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Open a Cryptocurrency Company in Serbia

Open a Cryptocurrency Company in Serbia

There is a series of formalities, according to the New Law on Digital Assets (LDA), which allows investors to open a cryptocurrency company in Serbia. Below we present information on how to open a company in Serbia, particularly in the virtual currency sector, with the mention that our company formation agents in Serbia are at your disposal with all the support necessary to initiate this type of business. Also, they will help you with obtaining a crypto exchange license in Serbia.

Who can offer digital assets services in Serbia?

Companies incorporated in Serbia and licensed to provide cryptocurrency services are the only ones recognized as having such activities in this country. With the help of such entities, digital asset exchange, administration, and storage of virtual money can be done. It is good to know that digital asset portfolio management requires a capital of EUR 50,000, while the implementation and organization of a trading platform can be done with a capital of EUR 125,000. We can provide you with more information about activities with digital assets and how a cryptocurrency company can be registered in Serbia.

How you can start a cryptocurrency company in Serbia

Digital assets or virtual currency can have a certain value and can be traded on the exchange market. Practically, they can be sold, bought, or transferred, depending on the needs of the business and the customers. Those who want to open a cryptocurrency company in Serbia must consider some essential formalities. Among them, we list:

  • limited liability company (DOO) must be registered in Serbia.
  • It is necessary to appoint a director and company secretary when you want to open a cryptocurrency company in Serbia.
  • The authorities request the development of a business plan for several years.
  • If you want to make hires in the company, you must prove that the respective employees have the necessary knowledge and experience to work in the virtual currency field.
  • Proof of the financial funds that will enter the company is also required.
  • In order to set up the necessary platforms for trading with digital assets, it is necessary to implement specific software and programs.
  • It is necessary to implement the internal policies in the company, with the help of which you can control the operations with digital assets.
  • Because it is a financial company, you will have to set up an anti-fraud protection system, as well as establish the business risk, if it exists.
  • Before operating on the market, investors must obtain a crypto exchange license in Serbia.

Therefore, if you comply with the formalities mentioned above, you can open a cryptocurrency company in Serbia, without problems and also without restrictions. It is important, however, to have a specialist help you, to be able to comply with the legislation regarding digital assets. We remind you that one of our local agents can help you with company formation in Serbia.

How can I obtain a crypto exchange license in Serbia?

Local and international investors who want to trade virtual currency in Serbia must first obtain a crypto exchange license in Serbia. The National Bank of Serbia is the institution that verifies applications of this kind and provides the necessary approvals, together with the Securities Commission. Here’s what you need to do to get a crypto exchange license in Serbia:

  • In addition to the documents of the cryptocurrency company in Serbia that you have just established, you also need to present a solid business plan.
  • You must provide proof of custody as well as the administration of digital assets on behalf of clients.
  • The authorities also require you to provide proof of a clear criminal record, as well as the fact that the company is registered for paying taxes.

About cryptocurrency taxation in Serbia

Taxation for the cryptocurrency sector in Serbia is done as follows:

  • VAT is applied, except when transferring cryptocurrency into cash.
  • 15% is the capital gains tax.
  • Personal income tax also applies.

The VAT does not apply to specific virtual currencies, such as Bitcoin, due to its status of not being a legal form of payment in Serbia. On the other hand, according to the National Bank of Serbia, digital currencies are considered commodities, and hence the VAT exception for cryptocurrency transactions. There are other exceptions for cryptocurrency companies in Serbia, and here it is about 50% of capital gain taxes for companies that invest their gains in another Serbian enterprise within 90 days.

Digital assets in Serbia explained

To better understand what digital assets mean, you must know that these are defined as specific assets that can be digitally purchased, sold, transferred, or exchanged. Such digital assets can be used as an exchange method for investment functions.

On the other hand, virtual currency is a type of digital asset that is not distributed and whose rate is not warranted by the central bank or other institutions in Serbia. Even so, without the status of legal money, virtual currency is the type of currency accepted for exchange both between entities and between natural persons. Digital money can also be bought, transferred, or sold. We remind here that digital assets are also called cryptocurrency assets, connected to blockchains. You can learn more about how to open a cryptocurrency company in Serbia from our local representatives.

About cryptocurrency law in Serbia

Serbia implemented the Law on Digital Assets in 2021 for the legalization of trading and mining of cryptocurrencies. The same law allows the application and obtaining of authorizations and licenses from the relevant authorities for the operation of such activities in Serbia. It is recommended that those who want to start a cryptocurrency company in Serbia apply at least 6 months in advance for the license, as stipulated by the Digital Assets Law. Let’s review below the authorities in Serbia that control cryptocurrency activities in this country:

  • National Bank of Serbia;
  • Securities Commission in Serbia.

We invite you to learn more about LDA (Law on Digital Assets) in Serbia from our specialists. With the help of our agents in Serbia, you can establish the desired cryptocurrency company in this country, respecting the provisions of the law mentioned above.

Investing in Serbia

Serbia is a country that presents a series of business advantages for those who want to develop their activities and enjoy consistent profits. With a stable economy and optimal business conditions, those interested can work in various fields of interest. Below are some interesting facts and data about Serbia’s economy:

  • In 2023, the GDP growth rate was around 2.5%.
  • Serbia’s exports in 2022 totaled around USD 29.1 billion.
  • As for imports, they had an approximate value of USD 41.1 billion in the same year.
  • In 2021, economic growth was somewhere around 7.4%.

Choose our agents for opening a cryptocurrency business in Serbia

We recommend the complete services that can be offered by our company formation agents in Serbia for those who want to be active in the field of virtual currency. The legislation may seem complex for those who have not been active in this field, therefore, an experienced specialist can provide the necessary support in this endeavor. You can count on professionalism, efficiency, and transparency when you collaborate with us, so don’t hesitate to contact us and find out more about how to set up a company in Serbia.

Besides assistance for opening a cryptocurrency company in Serbia, we also provide other services. For instance, our accountants in Serbia have the necessary experience and can offer personalized services, taking into account the type of business, financial plans, and other relevant aspects. Feel free to discuss further details on this topic with our specialists. Please contact our team of specialists if you want to know more about company incorporation in Serbia, including a cryptocurrency business.