Key Takeaways:
- Vitalik Buterin, perhaps the most known crypto personality, has become a Montenegrin citizen.
- On Minister Spaji’s invitation, a group of international crypto experts visited Montenegro, according to the finance ministry.
- The Montenegrin government believes that working with them will help the country’s economy grow by attracting investments and establishing new, high-paying jobs in this industry.
Vitalik Buterin, a well-known crypto personality, has become a Montenegrin citizen, according to the country’s state broadcaster. The Podgorica Ministry of Finance and Social Welfare issued a statement, which was quoted by Radio Televizija Crne Gore (RTCG).
On the recommendation of Prime Minister Zdravko Krivokapi and Finance Minister Milojko Spaji, the Russian-born Canadian programmer and blockchain expert apparently received his new Montenegrin passport. His department issued the following explanation
Recognizing the importance of this action, Interior Minister Sergei Sekulovich decided to recognise Vitalik Buterin as a Montenegrin citizen, who obtained a Montenegrin passport today, on the Prime Minister’s recommendation.
Montenegro, a small Balkan country, has made strides toward becoming a free-market economy. It features one of Europe’s strongest tax systems, a strong banking system, and a new citizenship by investment scheme with a lot of promise.
Furthermore, the country’s financial sector is well-developed. Montenegro is expected to join the European Union in 2025. due to this Montenegrin licences will be recognised throughout the EU.
Why is Montenegro associated with cryptocurrency in such a positive light?
A regulatory environment that is conducive to crypto firms, with no specific regulations, requirements, or taxes.
A fantastic banking system in a non-CRS country, which means that the income held in Montenegrin banks will not be disclosed to foreign authorities immediately.
The favourable regulatory sandbox, which is an unique system that lets users briefly test their innovations and begin their fintech enterprise in Montenegro before licensing, and then pay the licensing fees and procedure with the revenue generated by their company.
Montenegro is a Eurozone member with fairly lax currency restrictions. Other currencies, including crypto, can be used for transactions.
Expats will find the country both legally and socially welcoming. Non-residents and foreign investors enjoy the same economic rights as locals.
On Minister Spaji’s invitation, a group of international crypto experts visited Montenegro, according to the finance ministry. The Montenegrin government believes that working with them will help the country’s economy grow by attracting investments and establishing new, high-paying jobs in this industry.
Buterin noted at a recent event named “Future Now! A New Era of Finance in Montenegro” that Montenegro needs a strong legislative framework as well as the competence to educate the young minds so that citizens may profit from digital asset technology.
The co-founder and CEO of Ethereum, one of the most renowned advocates of crypto technology, is anticipated to support Montenegro and the growth of blockchain in this small Balkan country. The government is aiming to develop a regulatory structure that enables the country to take advantage of bitcoin technology while also encouraging industry expansion.
According to local news site Mina, Prime Minister Krivokapi, Buterin, and numerous other government officials met on April 4 to explore Montenegro’s choices in the blockchain industry. One of the most crucial points raised was how to regulate cryptocurrency for his citizens.
Minister Spaji noted that while he would like his country to be tougher on criminals in the industry, he believes that fairness would help to boost growth and “eliminate the grey economy in all areas.” He continued, “
“Montenegro aspires to be a centre of blockchain technology innovation, emphasising all of the benefits of a legitimate industry with favourable rules.”
The government of Montenegro is now delving into the complex regulatory entanglements that come with incorporating blockchain technology into its numerous systems.
