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Open a Cryptocurrency Company in Montenegro

Updated on Wednesday 06th July 2022

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Open a Cryptocurrency Company in MontenegroIn Montenegro, cryptocurrency is not governed as a recognized payment method, but it is also not explicitly forbidden to use. So, if you are planning to open a cryptocurrency company in Montenegro, you are welcome to get in touch with our company incorporation agents
 
Furthermore, if you want to open a branch in this country, you can also rely on the services of our incorporation experts. They will provide you with comprehensive guidance regarding the obligations and regulations of a branch in Montenegro. 
 

Characteristics of a cryptocurrency company in Montenegro

 
There is no clear regulation of the cryptocurrency industry in Montenegro. However, the standards enacted in the nation and Europe should be followed by exchanges and exchangers even when a license for cryptocurrencies has not been awarded. In preparation for its upcoming membership in the EU, Montenegro has updated its financial legislation and included the regulations of the EU. So, to open a cryptocurrency company in Montenegro, you ought to:
 
 
  • -  Open a local bank account for business purposes; 
  • -  Register your cryptocurrency company in Montenegro with a physical office; 
  • - Take care of the implementation of AML (Anti-Money Laundering) legislation (this is a Pan-European requirement for recipients of licenses for the cryptocurrency exchange).
  • -  The company must have policies to prevent money laundering and terrorist financing;
  • -  Given the uncertain prospects for a crypto license in Montenegro, it is desirable to hand over functions between local legal entities.
 
Bearing in mind all these points, you can open a cryptocurrency company in Montenegro, or our local agents can provide you with practical guidance throughout the incorporation process. Furthermore, online incorporation is also available in Montenegro. All you have to do is to choose any company type and interact with our agents. They can perform online incorporation for you. 
 

Steps to register a crypto license in Montenegro

 
The nature of the assets must be thoroughly analyzed to receive a crypto license in Montenegro. Additionally, a precise set of regulatory requirements that the company's potential license recipient adhere to must be identified. There are no specific legislative provisions that would govern the requirement of a separate license in this jurisdiction to deal with such assets. An analysis by our experts regarding the type and traits of the cryptocurrency assets used in the transactions that will be carried out is provided below:
 
  1. Gathering data about a prospective licensee, including its beneficial owners;
  2. Creation of internal policies, risk analysis, and compliance;
  3. Choosing the future licensee's management and authorized individuals;
  4. Completing registration papers and putting together a packet of paperwork to register a license;
  5. Submission of a bundle of paperwork for a license, with the potential for later information sharing with the regulator;
  6. If permission is received, a license will be issued.
 
All these are the steps for registering a crypto license in Montenegro. This virtual form of currency is not completely regulated yet, so, you might face difficulties while getting a crypto license registered. It is recommended to acquire the services of our company incorporation consultants in Montenegro. They can provide you with comprehensive assistance to help you open a cryptocurrency company in Montenegro and also to acquire a related license. 
 
In addition to acquiring a crypto license in Montenegro, you can also get in touch with our company incorporation experts if you want to open a shelf company. Besides incorporating a shelf company, it is suggested to buy a readymade shelf company. This smart approach can save you a lot of time and hassle. 
 

Cryptocurrency taxation in Montenegro

 
Regarding the unique taxation structure for crypto assets, the local tax authorities gave no justification. Additionally, the law does not stipulate any particular guidelines for the taxation of earnings from businesses using crypto assets, including capital gains. The number of transactions involving this class of assets must be specified in one of the fiat currencies, like Euros. However, if you are willing to open a cryptocurrency company in Montenegro after obtaining residency here, you can interact with our experts. They will inform you about the updates as soon as the Montenegrin government passes potential regulations. This assistance will help you to comply well and effectively with the taxation rules. 
 
In addition to this information, our agents can also provide you with investment details if you want to immigrate and avail yourself of Montenegro citizenship by investment there. It comes with the benefit of free movement to places like Montenegro, the Schengen Area of Europe, Russia, and Turkey, etc. It takes 8-10 months to approve an application of Montenegro citizenship by investment after it is submitted.
 

Cryptocurrency regulations in Montenegro

 
If you are planning to open a cryptocurrency company in Montenegro, you are welcome to get in touch with our experts. However, you can also find below the general crypto regulation ranking in this country: 
 
  • -  Montenegro is ranked 159th out of 249 countries by the analytical tool's safety ranking;
  • -  According to research on cryptocurrency regulation in Montenegro, the country's crypto-related activity is 2.2/10 safe; 
  • -  There are 0 Exchange offices and 1 ICOs. 
 
Contact our company incorporation experts if you are interested to acquire a crypto license in Montenegro. They will assist you in all possible means. 
 
Furthermore, if you are unable to afford a commercial office in Montenegro, you can get a virtual office instead. Our experts can provide you with details about available virtual office packages and also help you to select an appropriate package as per your business needs. 

Meet us in Montenegro

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Vladimir Radonjic is an attorney and a managing partner at Radonjic/Associates. He can help clients open companies in Montenegro.

Call us now at +382 20 620 312 to set up an appointment with our company formation agents in Podgorica, Montenegro. Alternatively you can incorporate your company without traveling to Montenegro.

As our client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Montenegro.

Contact us