RS - Serbian Law on Foreign Exchange amended
On 20 April 2018, the amendments to the Law on Foreign Exchange were adopted and entered into force on 28 April 2018.
On 20 April 2018, the amendments to the Law on Foreign Exchange were adopted and entered into force on 28 April 2018. Exceptionally, the application of certain provisions related to the assuming of competencies over foreign exchange control by the National Bank of Serbia is delayed until 1 January 2019.
The main reasons behind the amendments to the Law are the harmonization of the obligations that the Republic of Serbia undertook under the Stabilization and Association Agreement and an alignment with international standards in the area of the prevention of money laundering and terrorism financing. These amendments contribute to the further evolution of the digital and IT sector in Serbia - in accordance with the activities that the Serbian Government directed towards the development of this field. With this new law, the sale and purchase of digital products in foreign currencies in Serbia is permitted under certain conditions -
- that the payment is made using a payment card or electronic money through a local payment service provider, and
- that these products are delivered exclusively through telecommunications, digital or IT devices.