Commission approves issuance of the first digital token

The Republic of Serbia Securities Commission has approved for the Belgrade-based company Finspot issuance of the first white paper for the initial offering of 35,250 Finspot factoring tokens, with a nominal value of RSD 1,000 and a total initial offering value of RSD 35,250,000. With the approval of this white paper, Serbia is getting its first digital token, called Finspot factoring token (FIN).

The white paper is a document, similar to a prospectus used in the process of issuing securities, the issuer is required to make public. It contains information about the issuer of digital assets, information about the digital asset in question and the risks entailed. It enables investors to make an informed judgment about whether or not to invest and to assess the risks associated with the investment in the digital asset.

A digital token is a type of digital asset and means any intangible property representing, in digital form, one or more property rights, which might include a right of a user of a digital token to specific services. A FIN gives the right to its holder to invest in one or more of the offered investment indices (a total of four indices), which are part of the Finspot portfolio. Investment indices differ in their maturity and interest rates. A FIN holder who has invested their tokens in one of the investment indices has the right to an interest at the fixed interest rate set for the selected investment index. By investing a FIN in an investment index, its holder becomes an investor and chooses the interest rate (7-10% depending on the maturity of the index) and the time period of the investment, and the due date of the index (3-12 months). After the index matures, the invested FINs return to the investor's blockchain wallet, and the interest is paid in dinars to the investor’s account. The FINs which are returned reaching the index maturity, can be reinvested in new investment indices offered at the time, or the investor can receive dinars for the tokens from the issuer.

After obtaining the Commission’s approval, the issuer will make public the white paper on its website, by the onset of the initial offering of digital tokens.The initial offering for the subscription and payment of FINs will last 14 days from the beginning of their initial offering at

Serbia is among the first countries in the world which, by adopting the Law on Digital Assets, succeeded to create a regulatory framework for digital assets, providing a clear framework and legal security and certainty for investors and users of digital assets. The supervision over the implementation of the Law has been entrusted to the National Bank of Serbia and the Securities Commission, considering that the Law recognizes two types of digital assets: virtual currencies and digital tokens. Digital tokens are especially important as a form of alternative financing of young and innovative companies – startups.