The Ministry of Finance announces the regulation of cryptocurrencies

Several companies in Montenegro advertise the sale of their services and real estate for cryptocurrencies on their websites, but most did not answer the questions of "Vijesti"

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The value of some cryptocurrencies is currently higher than 24.000 euros: Bitcoin, Photo: Reuters
The value of some cryptocurrencies is currently higher than 24.000 euros: Bitcoin, Photo: Reuters
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

In Montenegro, there is no legal regulation for cryptocurrency trading, but the Ministry of Finance is considering the possibility of drafting such legal acts.

This was officially announced to "Vijesta" from that government department, as well as that this type of trade can be considered illegal since there is no legal framework for these transactions. Cryptocurrencies are currencies of digital type, created in the form of computer codes that rely on cryptography, which provides anonymity, security during transactions and control.

"Vijesti" 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 was received from only one company that mediates the sale of moorings for yachts 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 fee transaction so far. He says the problem is that he can't officially report the income from the crypto payment.

"If someone were to pay us for a service, let's say with a tenth of the Ethereum cryptocurrency, we can't 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 reputation and that this type of trade is not regulated", said the interviewee of "Vijesti".

"Dukley Residences" is one of the big companies that advertises on its website the possibility of buying real estate with cryptocurrencies, as well as its various other services in the hotel industry. The company told "Vijesta" 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.

"Vijesti" asked the Ministry of Finance what the inspection control by the minister of that department showed Aleksandar Damjanović ordered the Revenue and Customs Administration (UPC), 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.

Previously, the legal representative of "Salon Prive" was a lawyer Ratko Pantović, told "Vijesta" 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.

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