The Serbian Parliament adopted the brand new Regulation on Digital Belongings (the “Regulation”), which got here into drive on 29 December 2020 and can begin making use of 6 months later, in an effort to convey authorized certainty to what has to date been thought-about a authorized hole. In parallel to the adoption of the Regulation, the Parliament has additionally adopted a set of amendments to tax rules, thereby defining the tax standing of digital belongings.
The Regulation applies to all digital belongings whatever the expertise on which these digital belongings are primarily based, whereby digital (digital) belongings are outlined as a digital file of worth that may be digitally purchased, offered, exchanged or transferred and that can be utilized as a medium of trade or for funding functions (with some exceptions, e.g. notion of a digital asset doesn’t embrace digital foreign money information which can be authorized tender funds and different monetary belongings regulated by different legal guidelines).
There are two kinds of digital belongings below the Regulation: digital currencies and digital tokens. As well as, stabile digital belongings have additionally been acknowledged whereas mining of digital belongings is permitted, however excluded from the scope of software of the Regulation. Nonetheless, subsequent disposal of acquired belongings via mining is topic to the provisions of the Regulation.
Issuance of digital belongings in Serbia is permitted, no matter whether or not white paper for such property has been drafted and/or accepted. Nonetheless, completely different guidelines apply with respect to promoting of the preliminary providing. Particularly, promoting of digital belongings with out an accepted white paper is permitted provided that: (i) it’s in accordance with a by-law of the competent authority, or (ii) it fulfills strict circumstances set out within the Regulation.
Additionally, secondary buying and selling via organized platforms with or with out an middleman is permitted. Such buying and selling could also be facilitated by means of good contracts, to which the Regulation assigns the position of executing, controlling or documenting legally related occasions and actions in accordance with beforehand concluded contracts.
The supply of providers associated to digital belongings is permitted upon acquiring a license from the competent authority. Nonetheless, licensing will not be a requirement for offering advisory providers.
Pledge could also be established over digital belongings and is perfected by inscription in a pledge register saved by a digital belongings service supplier licensed for maintaining a register of pledges on digital belongings. As well as, the Regulation permits the events to enter right into a fiduciary settlement for securing receivables or for different functions laid out in such settlement.
Having in thoughts the above, the Regulation looks as if a welcomed addition to a collection of tech-related rules which intention to offer authorized certainty in transactions which pertain to belongings created by utilizing the brand new applied sciences. Nonetheless, the Regulation additionally raises new questions, primarily associated to its implementation, as blockchain was created with the aim of excluding central and regulatory authorities from its software – we’re very trying ahead to tackling these points head-on with the Serbian tech group so as to guarantee seamless operations regarding digital belongings.