Regulatory Tracking
Global Regulatory Landscape for Cryptocurrencies
The regulatory picture for cryptocurrencies is one of the fastest-changing in modern financial history. What is allowed today may be banned tomorrow, or vice versa. Tracking regulations is not just for companies and funds; every cryptocurrency user must be aware of the legal framework in their jurisdiction.
MiCA, the EU Regulation That Changes Everything
The Markets in Crypto-Assets Regulation (MiCA) came into force in the EU in June 2023 and is being gradually applied until the end of 2024. This is the first comprehensive regulation for crypto assets in the EU, covering:
- Crypto asset issuers: Obligation to publish white papers, capital requirements, transparency
- Service providers (CASPs): Licensing, AML/KYC obligations, user protection
- Stablecoins: Strict reserve requirements for e-money tokens and asset-referenced tokens
- DeFi and NFTs: Currently exempt from MiCA, but the European Commission is working on expansion
MiCA is positive news for legitimate participants: it creates legal clarity and eliminates regulatory arbitrage between EU states. Serbia, as an EU candidate, will likely align local legislation with MiCA principles.
SEC and the US: Constant Uncertainty
The US Securities and Exchange Commission (SEC) under Gary Gensler (2021-2025) took an aggressive stance: almost all cryptocurrencies except Bitcoin are “securities” subject to SEC regulation. This led to lawsuits against Binance, Coinbase, Ripple, and dozens of DeFi projects.
The Ripple vs SEC court battle brought a mixed ruling in 2023: XRP sold to institutions is a security, but XRP sold on exchanges is not. This distinction created a precedent that the industry is still working through.
With the new administration from 2025, the tone of regulators in the US has shifted toward a pro-crypto approach. Congress is working on FIT21 (Financial Innovation and Technology for the 21st Century Act), which would establish a clearer division of jurisdiction between the SEC and CFTC.
Serbia and Crypto Regulation
Serbia adopted the Law on Digital Assets in 2021, which is one of the first comprehensive crypto laws in the region. Key provisions:
- Taxes: Capital gains from crypto are taxed at a rate of 15% for amounts above the tax threshold
- Exchanges: Crypto exchanges must be licensed by the Securities Commission
- Acceptance of crypto: Direct payment in cryptocurrencies for goods and services is in a gray zone
- Mining: Crypto mining is legal; it is treated as an activity with associated tax obligations
Important: The Serbian law on digital assets does not explicitly cover DeFi protocols and DEXs, which is still a gray area being clarified.
FATF Travel Rule
The Financial Action Task Force (FATF) Travel Rule requires crypto companies to collect and share information about senders and recipients of transactions above $1,000 (analogous to SWIFT rules). This has been implemented in the EU through the AMLD5/AMLD6 directives and is becoming a global standard. It affects all centralized exchanges.
Sanctions and OFAC
The US Office of Foreign Assets Control (OFAC) can sanction crypto addresses, meaning no company under US jurisdiction may use them. Tornado Cash was sanctioned in August 2022, and its founders were prosecuted. This created a precedent: can code be sanctioned? The legal process is still ongoing.
Users who unknowingly interacted with sanctioned addresses may be exposed to legal risks. Tools like Chainalysis or TRM Labs are used for compliance screening.
Regulatory Calendar 2025-2026
- EU MiCA, full application from January 2025
- US FIT21, in the Senate from 2025, possibly enacted in 2026
- UK, Financial Services and Markets Act 2023 gives the FCA authority for crypto regulation
- Serbia, alignment with EU standards during the negotiation process
Regulatory compliance is not just a legal obligation, it is also a security factor. Regulated platforms have more incentives to implement security standards than unregulated ones.