The Ministry of Finance of Montenegro is considering the regulation of the cryptocurrency market

In Montenegro, there is no legal regulation for the trade in cryptocurrencies, but the Ministry of Finance is considering the possibility of drafting such legal acts, the government department announced.
The ministry also said that this type of trade can be considered illegal since there is no legal framework for such transactions.
The news forwarded inquiries about payment with cryptocurrencies to the addresses of several companies that offer this option for their services on their websites, but the answer came only from one company that mediates the sale of yacht moorings and other nautical services, mostly for foreigners.
The owner of that company cites poorly regulated legislation as the biggest problem for cryptocurrency trading in Montenegro. He stated that although he advertises the possibility of selling his services for cryptocurrencies, he has not made a single such transaction so far.
He said that the problem is that he cannot officially report income from crypto payments.
“If someone were to pay us for a service, let’s say with a tenth of the Ethereum cryptocurrency, we cannot pay tax on that transaction even if we wanted to. That would automatically mean that we are not following the law. I consider the cryptocurrency market to be safe and I am not worried about the possibility of fraud, although I am aware that this sector has a bad name and that this type of trade is not regulated”.
One of the big companies that advertises the possibility of buying real estate with cryptocurrencies on its website, as well as its various other services in the hotel industry, is Dukley Residences.
The company said that there is significant interest in buying real estate in Montenegro for bitcoin and other cryptocurrencies.
“We have so far realized several successful sales of luxury apartments within the Dukley Gardens complex,” said the company.
News asked the Ministry of Finance what the inspection control ordered by the minister of that department, Aleksandar Damjanović, to the Revenue and Customs Administration (UPC) showed, in the facilities of the Salon Prive gaming club in Tivat, where an illegal crypto machine is allegedly located.
The ministry only said that they expect the Central Bank to join the process and carry out controls from the aspect of payment transactions.
A crypto machine is an electronic device similar to an ordinary ATM, with which users can buy and sell cryptocurrencies in exchange for money or some other digital currency.
Earlier, the legal representative of Salon Priva, lawyer Ratko Pantović, said that during the control, the “famous crypto machine” was in the salon in Tivat and that it was controlled.
He reminded that the owner of Salon Priva was interrogated a year ago because of the crypto machine, while the prosecutor’s office assessed that he did not commit any criminal offense by possessing that electronic device.
Cryptocurrencies are digital-type currencies, created in the form of computer codes that rely on cryptography, which provides anonymity, transaction security and control.

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