Serbia and Crypto Regulation: Where We Stand Now and What’s Coming
In October 2021, the National Assembly of Serbia adopted the Law on Digital Assets, one of the first such laws in Central and Eastern Europe. With this act, Serbia ceased to be a regulatory “Wild West” for crypto, at least on paper. But what has really changed, and what does 2026 bring for companies and investors?
The Law on Digital Assets: The Basics
The law defines two categories of digital assets:
- Virtual currency – decentralized currencies like Bitcoin and Ethereum that are not issued by a central authority
- Digital token – tokens that confer rights (dividends, voting rights, access to services) and whose value is tied to the rights they carry
The law stipulates that anyone providing services related to digital assets, including exchanges, custodial services, initial coin offerings (ICOs), and advisors, must obtain a license from the Securities Commission (SEC).
Who Are the Regulated Entities?
Under Serbian law, the following categories of service providers must be registered:
- Cryptocurrency exchange platforms (exchanges)
- Custodial services (safekeeping of private keys on behalf of clients)
- Virtual currency transfer service providers
- Organizers of ICO/STO offerings
- Digital asset portfolio managers
- Digital asset investment advisors
Key point: users who privately hold cryptocurrency are not regulated and do not need licenses. The regulation applies to service providers, not investors.
Taxation of Crypto Income in Serbia
This is the question that interests most Serbian crypto users. Here is the situation:
Capital gains: Income from the sale of cryptocurrency is taxable as capital gains at a rate of 15%. The tax base is the difference between the selling price and the purchase price.
Mining: Income from mining is treated as income from providing services and is taxed at the applicable rate.
Staking and DeFi income: This remains a regulatory gray area. The Serbian Tax Administration has not issued a precise opinion on the treatment of staking rewards and yield farming income.
Practical advice: Keep complete records of all transactions with exact dates, prices, and amounts. Use a portfolio tracker (Koinly, CoinTracker) that can generate tax reports. For a significant portfolio, consult a tax advisor with experience in digital assets.
FATF and AML Requirements
Serbia has implemented the recommendations of the Financial Action Task Force (FATF) in the crypto area, including:
- Travel Rule: Crypto service providers must exchange information about senders and recipients of transactions above a certain threshold (1,000 EUR)
- KYC/AML: Client identification, transaction monitoring, and reporting of suspicious activities
- VASP registration: Mandatory registration of virtual asset service providers with the regulator
EU MiCA Regulation and Its Impact on Serbia
The Markets in Crypto-Assets Regulation (MiCA) has been fully in force since January 2025 in all EU countries. Serbia is not an EU member, but MiCA indirectly affects Serbian companies that want to operate in the EU market.
Serbian exchanges that accept users from the EU will need to comply with MiCA requirements or find partners who are compliant. This is a challenge, but also an opportunity for Serbian fintech companies that position themselves in time.
MiCA specifically regulates:
- Issuers of stablecoins (asset-referenced tokens and e-money tokens)
- Crypto asset service providers (CASPs)
- Transparency requirements and white paper documents for ICOs
What’s Coming in 2026 and 2027?
Several key regulatory developments are expected:
Digital Dinar: The NBS continues the pilot project for central bank digital currency (CBDC). The eventual introduction of the digital dinar will redefine the role of cryptocurrencies in the domestic payment system.
Alignment with the EU: In the EU accession process, Serbia will need to implement MiCA into national law. Companies that comply today will have an advantage.
DeFi regulation: Neither MiCA nor Serbian law currently regulates DeFi protocols that lack a centralized responsible party. This is changing, as the EU is preparing additional regulations for decentralized protocols.
NFT market: The status of NFTs remains a regulatory challenge. MiCA does not cover “unique” NFTs in principle, but financialized NFT collections may fall under securities regulation.
What Should Companies Do Now?
If you operate in the crypto space or plan to enter it:
- Check whether your activities require a license from the SEC, and consult with a lawyer specializing in digital assets
- Implement KYC/AML procedures now, even if you are not formally required to, as it will be required
- Document all transactions and keep records for at least 5 years
- Monitor the development of MiCA implementation and consult with EU lawyers if you serve EU users
- Consider certifications (ISO 27001 for information security) that increase client and regulator confidence
Conclusion
Serbia made a good first step with the 2021 Law on Digital Assets. But regulation is still evolving, and many questions, especially around DeFi, taxation of staking income, and CBDC integration, remain open.
The only safe strategy is to monitor regulatory changes and align proactively, not reactively. BlockchainSecurity.rs tracks all relevant regulatory developments and publishes regular analyses for the Serbian market.