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"No Questions Asked, Cash Accepted": A Record of Cryptocurrency Street Trading in Montenegro

In Montenegro, cryptocurrency transactions operate in a regulatory vacuum, with unverified intermediaries facilitating anonymous cash-for-crypto exchanges on the streets of Podgorica. A BIRN investigation documented a typical transaction: 70 USDT swapped for €60 cash in minutes, with no questions asked about fund origins. These over-the-counter (OTC) deals, often arranged via Telegram groups, bypass banks and legal oversight. Blockchain analysis revealed one trader’s wallet handled millions in transactions over a year, with a quarter flagged as medium-to-high risk—including ties to frozen or sanctioned funds. Traders include locals and foreigners from Russia, Ukraine, and Turkey, who rely on cash exchanges due to banking access barriers. Despite 2025 anti-money laundering amendments requiring KYC checks for transactions over €1,000, enforcement remains absent. Montenegro’s EU-aligned crypto laws are pending, aiming to regulate service providers and enable tax oversight. For now, the gray market thrives, unregistered and unchecked.

marsbit12/10 04:46