прописи на енглеском језику

This Law shall regulate:

1) issuing of digital assets and secondary trading in digital assets in the Republic of Serbia (hereinafter referred to as: the Republic);

2) provision of services related to digital assets;

3) security and fiduciary rights to digital assets;

4) competence of the Securities Commission (hereinafter referred to as: the Commission) and of the National Bank of Serbia;

5) supervision of the application of this Law.

Individual notions, within the meaning of this Law, shall have the following meanings:

1) digital assets, and/or virtual property, shall mean the digital record of value that can be digitally purchased, sold, exchanged or transferred and that can be used as a means of exchange or for the purpose of investing, where the digital assets do not include digital records of the currencies which are legal tenders or other financial property which is regulated by other laws, unless where regulated otherwise by this Law;

2) a virtual currency shall mean a type of digital asset which is not issued by the central bank and having the value which is not guaranteed by the central bank or any other public authority, which is not necessarily attached to a legal tender and does not have the legal status of money or a currency, but which is accepted by the natural or legal persons as a means of exchange and can be bought, sold, exchanged, transferred and stored electronically;

3) digital token shall mean a type of digital assets and shall designate any right to intangible property representing, in the digital form, one or more other property rights, which may include the right of the digital token user to benefit from certain services;

4) the supervisory authority shall mean the National Bank of Serbia and the Commission, in accordance with the competences laid down by this Law;

5) a digital assets service provider shall mean the legal person providing one or more digital assets services as laid down in Article 3 of this Law;

6) advisory service provider shall mean the person exclusively providing advisory services related to digital assets;

7) a crypto ATM shall mean an automated teller machine enabling purchasing and selling of digital assets for money or exchange of digital assets for other digital assets;

8) a portfolio of digital assets shall mean a set of digital assets in which a person invests his means;

9) a white paper shall mean the document that is published on the occasion of issuing of digital assets in compliance with this Law, comprising information on the issuer of digital assets, information on the digital assets and the risks associated with the digital assets and enabling the investors to make informed investment decisions;

10) a subsequent white paper shall mean a document published following the issuance of digital assets for which no white paper has been issued, comprising information on the issuer of the digital assets, information on the digital assets and on the risks associated with the digital assets and enabling the investors to make informed investment decisions;

11) digital assets trading platform shall mean a multilateral system organizing trading in digital assets, which is operated by the platform organizer and which enables and facilitates bringing together the third parties' buying and/or selling interests in digital assets and/or exchange of digital assets for other digital assets, in compliance with its non-discretionary rules and in the manner that is conductive to conclusion of a contract;

12) a management member shall mean the director, executive director, a member of the executive board and a member of the supervisory board of a legal person, depending on the management structure of such person, as well as the legal representative of a general partnership and limited partnership, and/or a third person to which the management authority has been transferred;

13) an issuer shall mean a domestic or foreign natural person, an entrepreneur or a legal person which has issued digital assets;

14) digital assets OTC market shall mean a market for trading in digital assets where transactions are carried out directly between the seller and the buyer of the digital assets without the mandatory participation of the digital assets-related services and outside of the platforms for trading in digital assets;

15) financial institutions under surveillance of the National Bank of Serbia shall mean the banks, insurance undertakings, reinsurance undertakings, insurance brokerage companies, insurance agency companies and insurance agents, financial leasing providers, voluntary pension funds' management companies, payment institutions and electronic money institutions, in compliance with the special laws governing the operations of these institutions;

16) persons related to financial institutions under the surveillance of the National Bank of Serbia shall have the meaning laid down by the special laws governing the operations of these institutions;

17) payment services provider shall designate a bank, a payment institution, an electronic money institution and a public postal operator having their seat in the Republic, in compliance with the law governing payment services;

18) qualified holding shall exist when one person has:

(1) a direct or indirect right or possibility to exercise at least 10% of the voting rights in a legal person, i.e. direct or indirect ownership of at least 10% of the capital of such legal person, or

(2) the possibility to effectively exert significant impact on the management of another legal person;

19) controlling holding shall exist when one person has:

(1) a direct or indirect right or possibility to achieve at least 50% of the voting rights in a legal person, i.e. direct or indirect ownership of at least 50% of the capital of such legal person, or

(2) the possibility to elect and/or to dismiss at least one half of the management members of such legal person, or

(3) the possibility to effectively exert prevailing impact on the management of another legal person;

20) a group of companies shall mean a group which comprises of a parent company, its subsidiaries and the legal persons in the capital of which such parent company and/or its subsidiaries have a share, as well as the companies which are related by common management;

21) the parent company of a legal person shall designate the company which has the controlling interest in such legal person;

22) a subsidiary of a legal person shall designate the company in which such legal person has the controlling interest;

23) companies related by common management shall mean the companies which are not related by the relationship of the parent company and a subsidiary or by a share in the capital within the meaning of item 20) of this paragraph, and they shall include:

(1) the companies managed on a unified basis in compliance with the contract concluded between such companies or based on the provisions of the articles of association or memoranda of association of such companies, or

(2) the companies in which the same persons make up the majority of the management members;

24) close link shall designate the relationship of two or more legal and/or natural persons where:

(1) one of them, directly or indirectly, through participation in a subsidiary, has the right or possibility to achieve at least 20% of the voting rights in the legal person, and/or ownership of at least 20% of the capital in the legal person,

(2) one of them has the controlling interest in another legal person,

(3) these persons are permanently linked to the same third person based on the controlling interest;

25) money shall designate cash, scriptural money and electronic money;

26) cash shall designate banknotes and coins;

27) electronic money shall have the meaning laid down by the law governing electronic money;

28) a financial instrument shall have the meaning laid down by the law governing the capital market;

29) a market operator shall have the meaning laid down by the law governing the capital market;

30) a broker-dealer company shall have the meaning laid down by the law governing the capital market;

31) retail trade shall have the meaning laid down by the law governing trade;

32) consumer shall have the meaning laid down by the law governing trade;

33) advertising shall have the meaning laid down by the law governing advertising, unless where regulated otherwise by this Law;

34) transaction involving digital assets shall designate buying, selling, accepting or transferring of digital assets or exchanging digital assets for other digital assets;

35) digital assets user shall designate a natural person, an entrepreneur or a legal person which is using or has used a digital assets service or has addressed a digital assets service provider in order to use such service;

36) digital assets holder shall designate the user of digital assets and the person which has acquired digital assets irrespective of the business relationship established with the digital assets service provider or a transaction effectuated through such provider (e.g. the person that has acquired digital assets through participation in provision of the service of computer validation of transactions in information systems relating to specific digital assets);

37) digital assets address shall designate the unique designation (identifier in English) of the virtual location which comprises data on specific digital assets;

38) stable digital assets shall mean the digital assets which is issued with the aim of minimising the volatility of value of such assets, and the value of which is linked to the value of the legal tender or one or more property rights which have low volatility (e.g. pegging to the official exchange rate of the Dinar or a relatively stable exchange rate of a foreign currency);

39) a smart contract shall mean a computer program or a protocol, based on the distributed database technology or the similar technologies, which, in their entirety or in a part thereof, automatically executes, controls or documents the legally relevant events and actions in compliance with the already concluded contract, where such contract can be concluded electronically through such program or protocol;

40) business day shall mean the day, i.e. a part of the day during which the digital assets service provider participating in carrying out of a transaction involving digital assets is open for business so that he enables execution of such transaction for the digital assets user.

The digital assets services shall include:

1) receipt, transmission and execution of orders related to purchase and sale of digital assets on behalf of third persons;

2) purchase and sale services of digital assets for cash and/or scriptural money and/or electronic money;

3) exchange services of digital assets for other digital assets;

4) custody and administration of digital assets on behalf of users of digital assets and the related services;

5) services relating to issuing, offering and selling of digital assets, on a firm commitment basis (underwriting) or without a firm commitment basis (agent services);

6) maintenance of a register of security rights on digital assets;

7) digital assets acceptance/transfer services;

8) management of digital assets portfolio;

9) operation of a digital assets trading platform.

Custody and administration of digital assets on behalf of the digital assets users and the related services shall include control of the means by which the digital assets are accessed (for example, the cryptographic keys), as well as the services related thereto (for example, administration of collaterals).

Management of digital assets portfolio (hereinafter referred to as: portfolio management) shall mean managing of individual portfolios of digital assets based on the mandate from the special contract concluded with the user of digital assets.

Underwriting shall mean the service related to offering and sale of digital assets on a firm commitment basis for the underwriter to purchase the such assets.

Agent services shall mean the service related to offering and sale of digital assets with no commitment on the part of the agent of the issue to purchase such assets.

Digital assets acceptance/transfer service shall mean the service provided by a digital assets service provider to a trader within the meaning of the law regulating trade, by accepting from the consumer the adequate value of the digital assets, which shall correspond to the price of goods sold and/or services provided to such consumer, exchanging it for an adequate amount of the legal tender and transferring such amount to the relevant account of the trader.

The services referred to in paragraph 1, items 2) and 3) of this Article can also be provided by means of a cryptomat.