Crypto-funded debit card in Montenegro

Cryptocurrency Exchanges (Fiat-to-Crypto/Crypto-to-Fiat):

There is no specific "crypto exchange license".

However, if the exchange handles fiat currency deposits and withdrawals, it might be deemed to provide payment services or electronic money services. In such cases, a license from the Central Bank of Montenegro (CBCG) under the Law on Payment Services (Zakon o platnom prometu) may be required. This would be a license for a payment institution or electronic money institution, not a crypto-specific one.

All exchanges, regardless of fiat handling, are considered "obligated entities" under AML laws and must comply with those provisions.

If the processing involves fiat currency (e.g., converting crypto payments into fiat for merchants), it could fall under the Law on Payment Services and require a license from the CBCG as a payment institution.

If the processing is purely crypto-to-crypto and does not touch fiat or traditional payment rails, the primary obligation would be AML/CTF compliance.

Customer Due Diligence (CDD): Implementing robust KYC procedures for all clients.

Ongoing Monitoring: Monitoring transactions and client relationships for suspicious activities.

Reporting: Reporting suspicious transactions (STRs) to the Financial Intelligence Unit (FZPCG).

Risk Assessment: Conducting a comprehensive risk assessment of ML/TF risks.

Internal Controls: Establishing internal policies, procedures, and controls for AML/CTF.

AML Officer: Appointment of a designated AML Officer and providing regular training to staff.

However, if a license from the CBCG (for payment services/e-money) or KHOV (for investment services) is required, then specific capital requirements would apply based on those respective laws. For instance, payment institutions have minimum capital requirements (e.g., €20,000 to €125,000 depending on services).

An entity generally needs to be incorporated in Montenegro to conduct business activities and be subject to local regulation.

A registered office and local management/personnel, including a local AML Officer, would typically be expected for AML compliance.

Exchange between virtual assets and fiat currencies.

Collect required originator and beneficiary information.

Screen transactions for sanctions compliance and suspicious activity.

Respond to requests for information from competent authorities.

Evidence fact me.stablecoin.11-backing not found (may have been renamed).

Segregation: Assets backing stablecoins must be segregated and protected in the interest of the stablecoin holders, ideally held in credit institutions.

Taxable Event: A taxable event generally occurs when cryptocurrency is sold for fiat currency, exchanged for another cryptocurrency, or used to purchase goods/services, if a gain is realized.

Cost Basis: The acquisition cost of the cryptocurrency (in EUR) would be deducted from the sale price (in EUR) to determine the capital gain. Records of all transactions (purchase date, price, fees, sale date, price, fees) are crucial.

Do Kwon and his associate were convicted in Montenegro for using forged passports and served their sentences.