In Serbia, trading in cryptocurrencies and digital tokens, as types of digital assets, is expected to be enabled in six months, according to the draft Digital Asset Law.
This draft law was approved in principle yesterday by the Parliamentary Finance Committee, along with several financial and tax bills that will be a subject of a public debate today in the Serbian parliament.
Digital resources are a digital record of values that can be bought, sold, exchanged or transferred digitally, explained Deputy Minister of Finance, Filip Sanovic.
Digital assets can also be used as a medium of exchange or for investment purposes. Virtual currency does not have the legal status of money or currency, but individuals or legal entities accept it as a medium of exchange and it can be bought, sold, exchanged, transferred and stored electronically.
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The proposed law, Sanovic says, follows international practice on defining terms within cryptographic resources and describes the types of services related to digital property. The new solutions introduce the so-called “white paper,” which is in line with international practice and is published when digital assets are issued.
Sanovic explains that the paper contains data on the issuer of digital assets, digital assets and risks associated with digital assets and allows investors to make an investment decision and assess the risks associated with the investment.
He went on to say that the law how a platform for trading of digital properties should be organized and the conditions under which trading on them is allowed.
A license will be required for providers of services related to digital property, as well as a minimum share capital that the company is obliged to have when applying for a license in order to perform services related to digital property. Sanovic added that a registry of privileges on the digital property will be made too.
The law, he adds, also prescribes penalties for offences and the type and amount of penalties related to digital property.
(eKapija, 14.12.2020)
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