The Crypto market in Serbia is increasing vibrantly and so is the number of crypto owners which has now gone past 200K. The impetus has come from the Serbian Government’s initiative in which the Government said that it will legalize cryptocurrencies before the end of 2021.
Thanks to the Serbian Government’s openness towards cryptocurrencies, the number of Serbian crypto owners is increasing at a rapid speed. As of today, the number of Serbian crypto owners has gone past 200,000. The reason for this exponential surge in crypto owners in Serbia is because Government’s friendly approach towards cryptocurrencies.
Currently, there are more than 7 million people making up the Serbian state, which is also part of the European region. The Government of Serbia had implemented digital currencies laws in the country in the mid of 2021. Under the law, digital currencies such as Ethereum and Bitcoin are treated as “virtual assets”. The definition of “virtual assets” describes virtual assets to mean ‘an asset of digital nature, which can be sold/purchase/transferred or even exchanged’.
As soon as the Government introduced digital currency law, the Serbian crypto market was boosted inevitably. While the market continues to grow, the number of crypto owners too is increasing at a remarkable speed. A Serbian crypto exchange’s director namely Marko Zivkovic commented that the crypto market in Serbia is not the same as it was in 2020. He said that the size of the market has grown double in size since last year. Serbian investors have a huge appetite for digital currencies and their trading. He also said that the Serbian crypto market is competing with some of the powerful crypto markets of the world.
Zivkovic is part of the biggest crypto exchange operating in Serbia which is known by the name “ECD”. The firm is however holding a license to offer crypto services on a temporary basis. Its application for the permanent license is pending before the National Bank of Serbia. It is possible that the license on a permanent basis is issued to ECD at the start of 2022. Zivkovic is optimistic that once the license is issued, it will then launch new services. Those new services may include utilizing crypto funds for the purchase of goods and services, said Zivkovic.
One of the Serbian economists namely Malisa Djukic also acknowledged the growth of the Serbian crypto market. Djukic noted that the crypto trend is evident in the country because of the adoption of crypto-friendly within the state. The law is helping the state in creating an equal opportunity for large and small investors in acquiring digital currencies. Even crypto investors have been paying Government taxes gladly which have been imposed upon cryptocurrencies’ owners. On the other hand, corporate entities and taxpayers are following crypto reporting requirements by mentioning their owned cryptocurrencies in their annual statements.