Cryptocurrency in Serbia: What the Law Allows and How to Operate Legally

Serbia was among the first countries in Europe to adopt dedicated digital assets legislation. The Law on Digital Assets (Official Gazette of the Republic of Serbia, No. 153/2020) has applied since 29 June 2021. It defines what virtual currencies and digital tokens are, and sets out who may provide services involving them and on what terms.

The practical takeaway for a business owner is simple: crypto sits inside the legal framework in Serbia. You can lawfully sell it, receive dinars into a bank account, and document where those funds came from. But this has to run through a licensed service provider rather than directly.

Below we set out what is permitted, what requires a regulator's authorisation, and how the compliant route looks in practice.

This information is current as of August 2026. Digital asset regulation moves quickly and banking practice moves faster still, so check the current state of the register and confirm the details before any specific transaction.

The Law on Digital Assets: what it covers

The law spans four areas: the issuance of digital assets, secondary trading in them, the provision of services involving them, and pledge rights over such assets. Supervision is split between two authorities: the National Bank of Serbia oversees virtual currencies, while the Securities Commission oversees digital tokens.

The law uses its own terminology. What everyday language calls cryptocurrency the statute calls a virtual currency: a digital record of value that is not issued by and whose value is not guaranteed by a central bank, that does not have the status of money, but that participants in the market accept as a means of exchange.

What is allowed

Holding cryptocurrency and dealing with it. There is no prohibition on ownership.

Selling it and receiving dinars. Through a licensed service provider, with a full set of supporting documents.

Accepting payment in cryptocurrency outside retail. The law expressly prohibits the direct acceptance of digital assets from a consumer by a seller only in retail trade. Between two parties whose dealings do not constitute retail there is no express prohibition, but this calls for caution and a look at the specific arrangement.

Earning income in cryptocurrency from foreign clients and regularising it by selling to a licensed provider. This is the most common scenario among IT professionals and business owners.

What requires a licence

Acting as a digital asset service provider is a licensed activity. The law lists nine such services, and authorisation is required for each one separately: the provider chooses which to apply for. Only advisory services may be offered without a licence.

Two restrictions that are rarely known.

Only a company can be a service provider. A sole proprietor cannot obtain this status.

In retail, cryptocurrency can only be accepted through a licensed provider. The mechanism works like this: the provider receives from the buyer digital assets equal in value to the price of the goods, exchanges them for legal tender, and transfers that amount to the seller's account. The seller receives dinars, not cryptocurrency. Direct acceptance from the consumer is prohibited.

Our partner: the licensed exchange Crypto12

We work with Crypto12, and this is a case where a claim about a licence can be verified in about a minute.

Crypto12 is the brand of VESCON DOO BEOGRAD, company registration number 21281565, tax ID (PIB) 109993864, registered at Carice Milice 2 in Belgrade. The company appears in the Register of Virtual Currency Service Providers maintained by the National Bank of Serbia.

The National Bank of Serbia authorisation was granted by a decision dated 16 December 2022, reference G. br. 12065. It covers five categories of service: receiving, transmitting and executing orders for the purchase and sale of virtual currencies on behalf of third parties; buying and selling virtual currencies for cash, funds in an account or electronic money; exchanging virtual currencies for other virtual currencies or other digital assets; safekeeping and administering virtual currencies on behalf of users; and virtual currency portfolio management.

The Securities Commission authorisation was granted on 17 March 2023, reference 9/1-101-3477/15-21, and covers services involving digital tokens.

In the register entry, the field recording enforcement measures and penalties shows none. You can check the entry yourself on the National Bank of Serbia website, in the Register of Virtual Currency Service Providers.

MAXIMUM is an official partner of Crypto12.

Why the licence matters here. Obtaining authorisation is a long and demanding process: preparing the documentation and having the application decided takes months, and the regulators may return an incomplete application for correction, at which point the clock restarts. There are only a handful of licensed providers in the Serbian market, so for a bank a payment from a company listed in the regulator's register is a clear, verifiable transaction rather than an inflow of unclear origin.

How to convert crypto into dinars legally

The structure we build for clients works as follows.

1. The legal base. A sole proprietorship or a company is registered under a suitable activity code. For IT work, codes from the data processing and information services group are typically used. The code affects both your tax burden and which services you may lawfully provide, so it is worth selecting before registration. More detail in our article on registering a sole proprietorship as a non-resident.
2. Verification with the provider. Registration with Crypto12 as a legal entity or sole proprietor, completion of KYC and AML procedures, submission of the APR registration decision and an identity document. A service agreement is concluded.
3. Selling the asset. The cryptocurrency is transferred to a wallet within the provider's platform and exchanged for dinars.
4. Funds arrive in your account. The money reaches your bank account from a licensed company as a domestic dinar payment, with a payment description reflecting the sale of digital assets. The provider issues a settlement document evidencing the transaction.

The essential difference from trying to receive funds directly from abroad: the bank sees a domestic transfer from a licensed institution accompanied by full documentation, rather than an incoming foreign-currency payment of unclear origin that then has to be explained.

Taxes

For legal entities, the capital gain on a sale of digital assets is determined for each transaction separately, included in taxable profit on an annual basis, and subject to corporate income tax at 15%.

Capital gains may be offset against capital losses, both those arising in the same tax year and those arising within five years of the loss. Capital gains and losses cannot, however, be offset against ordinary operating losses.

An exemption is provided. A capital gain from the sale of digital assets is excluded from the tax base if the proceeds are invested in the share capital of a resident taxpayer, or in an investment fund established under Serbian regulations and carrying on its activity in Serbia. One limitation applies: losses on sales of digital assets can no longer be offset in that case.

VAT. The transfer of cryptocurrency and its exchange for funds under the Law on Digital Assets are not subject to VAT.

For individuals the rules differ, and we deliberately give no rates here: the specifics depend on your status, residency and the nature of your transactions. That is a question for a consultation with an accountant rather than for a one-size-fits-all answer in an article.

What the bank will ask and how the question is closed

Serbian banks look closely at the origin of funds, and requirements tightened further during 2026. Where large amounts arrive, and in property transactions, the source-of-funds question is asked almost every time.

The compliant route answers it with documents: you hold an agreement with a licensed provider, a settlement document for the transaction, and a domestic dinar payment from an institution listed in the regulator's register. There is no need to invent consulting invoices; you state plainly that you earned income in digital assets and sold it.

This is exactly why we insist on getting the structure right before the first transaction, rather than after the bank asks.

I want to set up my own crypto company

That option exists, but assess it soberly.

Service provider status is available only to a company. Registering a company with APR takes about five working days; preparing the documentation for the regulator takes considerably longer, assembling the full package usually stretches over months, and deciding the application can take up to 60 days, with the clock restarting if documents are returned for correction.

State fees are a separate line item. Deciding an application for National Bank of Serbia authorisation alone costs 220,000 RSD, entry in the register 80,000 RSD, and annual supervision 200,000 RSD. Securities Commission tariffs are comparable. On top of that come the software and technical infrastructure, which must already exist when the application is filed, plus lawyers, economists and developers.

Founders, members and employees may be foreign nationals: the law does not prohibit this.

Our honest recommendation: for most purposes you do not need your own licence. Working through an already licensed provider solves the problem faster and at lower cost. If you are genuinely building a crypto business, come and talk to us and we will assess your model and how realistic it is.

Common mistakes

Accepting cryptocurrency directly in retail. In retail this is only possible through a licensed provider.

Bringing money in by transfer from abroad without an explanation. The bank will ask about the origin, and it is better to answer prepared.

Choosing the activity code after registration. It affects your taxes and the services you may lawfully provide.

Assuming that because crypto is not banned, there are no rules. The rules exist and they are detailed.

Working with an unlicensed intermediary. To a bank, such a payment is indistinguishable from an inflow of unknown origin.

Let's look at your situation

We have worked in Serbia since 2020 and helped more than 2,000 people and companies. In digital assets we are an official partner of the licensed exchange Crypto12, and we build the whole structure: from choosing the business form and activity code through to a complete document package that answers the bank's questions.

Come in for a free consultation. We will look at your case, tell you which structure fits, and warn you plainly if there are points in your situation that need separate work with a lawyer or an accountant. Services in this area are described on our finance page, with rates on the pricing page.

Telegram: @maximumnsrs Phone: +381 63 557 887 Novi Sad: Železnička 20, Monday to Friday from 8:00 to 20:00, Saturday from 10:00 to 18:00 Belgrade: Kralja Milana 15a, Monday to Friday from 8:00 to 18:00