Serbia Tightens Crypto Oversight
Serbia’s financial authorities are stepping up their surveillance of cryptocurrency and stablecoin activity, announcing plans to implement a nationwide blockchain tracking system that can monitor, flag, and trace digital asset transactions involving Serbian residents.
The Administration for the Prevention of Money Laundering (APML) - part of the Serbian Ministry of Finance - has issued a public tender for a new analytics platform designed to detect suspicious crypto flows. According to the tender, the system will continuously scan major blockchains, including Bitcoin, Ethereum, and leading stablecoins, to identify potential money laundering and terrorism financing activities.
The government’s move places Serbia among a growing list of European nations that are adopting blockchain surveillance technologies to enhance financial transparency and compliance.
A Real-Time Crypto Surveillance System
The new monitoring platform will be able to track and analyze on-chain activity for the 10 most traded digital assets, including: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), BNB, XRP, Dogecoin (DOGE), Sui (SUI), Tether (USDT), USDC, and First Digital USD (FDUSD).
Officials say the system will allow real-time identification of Serbian wallet holders, using blockchain data and cross-referencing it with reports from banks, insurers, and accounting firms.
It’s also designed to automatically alert analysts in the event of any suspicious transactions - a key step in tightening Serbia’s compliance with anti-money laundering (AML) and counter-terrorist financing (CFT) laws.
The tender expires on November 10, 2025, and once a provider is selected, the system will integrate into Serbia’s national financial intelligence infrastructure.
Legal but Heavily Regulated
While crypto trading is fully legal in Serbia, the government has gradually built a rigorous regulatory framework to manage the sector.
The Law on Digital Assets, passed in 2020 and enforced in mid-2021, formally recognized cryptocurrencies and digital tokens, classifying them into two legal categories and granting oversight powers to the National Bank of Serbia (NBS) and the Securities Commission (SC).
Under these rules, crypto exchanges must obtain a license from the NBS and maintain minimum capital requirements to operate. Meanwhile, the Tax Administration treats all crypto profits as capital gains, subject to a 15% tax rate.
The APML plays a central role in this regulatory ecosystem - collecting and analyzing financial data, including reports of suspicious transactions from banks, fintech firms, and insurers.
Crypto Adoption on the Rise
Despite tighter oversight, crypto adoption in Serbia is growing rapidly. The country’s population - especially younger users between 18 and 35 - has increasingly turned to digital assets for payments, trading, and investment.
Serbia’s early regulatory approach has made it one of the most crypto-progressive nations in Southeast Europe, drawing comparisons with early adopters like Estonia and Malta.
However, the new crypto tracking platform may mark a turning point - one that strengthens state control over crypto activity while sparking debates about privacy and financial freedom.
Balancing Innovation and Oversight
Experts warn that Serbia’s latest move, while aligned with global AML standards, could risk overreach if not handled transparently.
Blockchain analysts say that real-time tracking systems can significantly improve fraud detection and consumer protection, but could also lead to privacy concerns if user data is mismanaged or shared without due process.
Still, with global regulators tightening scrutiny on crypto transactions, Serbia’s plan is a signal that governments worldwide are no longer content to let blockchain operate in the shadows.
