North Macedonia Compliance Report

Generated 2026-09-22

Partially Regulated

Regulatory Overview

Regulatory Status: Some rules exist but significant gaps; draft legislation or limited guidance
Key Regulator(s): Bank of North Macedonia, Ministry of Interior, Regulating Authority, Ministry of Finance, Macedonian Tax Administration
Primary Legislation: Criminal investigations and prosecutions by law enforcement (Ministry of Interio, Law on Prevention of Money Laundering and Terrorist Financing, Law on Payment Services and Payment Systems: This law regulates traditional paym, Relevant for payment institutions and licensing under the Law on Payment Service, Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA): https://eur-lex.eu, The law has undergone several amendments., example for an Official Gazette issue, consolidated law may not be easily available in English, or Law on Digital Assets
Travel Rule: Adopted — Threshold: ,
Tax Reporting: Taxable Event: The disposal of cryptocurrency (e.g., selling for fiat currency, exchanging for other cryptocurrencies, or using crypto to purchase goods/services) that results in a gain.. Tax Base: The difference between the selling price (or fair market value at the time of disposal) and the acquisition cost.. Tax Rate: 10%.. Holding Period: Currently, there are no specific long-term vs. short-term capital gains distinctions or exemptions based on holding period for crypto under the current interpretation.. Public Revenue Office (UJP) Official Website: https://ujp.gov.mk/ (You may need to navigate to the "Закони и правилници" section for tax laws, which are primarily in Macedonian. Look for "Закон за персоналниот данок на доход").

Key Facts

aml Financial Services Agency (FSA): Responsible for supervising financial institutions, including those dealing with virtual assets, under AML/CFT regulations. Council of Europe – MONEYVAL: Evaluates the effectiveness of AML/CFT regimes; North Macedonia is under periodic review. European Union – MiCA (Markets in Crypto-Assets Regulation): Expected to align North Macedonia’s crypto framework post-accession. Law on Prevention of Money Laundering and Financing of Terrorism (Official Gazette of the Republic of North Macedonia, No. 115/2008): Extends AML obligations to businesses handling virtual assets. Regulation on the Prevention of Money Laundering and Financing of Terrorism (Official Gazette of the Republic of North Macedonia, No. 13/2020): Amends the 2008 law to include virtual asset service providers (VASPs) under AML/CFT obligations. FATF & MONEYVAL: North Macedonia participated in a Mutual Evaluation in 2023, identifying gaps and improvements in its AML regime for virtual assets. The country remains on the path to full compliance with FATF recommendations. Virtual Asset Service Providers (VASPs): Exchanges, custodians, and wallet providers that handle client funds and virtual assets. No specific monetary thresholds or capital requirements are mandated by current laws for VASPs in North Macedonia.
enforcement Entity Targeted: General public, financial institutions under NBRSM supervision (banks, savings houses). Violation Type: While not a "violation" in the traditional sense, the NBRSM has consistently warned against the risks associated with cryptocurrencies and explicitly prohibited supervised financial institutions from dealing with them. This sets the regulatory boundary. Penalty Amount: N/A (This is a regulatory warning/stance, not a direct penalty for a specific breach by a regulated entity). Outcome: Heightened public awareness of crypto risks, reinforced prohibition for traditional financial institutions, setting a cautious regulatory tone. The NBRSM maintains that cryptocurrencies are not legal tender and do not fall under its regulatory supervision. Entity Targeted: Individuals and organized groups operating illegal cryptocurrency mining farms. Violation Type: Theft of electricity, unauthorized connection to the electrical grid, potential charges for tax evasion, and sometimes organized crime. Penalty Amount: Seizure of expensive mining equipment (estimated value often in the hundreds of thousands of Euros), criminal charges, potential imprisonment, and financial penalties for stolen electricity. Specific penalty amounts vary per case and conviction. Outcome: Arrests of individuals, confiscation of mining hardware, disruption of illegal operations, and ongoing criminal proceedings. These actions highlight the MVR's focus on economic crime related to crypto. Entity Targeted: Individuals and criminal groups involved in online fraud schemes often utilizing cryptocurrencies for payments or as the subject of the scam (e.g., fake investment platforms). Violation Type: Computer fraud, money laundering, organized crime. Penalty Amount: Seizure of assets, criminal charges, potential imprisonment, and restitution if convicted. Specific amounts are often under investigation or determined at conviction. Outcome: Arrests, ongoing investigations, disruption of fraudulent networks. The MVR regularly issues warnings about various online scams, many of which now involve cryptocurrency. While a single "major bust" focusing solely on crypto fraud with a public, finalized penalty within the last 3 years is hard to isolate from ongoing investigations, the MVR's continuous alerts and smaller-scale arrests demonstrate active enforcement. Outcome: Heightened public awareness of crypto risks, reinforced prohibition for traditional financial institutions, setting a cautious regulatory tone. The NBRSM maintains that cryptocurrencies are not legal tender and do not fall under its regulatory supervision. Outcome: Arrests of individuals, confiscation of mining hardware, disruption of illegal operations, and ongoing criminal proceedings. These actions highlight the MVR's focus on economic crime related to crypto. Outcome: Arrests, ongoing investigations, disruption of fraudulent networks. The MVR regularly issues warnings about various online scams, many of which now involve cryptocurrency. While a single "major bust" focusing solely on crypto fraud with a public, finalized penalty within the last 3 years is hard to isolate from ongoing investigations, the MVR's continuous alerts and smaller-scale arrests demonstrate active enforcement.
licensing General warnings and pronouncements from the National Bank and other financial authorities, clarifying the legal status and risks. Criminal investigations and prosecutions by law enforcement (Ministry of Interior, Financial Police, Public Prosecutor's Office) targeting activities such as fraud, money laundering, or illegal electricity usage for crypto mining. Regulator Name: National Bank of the Republic of North Macedonia (Народна банка на Република Северна Македонија - NBRSM) Date: Ongoing, with prominent statements in November 2021 and repeated subsequently. NBRSM Official Statement (November 2021): https://www.nbrm.mk/ns-newsarticle-soopstenie_za_javnost-23112021.nspx (Macedonian) Note: While not a direct "enforcement" with a penalty, this is the most significant regulatory action outlining the country's stance on crypto and warning against its use, serving as a basis for potential future enforcement. Date: Multiple incidents throughout the last three years. One notable example: June 2022. Source URL (Example - June 2022 raid):
securities Cryptocurrency and digital asset activities in North Macedonia are not comprehensively regulated under a dedicated crypto-asset law; however, digital assets that qualify as securities fall under the existing securities regulatory framework administered by the Securities and Exchange Commission of the Republic of North Macedonia (SEC Macedonia). Law on Securities The primary regulator for securities-related digital assets is the Securities and Exchange Commission of the Republic of North Macedonia, which operates under the Law on Securities published in the Official Gazette of the Republic of North Macedonia. Securities and Exchange Commission of the Republic of North Macedonia – ПОВ Портал There is no specific licensing regime for cryptocurrency exchanges or digital asset service providers as of 2025–2026; entities dealing in digital assets that constitute securities must comply with existing securities licensing and registration requirements. Law on Securities As of the most recent available information, no entities have been specifically licensed as cryptocurrency exchanges or digital asset service providers under a dedicated crypto regime, reflecting the absence of such a framework. North Macedonia - United States Department of State The practical reality is that crypto businesses operate in a legal grey area for non-securities digital assets, while securities-token offerings and related activities face the full weight of SEC Macedonia's securities regulation without any tailored crypto-specific guidance. Law on Securities The Securities and Exchange Commission of the Republic of North Macedonia (SEC Macedonia) is the primary regulatory authority for securities and securities-related digital assets in North Macedonia; its official portal is accessible at https://ovp.gov.mk/en/institutions/securities-and-exchange-commission-of-the-republic-of-north-macedonia/. Securities and Exchange Commission of the Republic of North Macedonia – ПОВ Портал SEC Macedonia is responsible for oversight of securities markets, licensing of securities-related activities, and enforcement of the Law on Securities in North Macedonia. Law on Securities The Central Registry of the Republic of North Macedonia is responsible for registering all legal entities, including those engaged in financial and securities activities; its online registration portal is available at http://e-submit.crm.com.mk/eFiling/en/home.aspx. North Macedonia - United States Department of State
stablecoin Legislation: The primary legislation governing payment services and e-money is the Law on Payment Services and Payment Systems (Закон за платежни услуги и платни системи). Classification: Cryptocurrencies, including stablecoins, are not classified as e-money under the current Law on Payment Services and Payment Systems. The NBM has explicitly stated that cryptocurrencies are not legal tender and do not represent e-money as defined by existing regulations. The definition of e-money typically requires issuance by an authorized e-money institution and specific features not generally met by decentralized stablecoins. Reference: Official statements and warnings from the NBM often reiterate this. While a direct URL to a single consolidated statement on stablecoin classification isn't always available, the NBM's general position on cryptocurrencies clarifies this. You can check the NBM's official website for press releases and warnings: https://www.nbrm.mk/ The Law on Payment Services and Payment Systems (e.g., published in the Official Gazette) would define e-money. For a non-official English translation of an older version (for context, laws are updated), see: https://www.nbrm.mk/content/Law_on_payment_services_and_payment_systems.pdf (Note: This might be an older version, always refer to the official Macedonian versions in the Official Gazette). Legislation: The Law on Financial Instruments (Закон за хартии од вредност), overseen by the SEC, defines what constitutes a security. Classification: Stablecoins could potentially be classified as securities on a case-by-case basis if they exhibit characteristics of investment contracts, shares, bonds, or other financial instruments as defined by this law. This would depend on their structure, redemption rights, and whether they offer any expectation of profit from the efforts of others. However, there is no broad, explicit classification of all stablecoins as securities. Reference: You would need to consult the Law on Financial Instruments and any interpretive guidance from the SEC.
status The current regulatory environment in North Macedonia regarding cryptocurrencies and digital assets is characterized by a lack of specific legislation, leading to ambiguity and potential risks for market participants. North Macedonia's legal framework does not explicitly address cryptocurrencies or digital assets, leaving their status uncertain under existing financial regulations. There are no specific licensing requirements for cryptocurrency exchanges or wallet providers in North Macedonia, as the regulatory oversight over such activities is absent. While anti-money laundering (AML) and know-your-customer (KYC) regulations exist for traditional financial institutions, they have not been directly extended to cover cryptocurrency service providers in North Macedonia. No notable enforcement actions against cryptocurrency-related activities have been reported in recent years, reflecting the limited regulatory presence in this sector. Cryptocurrency transactions are not specifically addressed in North Macedonia's tax legislation. However, income generated from cryptocurrency activities may be subject to personal income tax under general taxation principles. The primary gap is the absence of clear regulatory guidance on cryptocurrencies and digital assets, which poses risks related to market stability, consumer protection, and potential illicit activities. Company Formation in North Macedonia
tax Taxable Event: The disposal of cryptocurrency (e.g., selling for fiat currency, exchanging for other cryptocurrencies, or using crypto to purchase goods/services) that results in a gain. Tax Base: The difference between the selling price (or fair market value at the time of disposal) and the acquisition cost. Tax Rate: 10%. Holding Period: Currently, there are no specific long-term vs. short-term capital gains distinctions or exemptions based on holding period for crypto under the current interpretation. Public Revenue Office (UJP) Official Website: https://ujp.gov.mk/ (You may need to navigate to the "Закони и правилници" section for tax laws, which are primarily in Macedonian. Look for "Закон за персоналниот данок на доход"). Mining: If mining is performed regularly and professionally with the intention of generating profit, it may be considered a business activity. The net profit would be subject to the personal income tax rate of 10%. If it's a sporadic hobby, it might be classified under "other income." Staking, Lending, DeFi Yields: Rewards received from staking, lending, or other DeFi protocols are generally considered taxable income at their fair market value at the time of receipt. These would likely fall under "other income" and be subject to the 10% personal income tax rate. Airdrops/Forks: The fair market value of tokens received through airdrops or hard forks is generally considered taxable income at the time of receipt.
travel rule Adopted: Yes, the FATF Travel Rule (Recommendation 16, as applied to virtual assets) has been adopted in North Macedonia. Legislation: The primary legislation is the Law on Prevention of Money Laundering and Terrorist Financing (LPPMLTF) (Закон за спречување перење пари и финансирање тероризам). Key amendments that introduced and refined the virtual asset provisions, including the Travel Rule, were made through various revisions, particularly those in December 2021 (Official Gazette No. 297/21) and subsequent updates. Effective Date: While the law and its amendments have come into force at different stages, the core virtual asset service provider (VASP) and Travel Rule obligations largely became effective for regulated entities around early 2022. The MONEYVAL 4th Enhanced Follow-Up Report (December 2023) confirms that North Macedonia has addressed the technical compliance deficiencies related to FATF Recommendations 15 (New Technologies) and 16 (Wire Transfers, including VA transfers). No De Minimis Threshold for VASP-to-VASP Transfers: Consistent with FATF guidance, for transfers of virtual assets between obliged entities (VASPs), there is generally no de minimis threshold for the required originator and beneficiary information to be transmitted. The full Travel Rule information must be collected and transmitted regardless of the amount. Other Thresholds (Contextual): While not a direct Travel Rule threshold, other AML/CFT obligations in the LPPMLTF, such as enhanced due diligence requirements, may be triggered by transactions exceeding certain amounts (e.g., EUR 1,000 or EUR 15,000 for specific cash transactions or occasional transactions, as per standard FATF R.10 triggers, which can be applied analogously by VASPs in certain contexts). However, for the information transmission aspect of the Travel Rule itself, for VASP-to-VASP, it is typically without a de minimis. Exchanges between virtual assets and fiat currencies. Exchanges between one or more forms of virtual assets.

Sources

This report is AI-generated from publicly available regulatory sources. Last updated: 2026-09-09. View full profile