Name
Global FinTech Guide
Country Name
Montenegro
SectionTitle
ICO / token sale
Body
Companies and projects have increasingly relied on the sale of digital assets, or tokens, as a means of fundraising. These tokens generally do not grant the holders an ownership interest in the issuing company or project, but may provide governance rights, access rights or other utility. This has been conducted through public sales known as initial coin offerings (ICOs), proliferation through token generation events (TGEs) or private sales, among other mechanisms.  While showing characteristics of traditional methods of fundraising, there are a range of unanswered questions related to the legal classifications of such products. As ICOs and TGEs will usually be distributed online and internationally, there is usually no single legal framework applying to such transaction, and the legal framework of each market in which the tokens may be offered or sold needs to be considered.
 

Introduction

Attitude of the country towards ICOs/token sales

ICOs/token sale is not regulated or recognised in Montenegro.

Legal affairs

Presence of any explicit regulation on ICOs and the issuance of token/coins

No, there is not.

Presence of any explicit restrictions on ICOs or the issuance, distribution and/or transfer of token/coins

 N/A

Obligations and requirements to issue token/coins

N/A

Classification of token/coins in the jurisdiction

N/A
 

Presence of a duty to publish a prospectus bevor offering token/coins to investors

N/A

Presence of AML/KYC requirements that are needed to be fulfilled regarding (i) the initial issuance of token/coins and (ii) any following transfer of token/coins to third parties

N/A
 

Additional comments regarding (i) the legal situation for ICOs/token/coins and (ii) any following transfer of token/coins to third parties

N/A

Economic conditions

Market size for ICOs/token sales and existence of any previous regulated ICO/token sales in the jurisdiction

N/A

Additional comments regarding the economic situation for ICOs/token sales or what companies must be aware of in this business area

N/A

Authors

Disclaimer

© 2022, Karanovic & Partners in cooperation with local lawyers. All rights reserved by Karanovic & Partners in cooperation with local lawyers as author and the owner of the copyright in this chapter. Karanovic & Partners in cooperation with local lawyers has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Close

Choose country