There are now nearly 200,000 cryptocurrency owners in Serbia, as the interest in these virtual currencies is rising, along with the growing crypto markets. The decision of Serbia to legally recognize digital assets this year has also played a role in giving their popularity a boost. The genuine interest of investors and the regulations that were recently adopted in the country has added this nation, located in Southeast Europe with a population of 7 million, on the list of countries that consider crypto a thing of the present. According to the local media reports, more than 200,000 people in Serbia own one crypto or the other.
This year, at the end of June, Serbia had put the Law on Digital Assets into effect in the country. This law recognizes cryptocurrencies, such as bitcoin as virtual assets. The provisions in the legislation have defined these virtual assets as digital records of value that people can buy, sell, exchange or transfer. There has been an increase in the number of Serbs holding cryptocurrencies after it was adopted in the country. Crypto exchange ECD’s director of marketing, Marko Zivkovic, said that their platform had experienced some serious growth in the sale and purchase of cryptocurrencies in every month of the year.
He went on to say that the global crypto market was growing rapidly and Serbia was certainly not lagging behind some of the other developed markets where the crypto space is concerned. A temporary permit has been issued to the crypto trading platform and this enables the users to buy and sell the coins of their choice. The platform is planning on securing a permanent permit in the initial months of the next year from the National Bank of Serbia (NBS). According to Zivkovic, once the exchange manages to secure its full license, it will also be able to start processing crypto payments for goods and services.
Malisa Djukic, an economist, highlighted the prominent increase in the global crypto market’s capitalization in the last two to three years. The economist commented that this growth has resulted in an increase in interest in the digital currencies amongst small and large investors alike. He added that the same was applicable in the case of value and the number of crypto transactions. Djukic said that a similar trend could be seen in the interest of people in crypto trading in Serbia. He said that the legalization of crypto had certainly helped in promoting this trend.
He elaborated that the law had established a legal basis that allows crypto companies to record their crypto holdings on their balance sheets and they are also able to report profits and losses that are a result of related transactions. In addition, this has also provided the government with the opportunity of taxing crypto investments. Of course, there is still a lot of ground that Serbia has to cover when it comes to crypto adoption, if it hopes on catching up with other countries. A report from the previous year disclosed that there were 1,000 locations in Slovenia that accept different digital currencies.