In an inversion of past strategy, the government of Serbia will now allow the exchanging and issuance and related services of digital assets under a law that came into effect on December 29.
The draft law was declared in October and the local media reported that the law was passed by the country’s legislators during the end of November. However, the Digital Asset Law legally came into effect on Tuesday after its publication in the official gazette and it will be applied six months from now.
Although, banks under the supervision of the NSB aren’t allowed to engage in digital assets except keeping the cryptographic key. They can’t convert their assets to digital assets or instruments related to virtual currencies, partake in business offering services related to the digital currency, or provide services related to digital assets.
Under the new details, digital resource service providers in Serbia can work after acquiring consent from the administrative authority. The nation’s Securities Commission and the National Bank of Serbia (NBS) are entrusted with the management and applying the law. The new law comes when Eastern European nations, including Bulgaria and Romania, are extending their tech ventures.
The digital assets can be given in Serbia with or without an endorsed white paper, however, a resource with an unapproved white paper can’t be publicized in the nation and there are restrictions on the number of such resources that can be circulated, as per the latest law. With regards to exchanging, digital asset trades will require licenses to work, as indicated by the new law.
The arrangements of the new law don’t make a difference to digital transactions that are done inside a restricted organization of individuals accepting computerized resources as a type of reward or loyalty, without potential outcomes of its exchange or deal.
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