The Minister of Finance and Social Welfare of Montenegro has stated that diversification of the country's economy through new technologies such as blockchain is one of the top priorities in Montenegro.
As per his latest statements, Montenegrin legislation regarding blockchain will be a few steps ahead of all other legal solutions that are being drafted or have already been promulgated in Europe.
Montenegrin authorities working on drafting legislation regarding blockchain technology
Public
Montenegro
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
699
Content accuracy validation date:
27.04.2022
Content accuracy validation time:
13:10h
The idea is to approach the topic of taxation of cryptocurrencies from a very specific angle, in a way that practically all flows from the euro to cryptocurrencies will be taxed at lower rates. Taxation such as this will give the industry and the people within it legitimacy, obligations, and rights in regards to paying taxes. By doing so, Montenegrin authorities intend to bring a sector that is currently in the gray zone into legal flows, so that the country can collect a good part of the income acquired in this way.
The Minister sees the blockchain and cryptocurrencies industry as creating new opportunities for payments, protection against inflation (as bitcoin is of deflationary character due to its limited maximum supply), and easier storage of assets in terms of transfer of ownership.
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