Serbia’s cryptocurrency market has seen a rise in interest and holders have increased to more than 200,000. The country’s decision to legally recognize digital assets this year has also contributed to their increasing popularity.
Serbia is now on the Cryptomap with the Law on Digital Assets
Serbia, which is a country of 7 millions, has been included in the list of countries who view cryptocurrency as an ‘event of the future’ due to its recently adopted regulations. According to local media, around 200K Serbs have one of these coins.
Serbia’s Law on Digital Assets entered into force at the end of June, this year. It recognizes digital assets such as bitcoin. They are digital records of value, which can be bought, sold, transferred and exchanged. According to Ekapija, a business news portal that covers the economy, cryptos are more popular than ever since their adoption.
“Every month this year we have had a serious growth in the purchase and sale of cryptocurrencies,” Marko Zivkovic, director of marketing at the crypto exchange ECD told the Tanjug news agency. “The market in Serbia is definitely growing and we are not lagging behind some developed world markets,” the executive stressed.
A temporary permit allows the crypto trading platform to allow users to sell and buy coins. It’s expecting to obtain permanent authorization from the National Bank of Serbia (NBS) in the first months of next year. Zivkovic points out that the exchange will also be authorized to accept crypto payments.
Malisa Djukic, an economist, commented on the substantial increase in global cryptocurrency market capitalization over the last two-three years. She said that investors of all sizes are increasingly interested in crypto currencies. He also stated that the same holds true for crypto transactions in terms of value and number.
Djukic made a similar observation about the interest in Serbian crypto trading, noting that it has been helped by the passage of legislation that treats cryptocurrencies like assets. Djukic explained that crypto assets can now be recorded on companies’ balance sheets, and they can report any gains or losses. This law has made it possible to tax crypto investments.
Serbia still has much to do in terms of crypto adoption to catch up to the two former Yugoslav republics. According to a report last year, more than 1,000 places in Slovenia that accept various digital currencies are Bitcoin-friendly. A leading Kroatian supermarket chain now accepts crypto payment in its online shop.
Are you optimistic that Serbia will become the next cryptocurrency hotspot of Southeast Europe? Please leave your comments below.
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