The circulation of bitcoin and alternative cryptocurrencies is not legalized; licensed financial institutions are prohibited from conducting operations with them. However, private merchants have the right to trade and exchange cryptocurrencies – “at their risk.”
Despite the unwillingness to officially recognize crypto-money, the Serbian authorities show interest in the blockchain and are ready to use it. The circulation of virtual money is not directly prohibited – it is simply not regulated by law. Given the country’s movement towards integration into the European community, exchanges that would like to obtain a license to exchange cryptocurrencies in Serbia may consider the state as a platform for expanding their business.
How to get started
It is not difficult to register organizations in the Serbian state bodies; individuals and legal entities can establish a business. A form popular with non-residents is DOO, similar to LLC.
Despite the unwillingness to officially recognize crypto-money, the Serbian authoritiesOne or more persons can establish a limited liability company in Serbia. They contribute to such a legal entity and are not responsible for the results of its activities over the number of their investments. The minimum authorized capital required to create such a company is 100 Serbian dinars (about 1 US dollar). Despite the conditions for forming the authorized capital, which are loyal to the business, such capital must be adequate for the intended activities. The company will also need one director and secretary.
Having received a certificate of registration of the company, you should worry about meeting the European requirements for the work of the exchanger. Companies that can obtain a license to exchange cryptocurrencies in Serbia:
- deploy “physical” offices in the country of registration, hire full-time employees and directors with work experience and education in the financial sector;
- prepare a business plan for several years ahead with the justification of funding sources;
- draw up security policies internal control provisions aimed at preventing money laundering and protecting client information;
- collect documents describing the technical and software capabilities of the company, etc.
Compliance issues
The use of a cryptocurrency license in Serbia requires its holder to comply with some mandatory requirements in the field of combating money laundering received from activities that are criminally prosecuted or associated with terrorism, among others:
- drawing up internal policies for monitoring and implementing control over operations with crypto assets;
- development of criteria by which the degree of risk will be assessed in transactions with crypto assets;
- appointment of a person responsible for compliance with applicable regulations in this area;
- identification and collection of customer data;
- monitoring, creation, and storage of all records of ongoing operations;
- providing the regulator with information on activities within the framework of standard reporting procedures, as well as in cases of fixing transactions that may be related to money laundering and terrorist financing;
- regular monitoring of compliance with the norms of relevant legislation within the company;
- organization of training of employees responsible for work on this issue.
“Prifinance” – all services for licensing cryptocurrency business
Serbia is a European state, and it is not superfluous to protect yourself from risks by fulfilling the requirements of EU directives. The company “Prifinance” will help with this. Our experts will simplify and speed up the procedure for obtaining exchange licenses.
We will advise you to draw up an action strategy and select the business jurisdiction, organizational, and tax model.
We will register a company, check, legalize and submit all documentation to government agencies.
Compiling registers to meet the requirements of AML legislation, etc.
You can legally and quickly obtain a cryptocurrency license in an appropriate state and set up business in the selected country with us.
