The law on cryptocurrency is necessary for further digital transformation of Serbia

, News

One of the further steps in the digital transformation of the economic environment in Serbia is the regulation of crypto-property rights in order to improve legal security when trading cryptocurrencies, such as bitcoin, and to protect citizens who invest in this way.
The National Bank of Serbia (NBS) adds that the goal of adopting legal regulations, which will be worked on by representatives of several institutions in the next six months, is primarily to improve legal security in cryptocurrency transactions, protect cryptocurrency investments and improve Serbia’s international position in terms of attractiveness of the business environment related to crypto-property trading.
“One of the further steps in the digital transformation of the economic environment in the Republic of Serbia is the regulation of crypto-property rights,” NBS Vice Governor Dragana Stanic told Tanjug, stating that the Central Bank is an inseparable part of this process.
She reminds that in the previous period, in the process of digitalization, the NBS implemented a number of international recommendations.
“At the suggestion of the Governor of the NBS, this area is already partially regulated in our country, ie in 2017, the international recommendations of the FATF regarding the prevention of money laundering and terrorist financing were implemented in our legal framework,” explains Stanic and adds that since then, cryptocurrencies and platforms for trading virtual currencies under the supervision of the NBS.
Representatives of the blockchain industry in Serbia say that it is important to legally regulate this area because it will enable our companies to stay in the country, that is, not to open their representative offices in other countries.
The Serbian blockchain initiative was created as an association of companies that deal with blockchain, but companies from other areas of business are also members.
Blockchain is a new technology that has made it possible to connect many players in the market without intermediaries.
First, it was done in the financial system with cryptocurrencies, but we see it more and more in other parts of the financial system, supply chain, in the application of software related to digital identity, states the president of the Serbian Blockchain Initiative Ivan Bjelajac.
According to Bjelajc, Blockchain led to the democratization of data in the world.
However, nowhere in the world is this whole area completely regulated by legal solutions.
“It is important that the market in our country is regulated by law so that domestic companies would not open representative offices in other countries that will be the first to regulate this area,” Bjelajac points out.
There is no exact data on how many companies deal with blockchain in our country, the estimate is around 400, but considering that every software company can also deal with this segment, it is possible that this figure is significantly higher.
“It is quite difficult to say how many companies and individuals deal with this technology in the country. Every software company in Serbia can easily enter this sector. I would say that a lot of Serbs and Serbian companies have entered this world, there are a lot of Serbs abroad who deal with blockchain as well as domestic companies.”
He adds that Serbia was one of the pioneers in the application of blockchain technology, and the representatives of this community hope that future legal solutions will bring clear rules in this part of the IT industry, RTV reports.