According to the Serbian Economist, the exchange of cryptocurrencies for cash in Montenegro is massively going into the “gray zone”: transactions are conducted through unregulated dealers, forums and Telegram groups, with multi-million dollar transactions taking place without any government oversight. This is according to an investigation by the Balkan Investigative Reporting Network (BIRN).
According to BIRN, Montenegro still does not have a separate law on digital assets, although the development of such a document was announced back in 2020. The cryptocurrency market was only partially affected by the February amendments to the Law on Prevention of Money Laundering and Terrorist Financing, which provided for the creation of a register of service providers related to digital assets.
Due to the lack of clear regulation, citizens and residents widely use so-called OTC-trading: exchange of cryptocurrency for cash through intermediaries, announcements on forums and Telegram chats, with personal meeting and settlement in cash, without applying customer verification procedures (KYC). Ivan Jolicic, a cryptocurrency expert and creator of Montenegrin digital currency Perper, told BIRN that in addition to local dealers, foreigners are active in the market – in particular, Russians, Ukrainians and Turks, for whom it is often the only way to make money to live in the country amid the difficulty of opening bank accounts.
BIRN journalists identified a number of crypto exchanges on Telegram, operating both throughout the Balkans and only in Montenegro. One of the largest groups – “Currency Exchange Montenegro” – has more than 7 thousand participants, communication in it is conducted in Russian; the ads indicate the amount of exchange (from hundreds to tens of thousands of euros), rates, commissions and specific places of cash transfer. The symbolism of the group’s administrators overlaps with that of the libertarian community Montelibero, but its representatives told BIRN that they are not affiliated with this Telegram channel.
The Montenegrin police told BIRN that the Financial Intelligence Sector has the technical capabilities to analyze blockchain transactions and uses Chainalysis Reactor software solutions and the Kodex platform to obtain off-chain data from crypto service providers. However, the IRS noted that until a separate digital asset law is passed, it cannot actually act on such transactions, as taxation is only possible on legally recognized assets.
Amendments to the AML law, passed by Parliament on February 28, provide for the creation of a register of service providers with crypto-assets and mandatory KYC procedures for every transaction over €1,000. At the same time, experts, including Jolicic, believe that the current regulation remains fragmented and does not cover mass “street” OTC trading, due to which a significant volume of crypto transactions continues to pass “under the radar” of state authorities.
https://t.me/relocationrs/1908
The National Agency for Promising Projects has presented a list of specially authorized crypto exchanges participating in a special tax regime for foreign citizens.
The list includes all three crypto exchanges operating in Uzbekistan — Kobea Group, Coinpay, and Asterium. Foreigners will be able to open an account with any of them to obtain exemption from tax on income received outside the republic.
The President of Uzbekistan, by his decree dated October 4, 2025, No. UP-180, established that from January 1, 2026, the income of foreign citizens received from sources outside Uzbekistan will be exempt from personal income tax, subject to the following conditions:
Those wishing to participate in the regime must submit an application through the Tax Committee to a special commission.
Money transferred to an account or crypto wallet will only be credited after the bank (exchange) has assessed the risks and verified compliance with anti-money laundering rules.
Aleksey Besciokov, who was accused in the US of administering the sanctioned Garantex crypto exchange and was awaiting extradition, has died in an Indian prison. His death was reported on September 5 by a number of Russian media outlets, citing a post by entrepreneur Sergei Mendeleev and reports on Telegram channels; according to their information, Besciokov died on August 31, but his relatives only found out about it now. There is no official confirmation from the Indian authorities at the time of publication, and the cause of death has not been disclosed.
On March 12-13, 2025, Indian authorities detained Beshchekov in the state of Kerala at the request of the United States. Indian publications and international media reported on the arrest, citing the US Department of Justice and Indian law enforcement agencies.
According to the US Secret Service, Beshchekov (along with Alexander Mira Serd) was charged with conspiracy to launder money, conspiracy to violate the IEEPA, and conspiracy to conduct an unregistered payment business (Eastern District of Virginia jurisdiction). On March 6, 2025, the US also seized the domains that supported Garantex’s operations.
On August 14, 2025, the US State Department announced a reward of up to $6 million for information leading to the arrest/conviction of Garantex leaders (including up to $5 million for information about Alexander Mira Serd). On the same day, the US Treasury Department updated sanctions against the network associated with Garantex (including Grinex).
Garantex was added to the US sanctions lists back in April 2022 for systematically ignoring AML/CFT requirements, and on March 6, 2025, US authorities announced comprehensive actions against the exchange’s infrastructure. Indian law enforcement officials indicated that Beshchekov, a Lithuanian citizen residing in Russia, was responsible for the technical infrastructure and approval of transactions on Garantex.
At the time of writing, there have been no official reports from the Indian authorities regarding Beshekhov’s death; public information is based on social media posts and media publications citing them. We continue to monitor statements from Indian law enforcement agencies/the Ministry of Foreign Affairs, the US Department of Justice, and the defendant’s lawyers. The information will be updated when official confirmation or details of the cause of death become available.
https://www.fixygen.ua/news/20250906/v-indiyskiy-vyaznitsi-pomer-tvorets-kriptobirzhi-garantex.html
The European cryptocurrency exchange WhiteBIT has launched integration with the Diia public service, the company’s press service reported on Saturday.
WhiteBIT said that thanks to integration with the Diia application, now any user from Ukraine can pass KYC verification on the WhiteBIT exchange in less than one minute. Usually this procedure on all cryptocurrency exchanges requires filling out a questionnaire, scanning documents and time for verification. To pass KYC, it will be enough to select “Quick verification with the Diia app.” After that one needs to confirm the transfer of documents on the Diia app.
“In the conditions of war, cryptocurrency becomes a powerful tool for strengthening the defense capability of our country. It allows raising money for humanitarian aid, the needs of the Armed Forces of Ukraine and terrorist defense. People from all over the world want and are ready to support Ukraine through donations of their cryptoassets. We do not stand aside, but strive be the first to introduce innovations, simplify the path of users and make their interaction with WhiteBIT as comfortable as possible. After all, this, among other things, helps the Ukrainian economy, the army, people who are in trouble because of the war. We are glad that the state is becoming a convenient service and our cooperation with the Ministry of Digital Transformation confirms this. Instead of wasting time on a routine, now our clients can go through the verification procedure in just two clicks,” WhiteBIT CEO Vladimir Nosov is quoted as saying.
In addition, WhiteBIT said that the company has created a joint project with WhitePay, where everyone can choose from more than 90 cryptocurrencies and send funds to help the Ministry of Health or injured civilians, the Armed Forces of Ukraine and the territorial defense.
