Montenegro's Crypto Ambition Falters on Regulatory Weakness
Montenegro has been trying to position itself as a hub for cryptocurrency and blockchain technology in Europe, but its lack of comprehensive regulation is hindering its progress. The country's prime minister, Milojko Spajić, has spoken about turning Montenegro into a global blockchain hub, attracting digital entrepreneurs and touting the low-tax base for tech companies.
However, despite this ambition, Montenegro's crypto market still operates without a clear legal framework. It relies on anti-money laundering (AML) provisions to govern the sector, making it less attractive to institutional investors and leaving it vulnerable to criminal activity.
Lana Vukmirović Mišić, a senior partner at JPM & Partners, notes that her firm advised a client looking to establish a crypto payment service provider in Montenegro, but ultimately abandoned the project due to regulatory gaps. The country's AML-based registration system is not enough for institutional players who require predictability and clear licensing regimes.
The Capital Market Authority (CMA) has registered just one crypto-asset service provider since its official register became operational at the end of 2025, while identifying nine operating illegally without registration. The CMA emphasized that adopting a comprehensive legal framework would provide greater legal certainty and support the orderly development of the market.