19/02/2025
The NBS reminds the public that the Law on Digital Assets has been applied in the Republic of Serbia since June 2021 and that it introduced mandatory licensing of all companies intending to provide digital asset services (virtual currencies and digital tokens) in our country. Providing virtual currency services without a licence from the NBS is considered unauthorised and not allowed under the Law on Digital Assets. It also constitutes a criminal offence under the Criminal Code. According to the Law on Digital Assets, virtual currency services cannot be provided through a branch or representative office of a foreign company, nor can a foreign company have any commercial presence in the Republic of Serbia if there are indications that the target market for the company is the Republic of Serbia and that the services are intended specifically for Serbian citizens. This includes websites in the Serbian language containing contact information for Serbian citizens, the installation of crypto ATMs in Serbia, advertising in local media, etc. A foreign company intending to provide virtual currency services in Serbia must first establish a company in Serbia and submit to the NBS a relevant application for a licence.
Since the start of implementation of the Law on Digital Assets, the NBS has continuously conducted supervision of unauthorised provision of virtual currency services with a view to preventing unauthorised activities in our country and protecting citizens from potential fraud and has taken appropriate measures and actions to that effect. Based on the conducted supervisions, the NBS hereby warns citizens about the unauthorised provision of virtual currency services through the websites https://teslacryptocap.com and https://teslacrypto.me, owned by the company “Tesla Trade” d.o.o. Bijeljina, which does not have a licence to provide virtual currency services in Serbia. Although these websites are seemingly intended for citizens of Bosnia and Herzegovina, they also advertise as “cryptocurrency exchange offices in Serbia” and contain contact numbers for users from Serbia. The NBS informs the public that it has taken measures within its legal authority and initiated appropriate procedures against individuals engaging in these unauthorised activities in our country.
Performing virtual currency transactions through companies which are not licensed by the NBS and which knowingly circumvent Serbian regulations with the intention of acquiring unlawful financial gain at the expense of citizens’ assets can be highly risky and result in the loss of all invested funds. The NBS generally advises citizens not to invest in virtual currencies or engage in any transactions involving virtual currencies due to the large fluctuations in their value and the fact that they are neither issued nor is their value guaranteed by the central bank or any other public authority. If citizens still decide to take this risk, the NBS advises that transactions with virtual currencies be carried out through companies licensed by the NBS to provide virtual currency services. Information about these companies is publicly available on the NBS’s website.
NBS
