The authorities and the National Bank of Serbia recognise the potential risks associated with the use of cryptocurrencies, especially non-fiat money, and warn against these risks. However, individuals still have the right to establish convenient forms of legal entities, such as companies or organisations, and to open cryptofunds in Serbia, provided they comply with the requirements and principles established by Serbian law and European regulations.
Preparatory work for applying for a crypto licence in Serbia
When preparing an application for a crypto licence in Serbia, there are several important steps to consider:
- Conducting market research and assessing the potential of cryptocurrency business in Serbia. It is important to study the current market situation, analyse the competitive environment and identify the potential customer base.
- For those wishing to launch a cryptocurrency exchange in Serbia, it is required to develop a detailed business plan, which should include the company's business strategy, revenue and expense projections, and an action plan to achieve the set goals.
- Preparation of necessary financial documents, including accounting reports, information on the company's financial position and other financial documents that may be required in the application process.
- Complying with security requirements. This includes installing appropriate measures and systems to protect cryptocurrency assets from unauthorised access, hacker attacks and other security threats.
These preparations can be useful when you are ready to start the licensing procedure.
Required documents to apply for a licence in Serbia
- Crypto-licence application: A document in which the applicant expresses his/her interest in obtaining a licence and provides basic information about his/her company.
- Elaborate elucidation of the proposed cryptodeed endeavor: A manuscript that furnishes an exhaustive delineation of the envisaged cryptodeed undertaking, encompassing the sorts of amenities or maneuvers the aspirant intends to provide.
- Commercial Schema: Those desiring to inaugurate a cryptotransaction platform in Serbia are obligated to generate a manuscript that furnishes an elaborate delineation of the commercial paradigm, progression tactics, fiscal projections, alongside details concerning the rival milieu and marketing stratagems.
- Documents certifying the legal form and registration of the business: Depending on the form of the company, these may be founding documents, certificate of incorporation and other documents certifying the legal status of the company.
- Information on the owners of the enterprise: Documents containing information about the owners of the company, their identification data, including passport data and information about the share of ownership of the company.
- In case interested persons plan to open a crypto fund in Serbia, it is necessary to submit documents confirming financial reliability and compliance with anti-money laundering requirements. This may include financial reports, bank statements, documents confirming the source of funding and compliance with the requirements for combating money laundering and financing of criminal organisations.
It is important to note that the specific requirements and documents for obtaining a crypto licence in Serbia may change in the future.
Taxes for cryptocurrency organisations in Serbia
The following are examples of tax rates:
- Income tax: Serbia has a flat income tax rate for all companies, including cryptocurrency organisations. For the year 2023, this rate is 15%. It applies to profits generated from cryptocurrency activities after deducting various costs and expenses.
- VAT: Value Added Tax (VAT) is also an important tax aspect for cryptocurrency organisations. The VAT rate in Serbia is 20 per cent for most goods and services. However, it should be noted that applying VAT to cryptocurrencies and related transactions can be complicated due to the nature of the industry. Therefore, those wishing to start a crypto business in Serbia should seek specific advice from tax experts or tax authorities to obtain more precise information on the applicable rates and requirements in this area.
Costs of time to obtain a crypto licence in Serbia
- Preparatory work: This stage can take from a few weeks to several months, depending on the complexity and scope of market research, business plan development and preparation of financial documents. The timeline may also depend on the company's internal processes and deadlines.
- Application: After completing the preparatory work and preparing the necessary documents, those wishing to open a crypto fund in Serbia can apply for a crypto licence. The application processing time depends on the authorities responsible for issuing the licence and may take from several weeks to several months.
- Document verification and compliance: Once the application has been submitted, the regulatory authorities will verify the documents submitted and their compliance with the requirements. This process may take from a few weeks to a few months, depending on the amount of information submitted and the workload of the authorities.
- Application review and licence: After the verification and compliance, the company will receive a crypto licence.
The entirety period assumed to acquire a cryptopermit in Serbia may oscillate from sundry lunations to an annual cycle, contingent upon the intricacy of the progression, the toil of the regulatory overseers, and observance with all prerequisites and formalities.
Minimum capital requirements for opening a cryptocurrency company in Serbia
In accordance with the stipulations, for inaugurating a cryptodeed enterprise in Serbia that aspires to procure a permit to furnish amenities tied to ethereal holdings, it is obligatory to possess a stipulated minimal stock capital. The magnitude of this capital hinges upon the essence of the amenities the enterprise intends to furnish.
If the company intends to provide services related to digital assets, the minimum authorised capital must not be less than EUR 20,000 in terms of Serbian dinars at the official average exchange rate set by the National Bank of Serbia.
Those wishing to start a crypto business in Serbia must comply with legal requirements and good business practices. The Serbian authorities are guided by the regulations adopted in the European Union, including 5AMLD, which deals with combating money laundering and the financing of criminal organisations.
The process of obtaining a cryptocurrency licence in Serbia is multi-stage and requires thorough preparation on the part of companies interested in carrying out cryptocurrency activities. At the beginning of the process, it is necessary to carry out preparatory work that includes market research and assessment of the potential of a cryptocurrency business. This will help determine the main aspects and strategy of the company's activities, as well as develop a business plan describing the strategy and forecasting financial performance.
Next, the company must prepare the necessary documents to apply for a crypto licence in Serbia. This includes providing accounting reports and information about the company's financial situation to convince regulators of its financial strength and ability to comply. Security compliance is also an important aspect of the crypto licence process. Companies must establish appropriate measures to protect cryptocurrency assets to ensure their safety and prevent potential threats.
The precise chronology for each of the phases in the course of acquiring a cryptopermit in Serbia might diverge based on diverse constituents. The intricateness and extent of preparatory labor, the exertion of regulative authorities and observance with all requisites can influence the length of each juncture. Consequently, enterprises ought to be primed that the progression of securing a permit might consume a certain duration and mandates forbearance and conformity.
For those interested in obtaining a full-fledged crypto licence, the option of opening a cryptocurrency company in El Salvador will be interesting. Bitcoin has been recognised as an official currency in this country since 2021. It is worth noting that there are no requirements for authorised capital in El Salvador. Thus, the combination of these and other factors makes El Salvador a rather attractive place to start a crypto business.
Those interested in opening a cryptocurrency company in these and other countries can fill out the contact form. Our lawyers will provide detailed information regarding the nuances of