Balkan Business Brief

New legal regulations for cryptocurrencies

The Central Bank of Montenegro with the assistance of the World Bank, has started developing the law on digital assets.?The Central Bank of Montenegro emphasize that the Law on Digital Assets will rely on European Union regulations in this area. The Central Bank has been monitoring trends related to fintech, cryptocurrencies and blockchain for some time and has thus formed a Department for Development and Financial Technologies. In Montenegro, there is currently no legal regulation that obliges issuers or owners of digital assets to register with the Central Bank which means there is no control over this area. Our understanding is that the aim of the Law on Digital Assets is to provide the state with an instrument for market review and control and to establish rules for its functioning, with the aim of eliminating manipulations and abuses, as well as providing protection to users.

New pump factory opens?

The Danish company Grundfos continued its investment in Serbia by opening a new pump factory worth 20 million euros. Construction of the 17,000 square meter facility began in July 2021. The factory will employ several hundred workers, and the company's management has announced a 15% wage increase. The factory will also have a "golden ecological certificate", which means that it is energy independent and recycles 100% of wastewater. The main products of Grundfos are pumps for heating and air conditioning, water supply and wastewater. The entire production from the newly opened factory will be intended for export.

A well-known American manufacturer of electric trucks is coming to Serbia

American manufacturer of electric trucks Rivian based in California officially announced that by the end of the year they will open a development center in Serbia. The company announced that they will hire 200 local engineers and 1000 other workers in the field of advanced technologies related to automotive, in Serbia. Many point out that the company Riven represents the most progressive and innovative company in the world and investors are betting that "Rivian could be the next Tesla".

Italian companies interested in the new economic zone in Prokuplje

Representatives of the Italian association of businessmen, Confindustria Serbia, visited and expressed their interest in the Hisar economic zone in Prokuplje. The value of this business zone is 491 million dinars, and the Ministry of Economy has invested more than 170 million dinars in the construction of this economic zone. The economic zone mentioned is located next to the Nis-Pristina highway, which is currently under construction.

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