Serbia: The digital property law in force
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The Digital Property Law is the first law of the Republic of Serbia that regulates the field of digital property in Serbia and establishes a legal framework for digital businesses and digital property trading.
The law entered into force on June 29 and regulates:
- digital property issuance and secondary digital property trading in the Republic of Serbia
- provision of services relating to digital assets.
- lien and fiduciary right over digital property.
- the competence of the Securities Commission and the National Bank of Serbia.
- control of the application of this law.
The Serbian government has recognized the need to encourage the national IT sector and improve the business environment.
With the adoption of the said law, Serbia is among the first countries in the world to create a regulatory framework for digital property. A clear framework has been established and legal certainty has been ensured for investors and users of digital assets
The new digital property law will allow Serbia to keep pace with the development of IT technologies and changes in the digital world.
The implementation of the digital property law will enable the development of the capital market using digital technology. It will also strengthen the framework for combating abuse in the digital property market, as well as against money laundering and terrorist financing.
The law creates the institute of “white paper”, which, in accordance with international practice, is a document that the issuer is required to publish and which contains information enabling investors to make investment decisions and assess investment risks. in digital assets.
With regard to providers of services related to digital assets, the law introduces the licensing institute, as well as the minimum share capital that a company is required to have when applying for a license to provide related services. to digital assets.
The mandatory amount of founding capital of companies wishing to provide services related to digital assets, is prescribed by law and in the range of â¬ 20,000 to â¬ 125,000.00, depending on the type of service. The minimum share capital can be monetary and non-monetary, but at least half of the share capital must be subscribed and paid in cash.
The National Bank of Serbia and the Securities Commission are designated as supervisory bodies in the law on digital assets.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
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