Serbia reviews three licenses for crypto exchanges


TL;DR Breakdown

  • Three crypto exchanges are seeking to work in Serbia, and they have already filed their paperwork for review.
  • The government is optimistic about licensing them within the week to offer Serbs the chance to trade crypto legally.

Currently, Serbian authorities are reviewing applications from three crypto exchanges to license them. The government stated that it is ready to allow these platforms to offer its citizens legal crypto trading options.

Three exchanges apply to serve in Serbia

Serbia’s Minister of Finance Sinisa Mali announced that the government is already preparing to issue licenses to crypto exchanges earlier in the week. He made these comments in the Parliament, where he also noted that these developments are significant to the country.

In response to questions from the lawmakers, he noted that four exchanges have already paid their license application fees. He emphasized that Serbia is among the first countries to regulate these assets through enforcing laws. Mali also said that the crypto market is also evolving slowly but surely.

The Minister further said that Serbia is also developing a crypto exchange set in 2022. He also revealed that the Serbian government is working on a growth strategy for the Belgrade Stock Exchange. Mali described the exchange as an instrument to propel the country to a better financial future.

Serbia announced the enaction of its crypto regulation law in June of 2021. The law demystifies crypto as digital records of value that allow for trading. Since then, the number of tokens held by Serbs has also increased at a high rate, with reports citing that over 200k of them hold these tokens.

The ongoing growth of crypto adoptions and functional regulatory framework brings the country closer to being the best regionally. Its neighbors like Croatia and Slovenia are also showing improvement in crypto adoption. Particularly, Slovenia has over 1k places that accept payment in BTC.

Crypto exchanges seek to comply with regulators to promote crypto adoption

Crypto exchanges are looking to cooperate with regulators to support the growing crypto adoption rates. Today Cryptopolitan reported that MEXC Global, an exchange based in China, is finally bowing to the Chinese ban. The exchange will no longer harbor the accounts of users from China.

Other exchanges are also obeying the rules from regulators worldwide. In Singapore, over 170 platforms applied for licenses to offer crypto services; however, many of them have withdrawn their paperwork. These exchanges fear that they may not qualify for the licenses; therefore, they must restructure their services first.

Binance was also among the exchanges that will cease to offer its services in Singapore. The country had asked it to stop offering them since it is not regulated and does not work according to their guidelines. Last week, it announced its compliance pledging to stop its services there shortly. Other exchanges have also expressed their will to cooperate with authorities to make crypto adoption safe for all.

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Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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