In recent years, digital assets and cryptocurrencies have taken on an increasingly important role in modern business, creating a need for clear legal regulation. With the adoption of the Law on Digital Assets (“Official Gazette of the RS,” No. 153/2020), Serbia has established a regulatory framework that enables legal entities to operate with digital assets in compliance with the law.

Concept and Types of Digital Assets

The Law defines digital assets as a digital record of value that can be bought, sold, transferred, and exchanged digitally, and which may serve as a means of exchange, investment, or for exercising other rights.
The Law distinguishes between:

• Virtual currencies (e.g., Bitcoin, Ethereum) – which do not have the status of legal tender but are used in digital transactions;
• Digital tokens – which may incorporate certain rights, obligations, or benefits (e.g., the right to dividends, the right to use a service, etc.).

Regulatory Competence

Depending on the characteristics of the digital asset, the authority for supervision and licensing lies with:

• The National Bank of Serbia (NBS) – in cases where the digital asset has the nature of a virtual currency;
• The Securities Commission (SEC) – when the digital asset has features of financial instruments.

Entities providing services related to digital assets (e.g., digital exchanges, custodians, trading platforms) are required to obtain licenses and register with the competent authorities, in accordance with the bylaws derived from the Law.

Tax Aspects

The legislative framework also prescribes the tax treatment of digital assets:

• Capital gains realized from the sale of digital assets are subject to a 15% tax rate for individuals;
• Legal entities record income and expenses from digital assets as part of their regular corporate income tax calculation;
• In the case of gratuitous acquisition (e.g., gifts, inheritance), the inheritance and gift tax applies at a rate of 2.5%.

A key challenge in tax practice is proving the acquisition value of digital assets, especially when involving multiple transactions, exchanges between cryptocurrencies, or the use of decentralized platforms.

Obligations of Legal Entities

Companies that operate with digital assets or hold them on their balance sheets are required to:

• Keep accurate records of each transaction;
• Align internal documentation with applicable regulations;
• Implement anti–money laundering (AML) and counter–terrorism financing (CTF) procedures, in accordance with the law applicable to service providers dealing with digital assets.

Conclusion

Although the Law on Digital Assets represents a significant step toward legal certainty in this field, practice continues to raise numerous questions, from the classification of certain types of digital assets, through tax treatment, to regulatory implementation. It is recommended that companies operating with digital assets conduct a legal and tax compliance analysis to ensure adherence to current regulations and reduce regulatory and financial risks.