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Serbia was among the first European countries to establish a legal framework for cryptocurrency. Yet five years after the law took effect, the country has just two licensed crypto exchange providers, while most traders have turned to overseas platforms.
Crypto is primarily used by young tech professionals and freelancers. Businesses use it mainly to settle payments with foreign clients, while much of the wider public associates it with high-profile Ponzi schemes. Meanwhile, Belgrade has emerged as an important hub for Ethereum development.
The BitOK editorial team examined how Serbia’s crypto market works: who regulates it, where the government stands on digital assets, how AML requirements are enforced, how many people actually own crypto, and where they buy and spend it.
Crypto is primarily used by young tech professionals and freelancers. Businesses use it mainly to settle payments with foreign clients, while much of the wider public associates it with high-profile Ponzi schemes. Meanwhile, Belgrade has emerged as an important hub for Ethereum development.
The BitOK editorial team examined how Serbia’s crypto market works: who regulates it, where the government stands on digital assets, how AML requirements are enforced, how many people actually own crypto, and where they buy and spend it.
Contents:
- Political Landscape and the Government’s Position
- Regulatory Framework
- Cryptocurrency AML Regulation in Serbia
- What AML Requirements Apply?
- How AML Supervision Works in Practice
- How Many People in Serbia Own Cryptocurrency?
- Who Buys Crypto—and Why?
- Age Profile of Crypto Users
- Crypto as a Store of Savings
- Popular Crypto Exchanges
- Local Crypto Exchange Providers
- Cryptocurrency in Business
- What Can You Buy With Cryptocurrency in Serbia?
- Cryptocurrency in Cross-Border Business
- Scams and Public Skepticism
- Education and Talent
- Serbia’s Role in the Global Crypto Industry
- Conclusion
Political Landscape and the Government’s Position
Political Landscape and the Government’s Position
Serbia underwent a change in leadership in October 2026. Aleksandar Vučić, who had served as president since 2017, resigned on September 27, 2026. Following his resignation, he headed the ruling Serbian Progressive Party (SNS) list for the snap parliamentary election on October 25, with his sights set on becoming prime minister.
Presidential duties passed to parliamentary speaker Ana Brnabić. An early presidential election is expected before the end of 2026.
The SNS’s main challengers are the student-led anti-corruption movement Students Win and the pro-Western European Serbia coalition.
The government’s approach to crypto is pragmatic rather than enthusiastic. The Law on Digital Assets was adopted under Brnabić, a business-minded technocrat. It was presented as a way to bring order to the market and protect consumers, not as an effort to promote cryptocurrency adoption.
The National Bank of Serbia (NBS) has maintained a conservative stance. In the regulator’s view, crypto does not perform the functions of money and cannot be regarded as a store of value.
Since the law came into force, the regulator has initiated proceedings against 38 market participants operating without a license. Serbian authorities generally avoid public discussion of cryptocurrencies.
Presidential duties passed to parliamentary speaker Ana Brnabić. An early presidential election is expected before the end of 2026.
The SNS’s main challengers are the student-led anti-corruption movement Students Win and the pro-Western European Serbia coalition.
The government’s approach to crypto is pragmatic rather than enthusiastic. The Law on Digital Assets was adopted under Brnabić, a business-minded technocrat. It was presented as a way to bring order to the market and protect consumers, not as an effort to promote cryptocurrency adoption.
The National Bank of Serbia (NBS) has maintained a conservative stance. In the regulator’s view, crypto does not perform the functions of money and cannot be regarded as a store of value.
Since the law came into force, the regulator has initiated proceedings against 38 market participants operating without a license. Serbian authorities generally avoid public discussion of cryptocurrencies.
Regulatory Framework
Regulatory Framework
The Law on Digital Assets has been in force since 2021. Oversight is divided between the NBS, which supervises virtual currencies, and the Securities Commission, which regulates digital tokens.
The main rules are as follows:
The main rules are as follows:
- Service providers must be registered in Serbia and hold a domestic license;
- Foreign companies cannot operate through a local branch if Serbia is their target market;
- Banks and other NBS-supervised institutions may not hold cryptocurrencies or provide related services; they may only safeguard customers’ cryptographic keys;
- Cryptocurrency is classified as property, not a means of payment.
Individuals and businesses are subject to the same tax framework:
Tax collection remains limited. In the first 18 months, the tax authority issued 129 capital gains tax assessments relating to crypto and collected 84.4 million dinars—less than $1 million.
Since May 5, 2026, the NBS and 18 of Serbia’s 19 banks have supported euro transfers through SEPA, making it easier to fund overseas exchange accounts. As an EU candidate country, Serbia is also aligning its legislation with the DAC8 directive, which provides for the exchange of crypto-asset user information among tax authorities.
Since May 5, 2026, the NBS and 18 of Serbia’s 19 banks have supported euro transfers through SEPA, making it easier to fund overseas exchange accounts. As an EU candidate country, Serbia is also aligning its legislation with the DAC8 directive, which provides for the exchange of crypto-asset user information among tax authorities.
Cryptocurrency AML Regulation in Serbia
Cryptocurrency AML Regulation in Serbia
Serbia applies anti-money laundering (AML) obligations not only to banks but also to crypto businesses. Exchanges and other licensed virtual asset service providers (VASPs) must verify customers, monitor suspicious activity and comply with financial sanctions.
The framework is based on FATF standards. In the latest MONEYVAL report, Serbia was rated Largely Compliant with Recommendation 15, which addresses the risks associated with new technologies, including cryptocurrencies. However, assessors classified the money-laundering risk in the crypto-services sector as medium-high.
What AML Requirements Apply?
Licensed crypto providers must comply with the following rules:
The framework is based on FATF standards. In the latest MONEYVAL report, Serbia was rated Largely Compliant with Recommendation 15, which addresses the risks associated with new technologies, including cryptocurrencies. However, assessors classified the money-laundering risk in the crypto-services sector as medium-high.
What AML Requirements Apply?
Licensed crypto providers must comply with the following rules:
- KYC (Know Your Customer). Users must be identified regardless of transaction value. For corporate customers, providers must verify the legal entity, its representatives and its beneficial owners.
- Transaction monitoring. Providers must detect suspicious activity, assess customer risk and report suspicious transactions to Serbia’s Administration for the Prevention of Money Laundering (APML).
- Travel Rule. Transfers between crypto service providers must include information about the sender and recipient, including their names, addresses, and relevant wallet addresses or transaction identifiers.
- Sanctions screening. Crypto services must screen customers against applicable sanctions lists and take the asset-freezing or transaction-blocking measures required by law.
- Recordkeeping. Customer, business relationship and transaction records must be retained for at least ten years, in accordance with statutory retention periods.
The law also restricts licensed providers from dealing in anonymous crypto-assets and privacy-enhancing tools, including mixers.
How AML Supervision Works in Practice
How AML Supervision Works in Practice
The NBS and the Securities Commission oversee compliance within their respective areas of responsibility. Since 2023, regulators have conducted inspections of licensed crypto businesses.
According to MONEYVAL, the Council of Europe’s anti-money laundering and counter-terrorist financing monitoring body, supervisors imposed fines totaling approximately €74,600 on crypto providers in 2023–2024. Four on-site inspections were recorded. The NBS also approved only two of the nine crypto-provider license applications it reviewed.
MONEYVAL experts note that crypto companies’ internal AML controls are still at an early stage of development. In particular, providers need to improve how they assess risks associated with self-hosted wallets and crypto-to-crypto exchanges.
That leaves Serbia in a contradictory position. The state has established a fairly detailed AML regime but supervises only a handful of domestic crypto businesses. Many users continue to rely on foreign platforms, and the existence of rules alone does not ensure that high-risk funds are kept out of circulation.
MONEYVAL experts note that crypto companies’ internal AML controls are still at an early stage of development. In particular, providers need to improve how they assess risks associated with self-hosted wallets and crypto-to-crypto exchanges.
That leaves Serbia in a contradictory position. The state has established a fairly detailed AML regime but supervises only a handful of domestic crypto businesses. Many users continue to rely on foreign platforms, and the existence of rules alone does not ensure that high-risk funds are kept out of circulation.
How Many People in Serbia Own Cryptocurrency?
How Many People in Serbia Own Cryptocurrency?
There is no single official figure, and estimates vary widely.
A realistic estimate is between 150,000 and 300,000 people out of a population of almost 6.6 million. Many more have had some contact with the industry. According to figures cited by the tabloid Kurir, more than a third of Serbians have engaged with cryptocurrencies in some form. That broad definition covers everything from buying crypto to simply following industry news.
According to the World Bank’s Global Findex, 17% of Serbian adults do not have an account at a financial institution. This is traditionally seen as a potential driver of crypto adoption, since many people view digital assets as an alternative to conventional banking services.
According to the World Bank’s Global Findex, 17% of Serbian adults do not have an account at a financial institution. This is traditionally seen as a potential driver of crypto adoption, since many people view digital assets as an alternative to conventional banking services.
Who Buys Crypto—and Why?
Who Buys Crypto—and Why?
Users broadly fall into three groups:
- Young people and IT professionals who use crypto for cross-border payments. Freelancers often prefer to receive payments from EU and US clients in USDT or ETH because it can be faster and cheaper than a bank transfer. Tech workers earning 200,000–500,000 dinars a month (approximately €1,700–€4,300) also make active use of crypto cards;
- Small retail investors who favor Bitcoin and Ether and rarely venture into altcoins;
- Victims of Ponzi schemes, for whom the word “cryptocurrency” has become synonymous with fraud.
Age Profile of Crypto Users
Age Profile of Crypto Users
There are no representative studies on the age distribution of Serbian crypto users, only qualitative estimates. The available sources agree that younger adults form the market’s core.
Young people’s interest in cryptocurrency may be explained by their perception of it as part of the digital economy and an alternative to conventional savings. They are also interested in NFTs, DeFi and trading.
Older generations are barely represented in Serbia’s crypto industry. According to legal experts, attracting them would require a network of crypto ATMs comparable in availability to traditional bank ATMs.
Young people’s interest in cryptocurrency may be explained by their perception of it as part of the digital economy and an alternative to conventional savings. They are also interested in NFTs, DeFi and trading.
Older generations are barely represented in Serbia’s crypto industry. According to legal experts, attracting them would require a network of crypto ATMs comparable in availability to traditional bank ATMs.
Crypto as a Store of Savings
Crypto as a Store of Savings
Unlike in Turkey or Argentina, cryptocurrency has not become a major hedge against inflation for Serbians. The dinar is effectively pegged to the euro and has hovered around 117 dinars per euro for years.
Euro to Serbian dinar exchange rate. Source: TradingView
Dinar savings outperformed euro savings in 99% of the periods over the past 12 years. Even so, many Serbians keep their savings in euros, mindful of the hyperinflation of the 1990s.
Here is how Serbians prefer to store their savings:
By the end of 2025, household foreign-currency deposits had reached €16.2 billion, while dinar deposits stood at 206.2 billion dinars, or roughly €1.75 billion. Memories of inflation drive only a small share of people toward crypto.
Dinar savings outperformed euro savings in 99% of the periods over the past 12 years. Even so, many Serbians keep their savings in euros, mindful of the hyperinflation of the 1990s.
Here is how Serbians prefer to store their savings:
Savings vehicle | Share who consider it the safest |
Real estate | 22% |
Cash kept at home | 21% |
Bank deposits | 20% |
Cryptocurrency | Not included in the survey |
By the end of 2025, household foreign-currency deposits had reached €16.2 billion, while dinar deposits stood at 206.2 billion dinars, or roughly €1.75 billion. Memories of inflation drive only a small share of people toward crypto.
Popular Crypto Exchanges
Popular Crypto Exchanges
Most trading takes place on international exchanges without Serbian licenses, including Bybit, Binance, Kraken, OKX and Coinbase. They technically serve Serbian customers from abroad, since the law prohibits them from opening local branches.
Why do users choose these platforms?
Why do users choose these platforms?
- Binance — the deepest liquidity and SEPA funding options; it tops most exchange rankings;
- Bybit — more than 2,800 assets, a flat 0.1% spot trading fee and copy trading; Serbia is not on its list of restricted jurisdictions;
- Coinbase — has supported Serbia since 2019, but without local fiat payment channels; users fund their accounts by transferring USDC from another platform.
The main drawback of foreign exchanges is the lack of domestic legal protection in a dispute. When choosing a platform, Serbians look at whether it supports dinar deposits, potential restrictions on cards issued by certain banks, and the exchange’s reputation.
Local Crypto Exchange Providers
Local Crypto Exchange Providers
Just two licensed crypto exchange providers operate nationwide: ECD and Crypto12. Both licenses were issued on December 16, 2022, around 18 months after the crypto law entered into force. The regulator spent more than a year reviewing applications, and only these two companies met all the requirements.
The two providers act as a bridge between international crypto exchanges and dinar-denominated bank accounts. Crypto ATMs have been installed in shopping centers in Belgrade and Novi Sad since the early 2020s, but there are few of them and transaction volumes are small.
ECD | Crypto12 (Vescon) | |
Background | Founded in 2012; the country’s oldest provider | Entered the market shortly before receiving its license |
Fees | From 0.95% when buying with dinars; from 0.85% for swaps | Not publicly disclosed |
Key features | Operates crypto ATMs; also licensed by the Securities Commission since March 2023 | Licensed to manage digital-asset portfolios |
The two providers act as a bridge between international crypto exchanges and dinar-denominated bank accounts. Crypto ATMs have been installed in shopping centers in Belgrade and Novi Sad since the early 2020s, but there are few of them and transaction volumes are small.
ECD crypto ATMs in Belgrade. Source: ECD
Unlicensed exchangers vastly outnumber licensed ones. Options can be found through aggregators such as BesChange, which lists services offering USDT-to-cash-euro conversions and the reverse.
Unlicensed exchangers vastly outnumber licensed ones. Options can be found through aggregators such as BesChange, which lists services offering USDT-to-cash-euro conversions and the reverse.
Cryptocurrency in Business
Cryptocurrency in Business
Direct cryptocurrency payments at retail outlets are prohibited. Merchants must use a licensed intermediary, but neither of Serbia’s two licensed exchange providers has obtained authorization to offer that service.
What businesses are allowed to do:
What businesses are allowed to do:
- Companies may purchase crypto, hold it on their balance sheets and treat it as an investment (accounted for as an intangible asset under IFRS);
- The Law on Digital Assets mentions the possibility of paying salaries in crypto, but the Labor Law requires wages to be paid in dinars, so the option is rarely used in practice.
What Can You Buy With Cryptocurrency in Serbia?
What Can You Buy With Cryptocurrency in Serbia?
The short answer: almost nothing officially, but quite a lot informally. Before the law was adopted, the market developed organically. In 2017, a handful of Belgrade restaurants let customers pay for meals in Bitcoin through an app, while the restaurants received dinars from an intermediary at the end of each month.
By 2020, ECD had introduced a crypto payment solution at about a dozen venues, including cafés and private medical centers. This ceased to be possible in 2021. The NBS maintains that merchants must use an intermediary licensed to accept virtual currencies—and, as noted earlier, no provider holds such a license. The rule applies to all goods and services, including real estate.
In practice, Serbians work around the restrictions in several ways:
By 2020, ECD had introduced a crypto payment solution at about a dozen venues, including cafés and private medical centers. This ceased to be possible in 2021. The NBS maintains that merchants must use an intermediary licensed to accept virtual currencies—and, as noted earlier, no provider holds such a license. The rule applies to all goods and services, including real estate.
In practice, Serbians work around the restrictions in several ways:
- Visa and Mastercard crypto cards issued by foreign providers. To merchants, these look like ordinary card payments; conversion takes place on the issuer’s side.
- Private purchases and sales settled in crypto. People use this route for cars and real estate. Having learned from past experience, buyers also check the AML risk of the coins using services such as BitOK.
- Overseas online services that accept crypto directly. These include betting operators that fall outside Serbian regulation.
Crypto ATMs, including ECD machines, allow users to buy and sell cryptocurrency for cash dinars, although they must first have a verified account with the exchange provider.
ECD hopes Serbians will soon be able to pay for dinner at a restaurant or book a vacation using crypto, as people already can in neighboring countries.
Serbia illustrates how passing a cryptocurrency law can narrow, rather than broaden, the ways in which crypto can be used in everyday life.
ECD hopes Serbians will soon be able to pay for dinner at a restaurant or book a vacation using crypto, as people already can in neighboring countries.
Serbia illustrates how passing a cryptocurrency law can narrow, rather than broaden, the ways in which crypto can be used in everyday life.
Cryptocurrency in Cross-Border Business
Cryptocurrency in Cross-Border Business
This is the main practical use case for businesses. Serbian IT service exporters agree with foreign clients to exchange services for digital assets, receive USDT within minutes, sell it to a domestic exchange provider and have the dinars credited to their company accounts. The arrangement helps them avoid slow SWIFT transfers from countries where banks demand extensive documentation.
Legally, the arrangement is structured as barter rather than payment, and only where the buyer is a foreign company and the seller is Serbian.
Crypto settlements between two Serbian companies remain a legal gray area because they may conflict with foreign-exchange legislation.
Market participants say EU importers increasingly pay in USDT or BTC, but there are no official statistics on these transactions.
Legally, the arrangement is structured as barter rather than payment, and only where the buyer is a foreign company and the seller is Serbian.
Crypto settlements between two Serbian companies remain a legal gray area because they may conflict with foreign-exchange legislation.
Market participants say EU importers increasingly pay in USDT or BTC, but there are no official statistics on these transactions.
Scams and Public Skepticism
Scams and Public Skepticism
Serbia has not developed a distinct crypto meme culture, but pyramid schemes have inspired plenty of dark humor. Several cases have become notorious:
- YouTuber Baka Prase, who has over a million Instagram followers, promoted Qubittech, a pyramid scheme promising 250% returns.
- Kangaroo Treasure reportedly left around 100,000 people out of pocket, according to victims’ estimates. Many had taken out loans. The scheme was coordinated through Telegram. Before disappearing, its organizers demanded a 43% “tax” on withdrawals.
- Belgrade-based call centers scammed investors in Germany and other countries. German investigators estimate losses of at least €300 million.
In 2021, Serbia extradited its citizen Antonije Stojilković to the United States, where prosecutors in Texas accused him of a $70 million fraud. His group of more than ten people operated over 20 fake investment websites offering binary options and Bitcoin mining investments, including Options Rider, Dragon Mining and BTC Mining Factor. Victims were promised returns of up to 80% per trade and the chance to buy Bitcoin at half price. The scammers displayed fake account dashboards showing rising profits and even held video calls with fictitious executives. Several accomplices were arrested in Belgrade in July 2020.
One market participant captured the prevailing attitude in an interview with the BBC, claiming that 90% of everything crypto-related in Serbia is a scam.
There is also the case of Do Kwon, founder of the collapsed Terra project. South Korean prosecutors claimed in late 2022 that he was hiding in Serbia. He was arrested in neighboring Montenegro in March 2023.
One market participant captured the prevailing attitude in an interview with the BBC, claiming that 90% of everything crypto-related in Serbia is a scam.
There is also the case of Do Kwon, founder of the collapsed Terra project. South Korean prosecutors claimed in late 2022 that he was hiding in Serbia. He was arrested in neighboring Montenegro in March 2023.
Education and Talent
Education and Talent
Cryptocurrencies and blockchain are taught as part of IT and fintech programs, rather than through dedicated departments:
- The Faculty of Technical Sciences in Novi Sad claims to have been the first in Europe to introduce blockchain and Hyperledger into its curriculum in the 2018/19 academic year;
- A joint master’s program run by the University of Belgrade’s School of Electrical Engineering and Faculty of Organizational Sciences includes a Financial Technologies course covering blockchain, ICOs and crypto markets;
- The Faculty of Organizational Sciences offers a course on Blockchain in E-Business, covering smart contracts and cryptocurrency regulation;
- Private Metropolitan University teaches the use of blockchain technology in data protection, including Bitcoin, Ethereum and Hyperledger;
- The University of Kragujevac’s Faculty of Economics has produced a textbook titled Cryptocurrencies and Blockchain Technology, which appears on reading lists for blockchain courses at other universities.
Serbia’s Role in the Global Crypto Industry
Serbia’s Role in the Global Crypto Industry
Despite its small retail market, Belgrade has become a blockchain development hub in Eastern Europe. Its particular strength is Ethereum infrastructure: tools used by developers around the world.
Company or project | What it is known for |
Tenderly | Founded in Belgrade in 2018 by engineers Andrej Benčić, Bogdan Habić, Miljan Tekić and Nebojša Urošević. Its Ethereum smart-contract development and monitoring platform has raised $58.6 million from Spark Capital, Accel and other investors. According to Dealroom, it is Serbia’s most valuable startup. |
MVP Workshop | A Belgrade-based Web3 studio founded by Ivan Bjelajac, a prominent figure in Serbia’s tech scene. The team has helped develop more than 50 products, including work on Polygon and Celsius Network. |
Decenter and DeFi Saver | A Belgrade R&D center and its flagship product, a platform for managing positions in DeFi protocols. Founded in 2019 by Nenad Palinkašević, it is one of the longest-running DeFi tools still in use. |
ECD | Serbia’s oldest crypto exchange provider. Its founder, Aleksandar Matanović, has been involved with Bitcoin since 2011, co-founded the Serbian Bitcoin Association and was among the first to earn a master’s degree in digital currencies from the University of Nicosia. |
A crypto community has grown around these teams. Since 2023, Belgrade has hosted ETH Belgrade, a conference and hackathon supported by the Ethereum Foundation, MetaMask and Liquity. In 2025, it became part of Belgrade Blockchain Week. Tenderly, Decenter and MVP Workshop fund an Ethereum bootcamp at the Petnica Science Center, where they subsequently recruit mathematicians and programmers. Ivan Bjelajac attributes the success of Serbian teams to an “underdog mentality”: the habit of building globally competitive products from day one, despite the odds. According to Tracxn, Serbia has 54 blockchain startups, but only seven have attracted outside investment.
The paradox is that Serbia exports crypto infrastructure used by millions around the world, while only a small percentage of its own population holds cryptocurrency.
The paradox is that Serbia exports crypto infrastructure used by millions around the world, while only a small percentage of its own population holds cryptocurrency.
Conclusion
Conclusion
Scores are on a ten-point scale, with 10 representing leading markets such as the UAE or Switzerland.
The average score is 4.4. Serbia combines a sound legal framework and talented developers with a weak consumer market. Its regulators put rules in place earlier than many neighboring countries, and Belgrade-based teams have built tools that support a significant part of the Ethereum ecosystem. Yet the NBS’s cautious approach, restrictions on the banking sector and a wave of scams have prevented domestic adoption from taking off. Over the next few years, growth is more likely to come from closer integration with the EU—including SEPA, DAC8 and possible alignment with MiCA—than from the local crypto exchange providers.
