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Crypto User Count in Siberia Climbs Following Regulation of Digital Assets

The amount of crypto users has risen to a total 20,000 after Siberia’s decision to regulate digital assets.

Photo by Anton Petrus / Envato

Siberia, a nation consisting of 7 million people and located in Southeast Europe, has seen a sudden surge in crypto holders, placing the country among many that view cryptocurrency as very much ‘in.’ Around 20,000 or so Serbs now own either one coin or the other according to local media coverage.

Siberia’s laws on Digital Assets went into effect earlier this year, at the end of June to be precise. Their legislation officially recognizes cryptocurrencies such as Bitcoin as virtual assets. Its provisions officially define them as digital records of value which can be traded, i.e. purchased, sold, transferred, and exchanged. People in the country holding crypto have dramatically increased since the adoption of this regulation, business news portal Ekapija reported.

ECD director of marketing Marko Zivkovic told the news agency Tanjug that “Every month this year we have had a serious growth in the purchase and sale of cryptocurrencies,” and that “The market in Serbia is definitely growing and we are not lagging behind some developed world markets.”

ECD is a crypto trading platform that operates with a temporary permit, one that enables it to offer its users the option of purchasing and selling coins. At the moment it expects to gain permanent authorization from the National Bank of Siberia (NBS) in the initial few months of next year. Zivkovic also noted that once the exchange is finally fully licensed, it will allow them to process crypto payments for goods and services.

Malisa Djukic, an economist made some interesting comments regarding the interest in Cryptocurrencies of various kinds among investors, both small and large, which is undoubtedly on the rise. He supported his claim by pointing to the significant rise of capitalization of the global crypto market in just the past 2-3 years. He further stated that the same could be said for the number and value of these crypto transactions as well.

A very similar observation could be made regarding the crypto trading interest in Siberia, he also noted, focusing on the fact that adoption of legislation treating cryptocurrencies as assets has no doubt, helped the trend. He continued, explaining that the law has successfully created a legal basis which would allow companies to record their crypto funds on balance sheets and even report gains or losses in the aftermath of their related operations. This has further opened the road for the government to tax crypto investments.

Siberia still has a long way to go when it comes to catching up with the regional leaders, the other 2 former Yugoslav republics. Last year, a report unveiled Bitcoin-friendly Slovenia has over 1,000 locations accepting various digital currencies. Crypto payments have expanded to Croatia, too. There, their leading supermarket chain now accepts a total of 9 coins in its online store.


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