{"id":7223,"date":"2024-05-28T08:29:20","date_gmt":"2024-05-28T08:29:20","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/05\/28\/mobile-banking-banned-in-controversial-montenegro-betting-law\/"},"modified":"2024-05-28T08:29:20","modified_gmt":"2024-05-28T08:29:20","slug":"mobile-banking-banned-in-controversial-montenegro-betting-law","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/05\/28\/mobile-banking-banned-in-controversial-montenegro-betting-law\/","title":{"rendered":"Mobile Banking Banned in Controversial Montenegro Betting Law"},"content":{"rendered":"
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Montenegro\u2019s Ministry of Finance has recently made waves by excluding modern payment platforms like Apple Pay, PayPal, and various online banking services from its gambling industry. This unexpected move has sparked concern among the European betting and iGaming communities, as it seems to defy the European Union\u2019s regulatory framework, which Montenegro is expected to adhere to as a candidate country.<\/p>\n

Contradictions Amidst EU Aspirations<\/h2>\n

Montenegro\u2019s amendment to its gambling law, particularly Article 68f, has raised eyebrows for its preference for cash and in-person transactions in an era dominated by digital payments. The law restricts electronic payment options for betting, forcing bettors to visit physical locations to fund their accounts\u2014a move seen as out of step with current digital trends.<\/p>\n

The ministry\u2019s stance appears contradictory, especially considering its aspirations for EU membership and the push for digital integration. The European Commission had previously called on Montenegro to bolster anti-money laundering measures, but the new law seems to take a step back, potentially distancing Montenegro from EU norms and the broader financial sector\u2019s direction.<\/p>\n

The amendments are seen as a breach of EU Acquis, particularly Article 68f, clashing with essential EU legal frameworks like the TFEU and Payment Services Directive, which promote an integrated market for electronic payments, and the EU 4 and 5AML Directives, which identify cash transactions as high-risk for money laundering.<\/p>\n

The situation has escalated to the point where legal action is on the horizon. Several operators, including those from the U.S., are gearing up for lawsuits, alleging unfair market exclusion and preparing to take their cases to the International Court for Settlement of Investment Disputes.<\/p>\n

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