

Then:

• income may be taxed immediately upon receipt

The classification depends on:

• technology

• business model

• whether rewards are predictable

• legal form of the miner

Practical recommendation

Mining operations should:

• keep detailed cost records

• structure activity through a company

• obtain tax advice

Because treatment varies case by case.

Practical Summary (What most clients should know)

Companies

•  taxed only on realized gains
• reinvestment can eliminate tax

Individuals

• 15% capital gains
• swaps taxable
• long-term holding can eliminate tax

VAT

• crypto exempt
• utility tokens may trigger VAT

Mining

• legal
• structure carefully

Final takeaway

Serbia’s crypto taxation system is:

1. predictable
2. aligned with property law
3. moderate rates
4. generous reinvestment incentives

With proper structuring, both companies and individuals can legally optimize their tax burden while remaining fully compliant.

For a comprehensive overview of Serbia’s tax rules that is still relevant to crypto holders and investors, you can consult the Serbia Tax Card (January 2024), which summarizes corporate and personal tax regimes — including capital gains, VAT, and other key obligations — in one practical reference:

🔗 Detailed Serbia Tax Card (2024) — https://statt.rs/wp-content/uploads/2024/01/TAX-CARD-2024-SERBIA-Stojkovic-Attorneys-AK-STATT-15-JAN-2024.pdf-1.pdf

This Tax Card remains highly useful for understanding how Serbia taxes investment income and business profits, including those arising from digital asset activity.

AML and Compliance Rules

How anti-money laundering obligations apply to crypto businesses in Serbia

Serbia does not treat crypto service providers as “lightly regulated tech companies”.

Instead, the law treats them much closer to financial institutions.

As soon as a company professionally handles digital assets for clients — for example by operating an exchange, custody service, or brokerage — it automatically becomes an “obliged entity” under:

Zakon o sprečavanju pranja novca i finansiranja terorizma

Consequently, crypto providers must follow the same anti-money laundering (AML) and counter-terrorist financing (CTF) standards that apply to banks and payment institutions.

What does this mean in practice?

Before serving clients, a licensed Digital Asset Service Provider (DASP) must first establish internal compliance systems.

In particular, the provider must:

• identify every customer (KYC)

• verify identity documents

• monitor transactions continuously

• detect unusual or suspicious patterns

• report suspicious activity to authorities

• maintain internal risk procedures

• store complete transaction records

Importantly, these duties are ongoing, not one-time checks.

Therefore, providers must monitor clients throughout the entire business relationship — not just at onboarding.

Record-keeping obligations

The law also imposes strict documentation rules.

Providers must:

👉 store all customer and transaction data electronically for at least 10 years

This includes:

• wallet addresses

• transaction history

• identity data

• order execution details

Regulators may request these records during inspections at any time.

Small-value exemption (limited simplification)

Serbia allows a narrow exception for very small transactions.

For micro-payments below prescribed thresholds, simplified identification may apply.

However:

• the provider must still monitor transactions

• suspicious behavior must still be reported

• and the regulator must be notified in advance

Therefore, this exemption reduces paperwork but does not eliminate compliance responsibilities.

What is explicitly prohibited?

The law also takes a firm stance on anonymity.

In particular, providers may not:

• issue or support assets designed to conceal identity

• facilitate anonymous transfers

• use tools that prevent traceability of transactions

In practice, this means:

👉 privacy-enhancing structures that block identification may be restricted or prohibited for regulated businesses.

The policy goal is clear: crypto services must remain transparent and auditable.

Practical takeaway

If a company handles client crypto in Serbia, it should expect:

1. full KYC
2. transaction monitoring
3. reporting duties
4. regulator supervision

In other words, operating a crypto exchange in Serbia feels legally closer to running a small bank than a tech startup.

This approach increases compliance costs, but it also provides legal certainty and institutional trust, which benefits serious market participants.

Can Banks Hold or Trade Crypto in Serbia?

Generally — no

Serbian law intentionally separates traditional banking from crypto exposure.

Financial institutions supervised by the National Bank of Serbia face strict restrictions when dealing with digital assets.

As a rule, banks may not:

• hold cryptocurrencies on their own balance sheet

• trade crypto for their own account

• treat crypto as regulatory capital

• provide exchange or brokerage services

• directly participate in crypto market risk

The regulator adopted this conservative approach to protect the stability of the banking system.

Why such restrictions?

From the regulator’s perspective:

• crypto assets are highly volatile

• custody risks are significant

• valuation is uncertain

• prudential capital rules are difficult to apply

Therefore, lawmakers decided to ring-fence banks from direct exposure.

Limited exception — custody services

However, the law provides one practical carve-out.

Banks may, subject to regulatory approval:

👉 provide custody (safekeeping) services for cryptographic keys

In other words:

A bank may store clients’ private keys securely, but it may not speculate or trade crypto itself.

This allows banks to offer infrastructure support without assuming market risk.

Practical takeaway

Today, Serbia’s crypto ecosystem operates mainly through:

• licensed crypto service providers (DASPs)
  not

• traditional banks

Therefore, exchanges, wallets, and fintech firms remain the primary market participants, while banks play only a limited supporting role.

Mining in Serbia

Is crypto mining legal and regulated?

Yes — mining is legal and generally unlicensed

Serbia permits cryptocurrency mining without special permits or prior authorization.

Unlike exchanges, custody providers, or brokers, miners do not need to obtain a license from the regulator simply to validate blockchain transactions and acquire digital assets.

In other words:

Individuals and companies may freely:

• operate mining hardware

• validate transactions

• receive block rewards

• acquire newly created coins

without registering as a Digital Asset Service Provider (DASP).

Why is mining treated differently?

The law draws a clear distinction between:

• acquiring crypto for yourself, and

• providing crypto services to others

Mining falls into the first category.

Because the miner only generates assets for its own account, the activity is not considered a regulated financial service.

Therefore, at the moment of acquisition:

👉 the Zakon o digitalnoj imovini does not apply

This means:

• no licensing

• no supervisory approval

• no operational permits

What happens after mining?

Although the acquisition itself is unregulated, the legal regime changes once the miner starts using or selling the assets.

After receiving coins, the miner may:

• hold them

• sell them

• exchange them

• transfer them

• trade on platforms

• or dispose of them OTC

However:

👉 once the miner uses exchanges or provides services to third parties, normal regulatory rules apply.

For example:

• selling through an exchange → platform must be licensed

• providing custody for others → license required

• brokering trades → license required

So the exemption applies only to self-mining, not to operating as a crypto intermediary.

Is mined crypto freely tradable?

Yes.

After acquisition, mined crypto is treated like any other digital asset.

It may be:

• traded on licensed exchanges

• transferred peer-to-peer

• used as payment by agreement

• or sold over-the-counter (OTC)

There are no special restrictions on disposition.

Tax considerations (very important in practice)

Although mining is legally permitted, taxation requires planning.

Serbian tax law does not provide one single rule.

Instead, authorities may classify mining in two ways.

1. Production (self-created asset)

Crypto is treated like self-produced property.

In that case:

• acquisition value may include electricity, equipment, and operating costs

• tax arises only when the asset is sold

2. Service income

Mining may be treated as providing validation services.

In that case:

• income may be taxable immediately upon receipt

Because classification depends on facts and structure, outcomes vary.

Practical recommendations for miners

For individuals:

• keep detailed records of costs and acquisition dates

• document wallet history

• track market values

For companies:

• operate through a registered legal entity

• maintain accounting records

• structure costs properly

• obtain tax advice

This helps defend acquisition value and avoid over-taxation.

Can foreigners mine in Serbia?

Yes.

There are currently:

• no licensing barriers

• no ownership restrictions

• no crypto-specific permits

Foreigners may mine through:

• local companies

• or lawful residence/business structures

Standard business and tax rules apply.

Practical takeaway

Serbia takes a relatively liberal approach.

Mining is:

1. legal
2. unlicensed
3. not supervised at acquisition
4. freely tradable afterward

At the same time, once mining becomes a commercial or intermediary activity, standard regulatory and tax rules apply.

As a result, Serbia remains one of the more straightforward European jurisdictions for both small-scale and industrial mining operations.

Border Rules and Reporting Obligations for Crypto in Serbia

Are there border restrictions for cryptocurrency?

Currently, Serbia does not treat digital assets like cash or securities at the border.

Therefore:

• you do not need to declare cryptocurrency holdings when entering or leaving Serbia

• there are no import or export limits on crypto

• you may freely transfer digital assets across wallets, exchanges, or jurisdictions

In other words, crypto is legally treated as intangible property, not as physical money or foreign currency. As a result, customs regulations do not apply.

However — reporting obligations still exist inside Serbia

Although border controls are not required, regulatory reporting applies once business activity is involved.

In practice, the rules depend on who holds the crypto and how it is held.

Companies holding crypto directly (without a licensed provider)

If a Serbian company acquires or stores virtual currencies outside a licensed Digital Asset Service Provider (DASP) — for example:

• self-custody wallets

• foreign exchanges

• OTC purchases

• direct wallet-to-wallet transfers

then the company must report those holdings to the Narodna banka Srbije (NBS | National Bank of Serbia).

Specifically, the company must:

• register itself in the Register of Holders of Virtual Currencies

• submit ownership and transaction data through the official reporting system

This rule allows the regulator to maintain oversight of crypto exposure within the Serbian economy.

👉 Practical tip:
If you are a business, using a licensed Serbian provider often simplifies compliance and reduces reporting burdens.

Licensed crypto providers (DASPs)

Licensed Digital Asset Service Providers operate under much stricter supervision.

They must regularly report to the NBS and/or the Komisija za hartije od vrednosti Republike Srbije.

In practice, they must submit:

• detailed transaction data

• client activity statistics

• capital adequacy reports

• liquidity and risk exposure reports

• annual financial statements

• independent audit reports

Therefore, regulators maintain continuous oversight, similar to banks or broker-dealers.

Practical takeaway

For individuals, crypto movement remains largely unrestricted.

However, for companies and service providers, Serbia clearly requires:

1. transparency
2. traceability
3. periodic reporting

Consequently, businesses operating with digital assets should implement internal compliance procedures from day one.

Inheritance & Estate Planning for Cryptocurrency in Serbia

Is crypto inheritable in Serbia?

Yes.

Under Serbian law, cryptocurrency is not money, but it is legally treated as property.

Therefore, digital assets form part of the deceased’s estate just like:

• cash

• shares

• real estate

• bank accounts

• intellectual property

In practice, this means crypto can be:

1. inherited
2. gifted
3. included in a will
4. subject to succession proceedings

The general rules of Serbian inheritance law apply without special restrictions.

Which laws apply?

Crypto inheritance primarily falls under:

• the Law on Digital Assets (Zakon o digitalnoj imovini)

• the Law on Property Taxes

• the Law on Inheritance

Together, these laws treat digital assets as intangible movable property.

Courts, notaries, and heirs therefore follow standard probate procedures.

Is inheritance tax payable?

Yes — but rates are low.

Digital assets are subject to inheritance and gift tax, with rates between 0% and 2.5%, depending on family relationship.

Current practice:

• 0% → spouse, children, parents (first line of succession)

• 1.5% → certain second-line relatives

• 2.5% → distant relatives or unrelated persons

So, for close family members, crypto transfers are usually tax-free.

The practical problem: legal rights ≠ technical access

Although the law recognizes inheritance, there is a critical practical issue:

👉 Without private keys or wallet access, crypto cannot be recovered.

Unlike banks:

• there is no central authority

• there is no password reset

• there is no court order that can unlock a wallet

If heirs cannot access:

• seed phrases

• private keys

• exchange credentials

the assets are permanently lost.

Globally, billions of dollars in Bitcoin are estimated to be inaccessible because owners died without sharing access information.

In other words:

legal ownership means nothing without technical control.

How inheritance works in practice

There are typically two scenarios:

1 Assets held on regulated exchanges or licensed providers

If crypto is stored with a licensed exchange or custodian, heirs may:

• submit a death certificate

• provide probate documentation

• prove heir status

Then the provider transfers the assets, similarly to a bank.

This is legally and practically the safest structure.

2 Self-custody wallets (hardware or private wallets)

If assets are stored privately:

• the blockchain does not recognize heirs

• courts cannot force access

• recovery is impossible without keys

Therefore, estate planning becomes essential.

Practical recommendations (highly advisable)

We strongly recommend that crypto holders in Serbia:

✔ Include crypto in your will

Clearly state:

• what assets you hold

• where they are stored

• who inherits them

✔ Document access instructions safely

For example:

• hardware wallet location

• seed phrase storage

• multi-signature arrangements

• trusted executor instructions

✔ Consider licensed custody for part of holdings

This simplifies inheritance and reduces risk of permanent loss.

✔ Use professional legal advice

A properly drafted will + secure key management avoids disputes and irreversible losses.

Is Serbia Crypto-Friendly?

A predictable and legally structured environment

Compared with many European jurisdictions, Serbia offers a relatively clear and operational legal framework for cryptocurrency.

While several EU countries still rely on fragmented guidance, soft-law opinions, or regulatory uncertainty, Serbia adopted a dedicated statute early and built a functioning licensing and supervision model around it.

As a result, market participants typically know:

• which authority supervises them

• when a license is required

• how taxation applies

• how reporting works

• and what activities remain unregulated

This level of predictability is often more important than “light regulation”.

What Serbia offers in practice

Today, Serbia provides:

1. explicit legality of crypto ownership
2. dedicated digital asset law
3. licensing framework for exchanges and custody providers
4. ICO/token issuance structure
5. reasonable tax rates
6. reinvestment incentives
7. dialogue with regulators
8. institutional recognition by banks and tax authorities

Consequently, businesses can structure operations with far less legal ambiguity than in many neighboring states.

Practical examples that show flexibility

Beyond the formal rules, everyday practice confirms that Serbia takes a pragmatic approach.

Depositing crypto with foreign or DeFi platforms

A Serbian company may freely:

• deposit cryptocurrency with foreign exchanges

• use decentralized finance (DeFi) protocols

• stake or lend crypto abroad

• earn yield from virtual assets

There are no legal prohibitions or special approvals for such activity.

However, if the company does not use a licensed Serbian provider, it must report its holdings to the:

👉 Narodna banka Srbije (NBS)

This is a transparency requirement only — not a restriction.

In practice:

• licensed intermediary → intermediary reports

• self-custody/foreign provider → company reports directly

So compliance remains straightforward.

Lending Bitcoin and crypto loans

Serbian law does not treat Bitcoin as money.

Instead, it treats it as property.

Therefore, companies may legally:

• lend Bitcoin

• borrow Bitcoin

• structure crypto-denominated loans

• transfer crypto between related entities

In legal terms, Bitcoin may be loaned like any other fungible asset (similar to shares or commodities).

Importantly:

👉 such transactions are not classified as monetary loans, which avoids certain banking and financial regulations.

This creates additional flexibility for intra-group financing and treasury operations.

Mining as a business activity

Serbia also allows crypto mining without mandatory registration.

An individual may mine:

• legally

• without a license

• without registering a company

and pay capital gains tax only upon sale.

However, miners may voluntarily register a business to:

• formalize operations

• deduct costs

• access incentives

• and improve accounting certainty

Although regulators have not officially prescribed a business classification code, practice suggests using:

Activity code 63.11 – Data processing and hosting

This aligns mining with IT infrastructure services.

Why many startups choose Serbia

From a fintech or Web3 founder’s perspective, Serbia offers several structural advantages:

First, regulation exists — but it is clear and workable.
Second, taxes remain competitive.
Third, reporting requirements are defined rather than discretionary.
Fourth, regulators actively communicate with market participants.

As a result:

• exchanges can obtain licenses

• token issuers can raise funds

• startups can experiment legally

• investors can structure holdings with certainty

Instead of navigating grey zones, businesses operate within a defined legal system.

Regional comparison

In practice, Serbia is often:

• more structured than many EU member states that still rely on policy statements

• faster administratively than large Western jurisdictions

• more affordable for startups

• legally clearer than most of Southeast Europe

Therefore, while Serbia is not a “light-touch” or offshore jurisdiction, it is frequently perceived as:

👉 one of the most predictable crypto environments in the region

Key takeaway

Serbia is not “crypto-permissive” by ignoring regulation.

Instead, it is crypto-friendly because it regulates clearly.

That combination — legality + structure + reasonable taxation — provides something many investors value most:

👉 legal certainty.

For exchanges, fintech startups, token issuers, miners, and investors, Serbia has become one of the most practically workable jurisdictions in Southeast Europe.

If you plan to launch a crypto product in Serbia, list a token, open an exchange/custody service, or structure a larger investment, the key step is to classify the asset correctly and map the licensing + tax + AML obligations early. STATT can support you with: (i) legal classification of tokens/coins, (ii) licensing strategy and documentation, (iii) AML/KYC frameworks, and (iv) tax structuring and reporting. For legal support, contact us with a specific request emailed to [email protected]

Frequently Asked Questions (FAQ)

Is Bitcoin legal in Serbia?

Yes. Bitcoin and other cryptocurrencies are fully legal in Serbia. The Law on Digital Assets treats them as digital property, so individuals and companies may legally own, buy, sell, and hold crypto.

Is crypto legal tender in Serbia?

No. Only the Serbian dinar (RSD) is legal tender. However, parties may voluntarily agree to use crypto as payment in private contracts.

Can foreigners own and trade crypto in Serbia?

Yes. Serbia imposes no nationality or residency restrictions on crypto ownership. Foreigners may buy, sell, mine, and hold crypto under the same legal and tax rules as locals.

Do I need a license to run a crypto exchange in Serbia?

Yes. Any business that operates an exchange, wallet, custody, brokerage, or trading platform must obtain authorization as a Digital Asset Service Provider (DASP) before serving clients.

Who licenses crypto businesses: NBS or the Securities Commission?

It depends on the asset. The National Bank of Serbia (NBS) licenses virtual currency services like exchanges and wallets, while the Securities Commission supervises token issuances, ICOs, and investment-type tokens.

Are ICOs legal in Serbia and do I need a white paper?

Yes. ICOs and token sales are legal. Public offerings typically require a white paper and regulatory approval, while small or private offerings may follow lighter rules.

Is swapping BTC to ETH taxable in Serbia?

Yes. Crypto-to-crypto swaps are taxable events. The law treats each swap as a sale and purchase, so any gain may trigger capital gains tax.

Is crypto VAT exempt in Serbia?

Generally yes. Transactions involving virtual currencies are VAT-exempt. However, some utility tokens that grant services or digital access may trigger VAT.

Can a Serbian company use DeFi or deposit crypto abroad?

Yes. Companies may use foreign exchanges or DeFi platforms freely. However, if they hold crypto outside licensed Serbian providers, they must report certain data to the National Bank of Serbia.

Can a Serbian company borrow or lend Bitcoin legally?

Yes. Serbian law treats Bitcoin as property, not money. Companies may structure crypto loans similarly to loans of shares or commodities.

Is mining legal and do miners need to register a business?

Mining is legal and does not require a license. Individuals may mine without registering a company, although professional miners often register a business for tax and accounting benefits.

How do heirs access crypto under Serbian inheritance law?

Crypto is inheritable property. If assets are held with licensed exchanges, heirs can claim them through probate. For private wallets, heirs must have the private keys or seed phrases, otherwise the assets are permanently inaccessible.