Serbia licenses crypto ATM operators: three firms hold an NBS licence, and machines take dinars only
Serbia names crypto ATMs in its Law on Digital Assets. A provider needs a National Bank of Serbia licence and a Serbian company. On 7 October 2026 the NBS register lists three licensed providers. Machines may take dinars only, and the national risk assessment counted three machines in 2023.
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Providers in the NBS register, latest licence 12 June 2025
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Dinars only, foreign cash barred at crypto ATMs
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Crypto ATMs counted in 2023 data, all run by one provider
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Serbia names crypto ATMs in its Law on Digital Assets.1 A provider needs a National Bank of Serbia (NBS) licence and a Serbian company.1 On 7 October 2026 the NBS register lists three licensed providers.2,3 Machines may take dinars only, and the national risk assessment counted three machines in 2023.4,5
Last updated: October 2026
Regulatory Framework
The Law on Digital Assets (Official Gazette RS 153/2020, published on 21 December 2020, applied from 30 June 2021) defines a crypto ATM in Article 2, item 7. It is a machine that allows digital assets to be bought and sold for money, or exchanged for other digital assets.1 The last paragraph of Article 3 says that the buying, selling and exchange services may also be provided through a crypto ATM.1 The NBS is the competent authority for virtual currencies, and the Securities Commission covers digital tokens (Article 10).1 The licensing provisions in Articles 52 to 57 refer to the provider and its services. They do not mention approval of individual machines.1
Before a business relationship starts or a transaction is made, the provider must inform the customer about the risk of losing money. It must also state that deposit insurance and investor and consumer protection rules do not apply (Article 15, paragraph 2).1 The NBS states that providing virtual currency services without its licence is prohibited and can be a criminal offence under the Criminal Code.8
Getting Licensed
| Date | What happened |
|---|---|
| 21 Dec 2020 | Law on Digital Assets published in the Official Gazette (RS 153/2020) |
| 13 May 2021 | NBS adopts the decision on foreign currency payments relating to digital asset transactions |
| 30 Jun 2021 | Law on Digital Assets applies |
| 16 Dec 2022 | NBS grants the first two licences (VESCON and MCM 965) |
| 18 Mar 2024 | MONEYVAL follow-up report upgrades Serbia to "largely compliant" on its virtual asset standard |
| Nov 2024 | National risk assessment of the digital assets sector (adoption date as stated in the document) |
| 19 Feb 2025 | NBS warns about a Bosnian company offering services without a licence |
| 28 Mar 2025 | PLAC IV workshop concludes that MiCA alignment needs significant amendments to the law |
| 12 Jun 2025 | NBS grants the third licence (AX CRYPTO) |
A provider must be a company within the meaning of the Serbian companies law (Article 52).1 Minimum capital is EUR 20,000 for the services that cover buying, selling and exchange, and EUR 125,000 for platform operators. At least half of the minimum capital must be paid in money (Article 54).1 The application goes through the government's web portal (Article 9).1 The NBS must decide within 60 days of receiving a complete application. If the application is incomplete, it must tell the applicant within 20 days (Article 57).1 If the NBS misses its deadline, the application is deemed adopted on the following day (Article 11, paragraph 5).1
The NBS warning of 19 February 2025, as reported by N1, said that a foreign firm targeting Serbian customers cannot work through a foreign branch or representative office. It also named installing crypto ATMs in Serbia as a sign of targeting the Serbian market.9 The original NBS text was not available for this review.
Cash Handling
Payments in Serbia relating to digital asset transactions are made in dinars. Article 11 of the NBS decision says that no digital asset transactions in foreign cash are allowed, including pay-ins and payouts through a crypto ATM.4
AML and KYC
The national risk assessment of the digital assets sector states that Serbian rules require AML/CFT measures for every transaction.5 The same document says that one provider applies an exemption for low-risk transactions under strict conditions, and that only three customers used it.5 The NBS list of suspicion indicators for virtual currency providers names a service provided solely through a crypto ATM, or purchases and sales made solely for cash, as an indicator.6
In March 2024 MONEYVAL upgraded Serbia to "largely compliant" on its virtual asset standard. The report refers to steps on risk assessment, risk-based supervision and the Travel Rule.7
What the Register Shows
The NBS register lists three licensed virtual currency service providers.2,3
| Provider | Licence date | Decision |
|---|---|---|
| VESCON DOO Beograd | 16 December 2022 | G. No 12065 |
| MCM 965 DOO Beograd | 16 December 2022 | G. No 12066 |
| AX CRYPTO DOO Beograd | 12 June 2025 | EB NBS No 27 |
The register does not say which of the three operate machines. The national risk assessment counted three crypto ATMs in Serbia in its 2023 data and states that only one provider offers services through them.5 No current count of machines by an official body was found. No public statistics on applications, refusals or processing times were found either.
What Is Changing
At a workshop on 28 March 2025, EU-funded PLAC IV experts concluded that aligning the law with MiCA needs significant amendments.10 No timeline was given. No draft amending law was found as of 7 October 2026.
What Is Not Known
The law text reviewed does not state the amount of fines for unlicensed activity, so none are given here. The current NBS fee tariff was not confirmed from the tariff itself. No source reviewed addresses bank accounts for crypto ATM operators, or the position of a hardware or software supplier that does not provide the service. Whether any local permit is needed to install or site a machine, and how the exemption for low-risk transactions can be used at a machine, are questions for Serbian counsel.
Sources and references
1. Law on Digital Assets, Official Gazette RS 153/2020 (PRIMARY, accessed 7 October 2026) | purs.gov.rs (Serbian text), mfin.gov.rs (English text)
2. NBS, Register of virtual currency service providers (PRIMARY, accessed 7 October 2026) | nbs.rs
3. NBS, Decisions on granting licences for virtual currency services (PRIMARY, accessed 7 October 2026) | nbs.rs
4. NBS, Decision on foreign currency payments relating to digital asset transactions, Official Gazette RS 49/2021, 13 May 2021 (PRIMARY, accessed 7 October 2026) | nbs.rs
5. National Risk Assessment, money laundering and terrorism financing risk in the digital assets sector, November 2024, copy hosted by the Serbian courts (PRIMARY, accessed 7 October 2026) | ns.vi.sud.rs
6. NBS, List of indicators for recognising grounds for suspicion of money laundering or terrorism financing for virtual currency service providers, 2023 (PRIMARY, accessed 7 October 2026) | nbs.rs
7. Council of Europe MONEYVAL, Serbia improved measures in relation to virtual assets, 18 March 2024 (PRIMARY, accessed 7 October 2026) | coe.int
8. NBS, Digital assets page, notice on unlicensed providers (PRIMARY, accessed 7 October 2026) | nbs.rs
9. N1, NBS warning on a Bosnian crypto exchange, 19 February 2025 (SECONDARY, accessed 7 October 2026) | n1info.rs
10. EU for You (PLAC IV), Presenting the MiCA Regulation and gap analysis of the Law on Digital Assets, 28 March 2025 (SECONDARY, accessed 7 October 2026) | euzatebe.rs
Legal Disclaimer: This article by GENERAL BYTES is for informational purposes only and does not constitute formal legal, financial, or investment advice. Rules may change; always consult specialised local legal counsel and confirm the current position with the National Bank of Serbia before considering market entry.