The Law on Digital Assets enables the issuing of investment tokens in Serbia, and the central bank expects them to contribute to the financing of starting a business, primarily smaller companies.
The National Bank of Serbia (NBS) says for Tanjug that, in the starting phase of a business, the traditional sources of finance are usually less accessible and they explain that investment tokens are based on real projects in practice.
“Investment tokens are a kind of digital assets that are issued to the end of collecting the funds for the financing of a certain project, which gives the investor certain rights in relation to that project, for example, a share of profit or rights to the products or services of the future project,” the NBS says.
Also, the issuing of investment tokens is usually accompanied by the issuer’s white paper, which matches the prospectus in the issuing of financial instruments in line with the law which regulates the capital market, except that the white paper is issued and published in a simpler procedure than the prospectus.
This makes the issuing of investment tokens an attractive form of financing, especially in innovative startups and small and medium-sized companies.
In line with the Law on Digital Property, the supervisory organ approves the issuing of the white paper for the issuing of digital property. For virtual currencies, the supervisory organ is the National Bank of Serbia (NBS), and for digital tokens, it is the Securities Commission.
The request for the authorization of the issuing of the white paper is filed through the eUprava web portal, and the supervisory body (the Securities Commission in the case of the issuing of investment tokens) decides on the request within 30 days of the submission of a valid request.
The NBS says that there is no limit as to the projects that can be financed through the issuing of investment tokens, as long as they are issued in line with the Law on Digital Property.
The Securities Commission is the line authority for all questions regarding investment tokens and other digital tokens, the NBS notes.
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