Crypto Licenses in Serbia vs. VASP Licenses in the EU

This section outlines the key differences and advantages that Serbia offers compared to the EU’s VASP (Virtual Asset Service Provider) regimes.

1. Single License for All Activities (Concentrated Jurisdiction)

In Serbia, a single license is issued by the National Bank of Serbia (NBS) or the Securities Commission (KHOV) for various activities, including:

• Buying and selling digital assets (crypto-fiat and crypto-crypto)

• Custody services

• Organizing trading platforms

• Issuing tokens

• Transfer and exchange services

In contrast, the European Union regulates these activities in a partial and fragmented manner. Different countries have their own regulatory frameworks (e.g., Lithuania, France, Estonia). Furthermore, until the Markets in Crypto-Assets (MiCA) regulation comes into effect in 2025, there is no harmonized licensing process in practice across the EU.

Advantage in Serbia: A clear and centralized license that allows multiple activities to be managed in one location.

2. Lower Regulatory Costs and Simpler Procedures

• The licensing process in Serbia is generally less formal and often quicker than in most EU countries.

• On average, the costs for advisors, document preparation, and IT systems are lower.

Advantage in Serbia: Lower costs for entry and maintenance of a license.

3. Capital Gains and Dividends Tax Serbia has a clearly defined tax policy:

• Capital gains for individuals are taxed at 15%.

• There are tax exemptions if gains are reinvested in startups or the economy.

• Dividend tax is also 15% for both residents and non-residents (with the possibility of applying double taxation treaties).

Advantage in Serbia: Taxes are transparent and relatively low compared to countries like France, Italy, and Spain.

4. Benefits of Hiring IT and Crypto Professionals in Serbia

• Serbia boasts a pool of high-quality, affordable IT talent.

• There are tax incentives available for hiring highly educated foreign professionals and returnees.

• The country has a growing practice of employing freelancers and foreign experts.

Advantage in Serbia: Technically and regulatory open market for crypto product development.

Why Choose Serbia?

Serbia is an attractive option if you are looking for:

• A clear licensing process for crypto services,

• Lower taxes and operational costs,

• A focus on product development, tokenization, and blockchain solutions,

• Strong collaboration with traditional banks.