North Macedonia Aims to License Crypto Exchanges by 2025-2026

North Macedonia is in the process of developing cryptocurrency regulations, aiming to integrate digital assets into its financial system and attract investment. The government, led by a right-wing political party formed in 2024, is working on legislation that aligns with EU standards, particularly the Markets in Crypto-Assets (MiCA) framework. This effort is intended to legitimize the cryptocurrency sector, reduce fraud and money laundering, and position North Macedonia as a new blockchain innovation hub within the European Union.

Currently, cryptocurrencies in North Macedonia operate in a legal gray zone. While trading is allowed, there are no clear rules on taxation, and consumers lack safeguards. The National Bank of the Republic of North Macedonia (NBRM) has previously warned about the risks associated with cryptocurrencies, including price volatility and fraud. However, with the increasing global adoption of cryptocurrencies, the authorities are now considering structured regulations.

Key milestones in North Macedonia's cryptocurrency journey include warnings issued by the NBRM against crypto investments in 2018, discussions on AML/CFT compliance for crypto in 2023, and the new government's prioritization of crypto regulation to attract foreign capital in 2024. Draft laws on digital assets, influenced by the EU’s MiCA framework, are expected by 2025.

The current regulatory framework in North Macedonia lacks a dedicated crypto law, but general financial and anti-money laundering (AML) rules apply. Cryptocurrencies do not have legal tender status, and trading is conducted freely but mostly through offshore exchanges due to the absence of local regulations. AML/CFT compliance is partially enforced, applying only to registered financial service providers. Taxation rules are unclear, though capital gains tax may apply to crypto profits. Consumer protection measures are minimal, putting investors at risk in unregulated markets.

North Macedonia's crypto policies currently allow for trading but do not provide legal status to cryptocurrencies. Most dealings are conducted on foreign platforms like Binance, and some banks block transactions due to compliance risks. The government is strengthening AML/CFT measures, preparing for future crypto laws in line with MiCA, and encouraging blockchain startups to boost the economy.

North Macedonia maintains a cautiously optimistic stance toward blockchain innovation, balancing interest in technological advancement with regulatory prudence. Skopje has seen the emergence of new startups in the blockchain industry, particularly those focused on fintech and decentralized applications. The National Bank of the Republic of Macedonia is investigating digital denars, and universities are integrating courses on blockchains to create local knowledge on cryptocurrency and Web3 technologies.

If North Macedonia implements favorable regulations and incentives for blockchain companies, it could attract foreign investment and retain tech talent. However, continued delays in the policymaking process could jeopardize the current status quo of its innovative landscape in cryptocurrency. Key difficulties include regulatory gaps, scams and fraud, banking barriers, tax confusion, and market uncertainty.

The crypto scene in North Macedonia is poised for further development in regulation by late 2025-2026. Political intervention will involve the launch of licenses for exchanges, stricter AML rules according to FATF standards, and guideline settings from the EU’s MiCA framework. Tax clarity on capital gains and VAT will also be forthcoming. These moves aim to protect innovation from unbalancing security and position the country as a regional crypto hub. However, stringent rules and regulations could potentially send business operations abroad.

North Macedonia is working on new crypto regulations for 2025-2026, intending to license exchanges for fighting money laundering and adopting EU standards. The state could potentially become a hub in crypto, but stringent rules and regulations may be too stifling for business. The next two years will determine whether North Macedonia is on the correct path toward establishing a balance between innovation and safety within its new crypto market.