Real Estate Tokenization
in Serbia
Serbia has a clear regulatory framework for digital assets and VASPs, established by the Law on Digital Assets (LDA) which came into effect in mid-2021 and was further updated in 2025. This law regulates digital tokens, including those that could represent ownership or rights over real estate
Operational regime (LDA): live white-paper approvals & licensed VASP providers
Bond-like token carve-out (≤€3m): issue non-equity tokens under LDA
Payment clarity: RSD-only domestic legs; FX rules defined
Proven RWA track: factoring, orchards, and solar tokens approved
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Operational regime (LDA): live white-paper approvals & licensed VASP providers
Bond-like token carve-out (≤€3m): issue non-equity tokens under LDA
Payment clarity: RSD-only domestic legs; FX rules defined
Proven RWA track: factoring, orchards, and solar tokens approved
Why Serbia is Attractive for Tokenization
Possible Routes for Tokenizing Property
in Serbia
VASP license for token issuance
Comprehensive documentation ensures regulatory clarity, investor protection, and operational readiness for VASPs dealing with tokenized real world assets.
Licensing authorities: National Bank of Serbia (NBS) in cooperation with the Securities Commission (KHOV).LDA “bond-like digital token” (≤ €3m)
Best for: Single-asset financing or revenue-linked notes without equity features.
How: Serbian SPV holds the property → issue non-equity digital tokens under LDA Article 7 (≤€3m, not share-like, not fungible with shares) → KHOV white paper → distribute via licensed providers → domestic payments in RSD; AML/KYC per 2025 Guidelines.
Note: Tokens represent creditor/contractual claims; title remains off-chain at the cadastre.Capital-markets “security token” (equity/over-€3m)
Best for: Equity-like rights, larger raises, or public offering of real estate assets.
How: Issue dematerialized securities under the Capital Market Law; legal record at CSD; any blockchain layer is a mirror.Real-estate AIF with tokenized distribution layer
Best for: Multi-asset pools for professional investors.
How: Set up a Serbian AIF; units registered via CSD/transfer agent.Offshore issuer + Serbian asset SPV
Best for: Non-resident distribution or using an EU/Lux platform.
How: Issue offshore; avoid marketing into Serbia unless LDA rules and KHOV/licensed providers are used. Handle FX/RSD correctly for any domestic flows.
Implemented Market Examples
AVR Solar Park
The first tokenized solar power plant in Serbia, issued with regulatory consent by KHOV (Securities Commission). 7,250 tokens were offered at €100 each, marking a successful renewable energy RWA project.
Finspot
A digital financing platform that tokenized factoring portfolios, backed by a KHOV-approved white paper. Provides investors with exposure to short-term receivables, showcasing tokenization beyond real estate but fully compliant and operational.
The Solution with Tokenizer.Estate
Solutions Designed for Your Success
We support everyone from Real estate owner to Sovereign Funds
Property Developers
Scale your investor reach with fractional ownership and dynamic pricing tools
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Real Estate Firms
Offer innovative investment products with fractional ownership, automated payouts, and global KYC/AML onboarding
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High-Net-Worth Individuals
Gain liquidity and diversification with partial tokenization, while maintaining full control of your assets
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Real Estate Investment Funds
Broaden your investor base with retail access, automated dividends, and transparent blockchain reporting
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Financial Institutions
Enable compliant digital products with automated operations and full control over capital flows
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Frequently asked questions
Is tokenization legal in Serbia today?
Can we accept crypto from investors?
Do tokens transfer property title?
Who can distribute or custody tokens?
See our full FAQ page for more details
Global Jurisdictional Coverage
Every market has its own rules. We’ve already built the structures to make tokenization work — from Europe to Asia to the Middle East. Launch with confidence, wherever your investors are
Last updated: 2025-10-01
The information on this page is for general informational purposes only and does not constitute legal, financial, investment, or tax advice.
Tokenizer.Estate provides a platform for real estate tokenization and connects you with licensed local partners, but we do not provide legal or regulatory guidance.
Please consult qualified professionals in your jurisdiction before making any investment or tokenization decisions.
Sources & References
- National Bank of Serbia (LDA overview & supervision split): https://nbs.rs/
- Securities Commission (KHOV) – registers, white papers, providers: https://sec.gov.rs/
- Rulebook on White Paper (2025): https://sec.gov.rs/
- Payment code 229 (digital-asset transactions): https://sec.gov.rs/
- AVR Solar Park consent (energy tokenization): https://sec.gov.rs/
- Treesury white paper (payments RSD/FX): https://treesury.com/
- BELEX (markets): https://www.belex.rs/
- TerraLex (cadastre/registration context): https://terralex.org/
- WebMind (ecosystem interest in Serbia): https://webmind.io/