- about us
you are being redirected to the website of our parent company, Schönherr Rechtsanwälte GmbH
The Serbian Parliament enacted the new Digital Assets Act ("DAA"), which will come into force on 29 June 2021.
The DAA regulates all digital assets regardless of the technology on which they are based. The DAA defines a digital asset as a digital record of value that can be bought, sold, exchanged or transferred, and that can be used as a medium of exchange or for investment purposes.
The DAA recognises two types of digital assets:
The DAA also recognises the concept of digital assets mining, but this area is excluded from the scope of the DAA.
The government authority with competence over virtual currencies is the National Bank of Serbia ("NBS"), while the authority with competence over digital tokens is the Serbian Securities Commission ("SEC").
The DAA makes it explicit that the Republic of Serbia, the NBS, the SEC or any other authority will not in any way guarantee the value of digital assets and will not be liable for damage that may occur as a result of digital assets transactions.
Some of the key concepts and solutions recognised and implemented by the DAA are:
Penalties for non-compliance with the DAA are set to range between RSD 100,000 and RSD 5,000,000 (approx. EUR 800 – 43,000) or up to 10 % of annual turnover for the preceding financial year, whichever is higher.
If any entity or person provides services related to digital assets without a licence, they may be fined up to RSD 5,000,000 (approx. EUR 43,000) or up to 20 % of annual turnover for the preceding financial year, whichever is higher.
Individuals engaged in insider dealing or market manipulation may also be criminally liable (with a prison term of five to eight years and a fine).
author: Mina Mihaljčić