As an EU candidate country, Serbia's financial regulatory framework has been substantially aligned with EU standards, with oversight split between the National Bank of Serbia (NBS) and the Securities Commission (SEC). Unlike traditional offshore centres, every licence category in Serbia requires businesses to establish a genuine local entity and maintain real operations — the regulatory bar sits closer to a full EU member state, while retaining a cost and efficiency advantage.
1. Payment Institution / E-Money Institution Licence
Issued by the NBS under the Law on Payment Services, aligned with the EU's Payment Services Directive (PSD) framework. Covers cross-border remittance, collection and disbursement, e-wallets, and prepaid cards. Electronic Money Institutions (EMIs) may also issue e-money, giving them a broader scope than Payment Institutions (PIs). Minimum capital requirements range from roughly €20,000 to €350,000, depending on the specific services provided.
2. Digital Asset Licence
Issued under the Law on Digital Assets. Virtual currency business is regulated by the NBS, while digital tokens with securities-like characteristics fall under the SEC. Covers buying and selling digital assets, custody, token issuance, and operating trading platforms.
3. Investment Firm / Fund Management Licence
Issued by the SEC under the Capital Market Law, aligned with the EU's MiFID II framework. Covers securities brokerage, investment advice, portfolio management, and fund management, including alternative investment funds and venture capital funds. Minimum capital requirements start from around €125,000.
Cross-Border Payment Institutions Seeking Access to a Market Near The EU
Digital Asset Businesses Wanting a Single Licence Covering Fiat Conversion, Custody, And Trading Platforms
Asset Managers and Brokerages Seeking a Mifid II-Aligned Framework
