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Serbia sees spike in crypto adoption

Serbia

TL; DR Breakdown

  • Serbia records increased crypto adoption
  • More than 200,000 Serbians are now active in the crypto market
  • Analysts tie increased adoption to regulation

The interest in digital assets is presently at its highest worldwide. This is because most people are entering the market because of the profits. Serbia is no different, as the number of crypto traders has skyrocketed immensely in the last few months. With this, the country is putting in place certain measures to ensure that the activities of traders in the country’s crypto market are monitored.

More than 200,000 Serbians now active in the crypto market

With regulation in place, the European country, which boasts of more than 7 million citizens, is now leeway to enter the market. In a recent report by a local station in the country, more than 200,000 citizens now hold a form of digital asset or another. One of the major triggers has been attributed to the digital assets law that the country put in place as far back as June.

In the law, traders can hold and sell digital assets because they are seen as virtual assets. A recent report by Ekapija noted that traders now feel safe about the rule, thus the massive increase in participation. In a recent statement by one of the biggest crypto exchanges in the country, ECD, the platform has seen a spike in the number of new users in the last few months since July that the bill was signed into law.

Analysts tie increased adoption to regulation

Like most exchanges in Serbia, ECD holds a license that allows it to offer crypto trading services to its users across the country. However, the platform’s license is a temporary one with the permanent license already in the works. Director of the exchange, Marko Zivkovic, mentioned that when the firm achieves its aim, it will help users facilitate payments using digital assets.

Giving a hint of how huge the market has grown, Zivkovic pointed at the massive increase in the entire market cap of the assets, which recently touched above $3 trillion. Although the rise in the adoption of digital assets in Serbia is commendable, it still has a lot to do to move close to other countries in this regard.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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