Cryptocurrency in North Macedonia
As digital currencies continue to reshape financial systems worldwide, North Macedonia finds itself at a turning point. Bitcoin, Ethereum, and stablecoins have gained popularity among young citizens seeking alternative investment paths and faster payment tools. Although not officially recognized as legal tender, cryptocurrencies are increasingly used informally across the country. At the same time, the government has begun signaling plans for regulatory clarity. North Macedonia’s evolving digital economy, growing fintech interest, and young demographics present strong foundations for the growth of virtual assets.
Basic Scene: Adoption & Use Cases
Informal Payments and Crypto Access
Despite regulatory uncertainty, North Macedonians actively use crypto for online purchases, peer-to-peer payments, and international transfers. Local merchants, while cautious, are slowly experimenting with accepting digital assets off-record, especially in urban areas and tourist-facing businesses.
Mobile wallets and groups in the crypto community give people the chance to be involved in the digital economy without dealing with banks. People working by themselves and small business owners in Skopje and Bitola are using crypto more often.
Investment Trends and Public Interest
Crypto is increasingly seen as a hedge against inflation and currency volatility. Investors in their 20s and 30s are the primary users, drawn by social media, global trends, and the promise of financial independence.
Many participate through centralized platforms like Binance, while others explore DeFi staking and passive yield opportunities. Mining is practiced on a small scale, often within home setups. Despite barriers, public curiosity around crypto continues to grow.
Overall Crypto Market in North Macedonia
North Macedonia’s crypto market is growing steadily, albeit in the absence of formal statistics. According to Binance, over 200,000 accounts are registered in the country, representing about 11% of the total population.
While not all users are active traders, this figure highlights rising interest. A BIRN survey showed that most investors have been involved for over three years, primarily trading Bitcoin, Ethereum, Tether, Solana, and Ripple.
Younger users are typically more engaged, while passive holders often rely on crypto as a savings tool. Without government integration or regulation, the market remains informal but vibrant.
Crypto Regulation in North Macedonia
Current Legal Framework
At this time (June 2025), there is no law specifically about cryptocurrencies in place. At the beginning of 2016, NBRM warned the public that both banks and payment companies in the country were not allowed to engage in cryptocurrency transactions because of limitations imposed by foreign payment systems.
Even so, after reaching the EU Stabilization and Association Agreement, the government declared that using cryptocurrencies is legal, but they have not been regulated.
AML/CTF Law Developments
Last year, there were amendments made to the Law on Prevention of Money Laundering and Terrorism Financing. Thanks to this act, virtual assets were given legal identification and certain actors such as VASPs were mentioned in the law.
Key provisions include:
- Trading of anonymous (privacy) coins is prohibited
- Cash transactions involving crypto are capped at €500 equivalent
- All VASPs must register with the Financial Intelligence Unit
- Use of coin-mixing or anonymizing tools is banned
Further bylaws are pending. Full regulatory enforcement is expected by 2026.
Crypto Exchanges & Trading Platforms
Exchange Landscape
North Macedonia lacks licensed domestic crypto exchanges. As a result, most residents use global platforms like Binance, Kraken, and KuCoin. P2P markets and over-the-counter groups on Telegram and Discord remain common.
Some crypto firms are registered abroad but operate informally within the country. A few banking institutions cautiously allow crypto-related transfers, though many transactions face delays or rejections.
Regulation Outlook
It is expected that this new crypto law will make licensing for exchanges and service providers official. It is possible that authorities will use a model along the lines of the EU’s MiCA framework to include more monitoring and permit access to compliant companies.
Cryptocurrency Wallets & Security
Wallet Use Patterns
MetaMask, Trust Wallet, and ledger or Trezor choices are popular among most North Macedonian cryptocurrency users. The use of these is favored mainly because of privacy and few ways to get fiat in. Binance and other similar platforms provide beginner users with many popular custodial wallets. Mobile wallets are becoming more popular, mostly in situations that involve person-to-person (P2P) payments and stablecoins.
Security issues and gaps
Without any main authority watching over it, the crypto world is now confronted by growing cybercrime, such as phishing, SIM-swapping, and scam tokens. Due to the market’s lack of regulation, consumers cannot solve their problems easily.
Most people learn about security issues through help from others or by going through mistakes on their own. Hardware wallets are suited for people who have a large amount of cryptocurrency.
Crypto Taxation in North Macedonia
Current Tax Status
There is no crypto-specific tax code in North Macedonia as of 2025. However, individuals are expected to declare income from digital assets voluntarily under general income tax laws.
Some classify crypto earnings as "internet income" or “foreign business revenue.” Mining profits and staking rewards also fall into a grey zone, subject to interpretation.
Expected Tax Reforms
The forthcoming crypto law is expected to:
- Introduce clear tax treatment for capital gains
- Require reporting of crypto holdings above a defined threshold
- Enable loss offsetting within a tax year
- Establish VAT exemption for crypto trading
Until formal rules are in place, most crypto taxation relies on voluntary reporting and informal guidance from accountants.
Crypto Community & Education
Grassroots Growth
North Macedonia’s crypto community is expanding through grassroots efforts. Online groups, Twitter accounts, and local meetups are fostering knowledge exchange. Telegram groups in Skopje and Ohrid regularly share market updates, wallet tutorials, and security alerts.
Education & Institutional Involvement
Formal crypto education is still lacking. Universities have not yet integrated blockchain into standard curricula, although some faculty members conduct informal research or seminars.
Public understanding of cryptocurrencies remains low, and many view them as risky or speculative. Despite this, interest is growing rapidly among students and young professionals.
Future of Crypto in North Macedonia
Government Strategy
Ever since he took office in 2024, Hristijan Mickoski has supported the idea of regulating cryptocurrencies. In early 2025, he gathered Tether’s executives to show his intentions of turning North Macedonia into a crypto-friendly place in this region.
Plans include:
- Establishing a legal framework for crypto businesses
- Allowing banks to support exchange accounts
- Attracting foreign crypto companies with tax incentives
Outlook
The outlook for the market depends on passing regulations, matching with EU norms, and increasing integration of the financial sector. If proper rules and education are put in place, North Macedonia may stand out as a leader in Balkan blockchain innovations.
Taking a long time to set clear regulations may stop investors from participating and increase users’ legal and financial risks.
Conclusion
The use of cryptocurrency in North Macedonia is increasing at a fast pace. Even though it is not yet proven, cryptocurrency is being adopted by more people, attracting interest, and gaining the attention of governments, pointing to a good chance of change.
When implemented, the crypto law will make the market more secure, give legal status to activities, add transparency, and encourage investors. Because of the young people, advanced technology, and political stance, the country is prepared to participate significantly in the blockchain scene in Southeast Europe.
Frequently Asked Questions (FAQs)
1. Are electronic currencies legal in the country?
Cryptocurrencies have not been banned, but they do not have any regulations. Authorities have reminded the public about possible risks, since there are unclear laws and little monitoring in this field. Authorities are preparing to introduce a new set of rules by 2026 to overcome this issue.
2. Can people living in Macedonia use foreign platforms for cryptocurrency exchange?
Most people who want to trade cryptocurrencies use Binance and Kraken. Yet, some lenders have set up rules that limit or stop transactions using these exchanges. New guidelines may make it simpler for people and support banking progress.
3. Is crypto mining allowed according to the laws in North Macedonia?
However, people can engage in mining privately without getting a license. At this point, crypto mining activities are not covered by any special rules. All mining income is likely to be taxed following the regular standards set by the government.
4. Are crypto earnings taxed in North Macedonia?
There is currently no specific tax law for cryptocurrencies. Some investors declare crypto gains as internet or foreign income voluntarily. New legislation is expected to define tax treatment for all crypto-related earnings.
5. Can crypto be used for daily payments?
Cryptocurrencies are not recognized as legal tender in North Macedonia. Some businesses accept them informally, especially in urban areas. Users take on financial and legal risk when transacting without official protection.
6. Are privacy coins allowed?
Privacy coins and tools that anonymize transactions are prohibited under the country’s AML/CTF law. Coins like Monero and mixing services are not permitted. All service providers must ensure transparency and traceability.
7. Can crypto salaries be paid legally?
Crypto salaries are not explicitly regulated by law. Employers may pay in crypto but must convert values to MKD for tax and reporting. Most compensation continues to be handled in fiat currency.
8. Are crypto donations to NGOs taxable?
Crypto donations are treated similarly to property transfers under general tax law. Registered non-profits may be exempt from paying tax on received donations. Donors must report large fiat conversions resulting from crypto.
9. Do influencers declaring crypto earnings pay tax?
Yes, earnings from crypto-related promotions or affiliate marketing are considered taxable income. Influencers must report this as self-employment or freelance revenue. The tax authority has audited several influencers for non-compliance.
10. Can Macedonian banks freeze accounts tied to crypto?
Some banks freeze or delay crypto-related transactions due to regulatory uncertainty. This creates barriers for users converting digital assets into fiat. Future regulation may improve trust and access between banks and crypto platforms.