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Open cryptocurrency business in Serbia 2023

Cryptocurrency business in Serbia in 2023

12. 01. 2023

Serbia is one of the most promising European countries for cryptocurrency companies. It has the Law on Digital Assets, which regulates the cryptocurrency market, guarantees safety for investors, allows mining and other types of cryptocurrency activities in Serbia. Not only that, there are dozens of places in the country where you can pay with bitcoins (cafes, medical centers, online store Konzum).

Serbia's Law on Digital Assets: the main points

Serbia is one of the few countries that regulate cryptocurrency activities at the state level. The law defines basic terms (e.g., treats a digital asset as virtual property), and regulates the issuance, trading, and provision of various services related to cryptocurrency activities.

Highlights of the Law:

  • The National Bank of Serbia and the Securities Commission are the supervisory authorities over the cryptocurrency market.
  • Cryptocurrency is not supported by central banks, as in the case of conventional money.
  • Cryptocurrency is not legal tender, so it is up to each entrepreneur to decide whether to accept it as payment. If they agrees, the payment will be automatically exchanged and the legal entity's account will receive dinars. If they received the cryptocurrency from another company, they can keep it without exchanging it for dinars.
  • A legal entity can buy cryptocurrency on an exchange, engage in mining.
  • A company can finance projects by placing and selling tokens.
  • Cryptocurrency services can only be provided by a company that holds a license for this type of activity. Obtaining a cryptolicense in Serbia must be approved by both the National Bank and the Securities Commission.

By passing a law in late 2020, Serbia legalized the mining of cryptocurrencies, including bitcoins (Art. 6, p. 2). Additionally, it stipulated that people who mine cryptocurrencies are free to dispose of them, including selling them without exchanges or intermediaries.


Capital gains tax applies to mining, which has a decisive impact on the profitability of the business. In this case, it is the difference between the creation and the sale of the cryptocurrency, with creation referring to the costs of production (e.g. electricity charges).

Legal entities may not pay value-added tax when selling cryptocurrency. It is important to emphasize that the tax exemption only affects the tax on cryptocurrency trading, but does not apply to digital tokens.

Advantages of mining in Serbia

  • Electricity prices in Serbia are low compared to many Central and Eastern European countries - about 10 cents per kilowatt.
  • Serbia is developing at an accelerated pace in various fields, including IT.
  • The government welcomes foreign investors and gives them subsidies.
  • Any foreigner in Serbia can establish a legal entity (e.g. LLC) and start a business.
  • In Serbia since 2021 the Law on the Use of Renewable Energy Sources is in force, which allows the active development of solar power plants.
  • This opens up great prospects for profitable mining. Plus, solar power plants allow you to produce electricity and sell it.
  • Inexpensive real estate in rural areas (except for regions with fertile agricultural land). This allows you to profitably purchase a large area of real estate, where you can store computers, mining installations, etc.
  • The villages are connected with the cities by good roads, which allows to get quickly to any part of the country.

How to start a crypto business in Serbia

To start a cryptocurrency company in Serbia, contact IT-OFFSHORE team.

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