Dec 30, 2020 at 10:02 p.m.UTC
Kosovo, Servia (Shutterstock) Serbia Legalizes Digital Assets Trading and Issuance
In a reversal of previous policy, the Serbian government will now permit the issuance and trading of digital assets and related services under a law that went into effect Dec.29.
The draft law was announced in October and local media reported the law was passed by the nation’s legislators in late November.The “Digital Asset Law” officially went into effect Tuesday following its publication in the official gazette, and will be applied six months from now.
Under the new specifications, digital asset service providers in Serbia can operate after “obtaining permission from the supervisory authority.” The country’s Securities Commission and the National Bank of Serbia (NBS) are tasked with supervision and applying the law.
Serbia was not always friendly towards crypto.In 2014, the NBS declared that bitcoin was not legal tender in the country.
The new law comes at a time when Eastern European countries, including Romania and Bulgaria, are expanding their tech industries.Serbia is experiencing a tech boom, with the industry accounting for more than 6% of the country’s GDP.
With the new rules, digital assets can be issued in Serbia with or without an approved white paper, though an asset with an unapproved white paper cannot be advertised in the country and there are limitations on the amount of such assets that can be distributed.
When it comes to trading, digital asset exchanges will need licenses to operate, according to the new law.Secondary trading of digital assets issued in Serbia (with an approved white paper), over-the-counter (OTC) trading and use of smart contracts in secondary trading are also allowed.
The provisions of the new law do not apply to digital transactions that are carried out within a limited network of people accepting digital assets “as a form of loyalty or reward, without possibilities of its transfer or sale.” The law also doesn’t apply to miners, who are permitted to acquire digital assets by mining, according to the law.
However, financial institutions under the supervision of the NSB are still prohibited from engaging with digital assets except in keeping cryptographic keys.They cannot convert their assets to virtual currencies or “instruments associated with digital assets,” provide services related to digital assets or participate in businesses offering such services.
Digital asset service providers are required to request for permission from a supervisory body within the six months before the law is implemented.
Share this: AMD Cites ‘Absence’ of GPU Sales to Crypto Miners in Q1 Estimate news Graphics card maker AMD announced its “highest profitability in [seven] years” Tuesday, but expects its revenue to drop next quarter due at least in part to falling demand from cryptocurrency miners.The company brought in $1.42 billion in revenue last quarter, for a 2018 total of $6.48 billion – well above 2017’s total of… Importer of Bitmain’s Bitcoin Miners Draws Criminal Investigation in Russia news The Russian Federal Customs Service has opened a criminal investigation into an importer of bitcoin miners for potential underpayment of customs fees.The Far-East Trading and Industrial Company, or DTPK, may have failed to pay about $1.2 million on 6,012 Bitmain-manufactured ASIC miners imported from August 2017 to February 2018, according to a search warrant obtained by CoinDesk.… Fidelity Digital Assets Opens to All Qualified Investors news Fidelity Digital Asset Services (FDAS) is “now engaged in a full rollout” of its custody and trading services, expanding from the limited trial users in the platform’s final test stage, according to a Financial Times interview.The business had initially been expected to be open in the first quarter of 2019.In an interview with Fidelity Investments… Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off Feb 27, 2020 at 01:05 UTCUpdated Feb 27, 2020 at 01:32 UTCWater ripple.Credit: ShutterstockThe cryptocurrency markets were shaken yesterday amid a flurry of selling that saw more than $190 million worth of longs and shorts liquidated on well-known derivatives exchange BitMEX.According to data analytics provider Skew, around $6.1 million buy and $190 million sell… Stacks Foundation Will Soon Put Those 100M Tokens to Work Aug 12, 2020 at 21:07 UTCBlockstack co-founder Muneeb Ali speaks at Consensus 2017.(Credit: CoinDesk archives)The Stacks Foundation plans to soon begin awarding grants to Blockstack blockchain projects with its fresh reserve of 100 million Stacks tokens.Grants “will be awarded on a rolling basis,” to developers and researchers iterating on Stacks blockchain 2.0, according… CEO Says BlockFi Is Lending to Crypto Miners as Other Providers Pull Back Apr 9, 2020 at 13:27 UTCUpdated Apr 9, 2020 at 13:43 UTCBlockFi CEO Zac Prince image via CoinDesk archivesCEO Says BlockFi Is Lending to Crypto Miners as Other Providers Pull BackThe CEO of BlockFi said the crypto lending platform is extending credit to miners at a time when competition for their business has eased because… What Indonesia Reveals About Facebook’s Cryptocurrency Ambitions feature Facebook published plans for the Libra cryptocurrency in seven languages, including Indonesia’s Bahasa – a move that offers perhaps the clearest glimpse of what Facebook’s fintech ascent might look like.
“Indonesia has the fourth-highest number of Facebook users in the world,” Pang Xue Kai, co-founder of the Indonesian crypto exchange Tokocrypto, told CoinDesk.“If… UK’s Pensions and Welfare Department Eyes DLT for Faster Payments news To keep up with the changing face of payments, the U.K.’s pensions and welfare division of government, the Department for Work and Pensions (DWP), says it is investigating distributed ledger technology.In a blog post published late last week, Richard Laycock deputy director at the DWP’s Digital Delivery Shared Platforms, said that improvements are planned across… Bitcoin’s Next Halving Rally: Coming Soon in 2019 opinion Pascal Thellman is CMO at Bounty0x, a simple service for earning crypto, and an advisor at PolyGrowth, a crypto PR firm.The following is an exclusive contribution to CoinDesk’s 2018 Year in Review.2012 and 2016: What do they both have in common? Bitcoin underwent what is referred to as the “halving,” where the yearly… Leave a Reply You must be logged in to post a comment.
Search Submit Recent Posts.
