• Jovana Banović University of Belgrade


digital assets, virtual assets, crypto currencies, criminal law, ultima ratio, risks


In 2020, Serbia adopted the Law on Digital Assets, positioning itself among the pioneers in regulating the realm of digital assets globally. One of the objectives behind the enactment of the aforementioned law was to prevent the misuse of digital assets for criminal purposes. Several years prior, the Law on the Prevention of Money Laundering and the Financing of Terrorism had already addressed virtual currencies within its provisions. Significantly, we must underscore the importance of the most recent legislative Regulation 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (MiCA). This regulation tackles numerous critical questions regarding digital assets, associated risks, and pretends to lay the groundwork for prospective regulatory frameworks within the European Union. Further, traditionally, Criminal Law assumes an ultima ratio character, entailing subsidiary application and protecting specific fragmented interests through the legal system. Of particular relevance to this article is the concept of 'fragmentarity,' indicating that Criminal Law does not independently establish values it protects; instead, it draws upon values from other legal domains. Paradoxically, the current landscape exhibits a converse scenario: digital and virtual assets are initially ensured within the realm of Criminal Law due to their misuse or involvement in money laundering, subsequently transitioning to a conceptual framework for defining the parameters of these concepts. This article's primary focus will be on Digital assets-Related Offences as delineated by the Articles 140 and 141 of Law on Digital Assets (insider dealing and market manipulation), and the potential application of existing provisions within the Criminal Code of Serbia to the aforementioned legal constructs.



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