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Draft of the Law on Digital Assets

The Ministry of Finance of the Republic of Serbia, in October 2020 launched a consultation related to a draft of the Law on Digital Assets (the “Draft Law”).

The Draft Law is aimed at positioning the Republic of Serbia as one of the leaders in Southeast Europe in digitalization and financial technologies.

The Draft Law provides, inter alia, for the regulation of the issuance of digital assets and secondary trading in digital assets in of Serbia; the provision of services related to digital assets; and the possibility of establishing a pledge on digital assets.

A digital asset is defined as any virtual asset, i.e. a digital record of value that can be digitally bought, sold, exchanged or transferred, and which can be used as a means of exchange or investment, all through a digital assets trading platform. Additionally, digital assets do not include digital records of the currency that is a legal tender, and other financial assets that are regulated under other laws.

When issuing digital assets, a White Paper shall be published. The White Paper is a document that contains information on the issuer of digital assets; information on the digital assets; and the risks associated with the digital assets. The purpose of this document is to provide investors with the best possible information when making an investment decision.

It seems that the ultimate goal of the Draft Law is to give entrepreneurs easier access to innovative financial products, improve liquidity and give access to the digital assets markets.

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