to response the use of cryptocurrency, The national bank of serbia states that the dinar is the legitimate delicate of the nation in agreement with the NBS regulation, and all cash obligations emerging from transactions concluded in that nation are should announced in dinars and settled by implies of dinar-denominated payments. Concurring to the Law on Foreign Trade Operations, payments, collection and transfer among residents and between residents and non-residents are made in dinars, or in foreign currencies decided by the Act. based on Foreign Exchange Type Decisions and Foreign Cash To Be Purchased and Sold on the Foreign Exchange Market, banks and licensed exchange dealers may buy and sell foreign money only in the currency stipulated by the Decision, meaning bitcoins that are not legal tenders in the Republic of Serbia cannot be sold by any licensed bank and exchange dealer in serbia. There is no legal protection mechanism regarding the use of cryptocurrencies in Serbia, so investing in bitcoin and other similar virtual currencies that are not issued or supported by the Serbian central bank is risky and could result in financial losses. Anyone involved in this, whether individual or organization or other activity involving virtual currencies does so at their own risk and responsibility, without interference from the Serbian central bank. Virtual currency- related business operations are currently regulated in Serbia only in terms of implementing the Prevention of Money Laundering and Terrorist Financing Act only, with the Serbian National Bank in charge of overseeing the enforcement of this law. so doing transactions with blockchain technology is not illegal, but it is also not recognized by the current regulatory or legal framework in Serbia.
More and more Serbian IT companies are doing transaction in cryptocurrency in blokchain frameworks, to support the improvement of the industry, there must be legitimate certainty. Those who do commerce with virtual resources trust that their commerce will be encouraged altogether after the selection of their respective laws. In expansion, the Serbian Government has recognized blockchain innovation as the speediest developing department of the IT segment in Serbia. Subsequently, Serbia would like to propose a few of the taking after arrangements :
1. Create the Serbian Blockchain Initiative
Make the Serbian blockchain activity as an affiliation of companies managing with blockchain. These new directions will move forward environmental security for those businesses and will give additional incentives to contribute in blockchain companies, which is able contribute to their advancement and competitiveness within the world market. NBS
within the specified manner, to screen their commerce, to make marker records for known people and existing transactions for doubt of cash laundering or terrorist financing, to structure suitable inside activities, keep fitting records, yield data, information and documentation to the Directorate of Cash Laundering Avoidance , etc.
2. Cryptocurrency Exchange License
Taking into consideration the country's development towards integration into the European community, trades wishing to report licenses for cryptocurrency trades can respect the nation as a stage for trade dispatches. The Commission will permit the specialist giving proficient administrations in association with the crypto resource, and the backer of the crypto asset will be required to create an agreement with the agent. In expansion, agents will prompt distributers on their commitments, speak to them some time recently administrative specialists and yield essential reports to administrative specialists, etc. Operators will have an vital part to play in anticipating cash laundering and financing terrorism.In addition, the commission will moreover allow cryptocurrency licenses to companies that have arranged commerce plans for the past few years with the substance of financing sources, have workplaces within the locale of the nation of enrollment and utilize full-time workers and chiefs with experience and education within the field of finance, have drafted security policies, internal control directions pointed at cash laundering avoidance and client data assurance, appointed officers mindful for compliance with AML measures , collect archives portraying the company's specialized capacity and computer program, etc.
In spite of the fact that gracious law in Serbia doesn’t unequivocally approve the utilize of cryptocurrency, cryptocurrencies can qualify as intangible assets from a Serbian civil law perspective. thus, through the solutions made by Serbia, in this way,cryptocurrency is no different from ordinary assets and can be included in estate planning and successfully.
Bibliography
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