Is Crypto Legal in North Macedonia?

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.

Custody and/or administration of virtual assets or instruments enabling control over virtual assets.

Participation in and provision of financial services related to an issuer's offer and/or sale of a virtual asset.

Originator Information: Name, account number (or unique transaction identifier), physical address, national identity number (or customer identification number), date and place of birth (or legal entity registration number for corporate originators).

Beneficiary Information: Name, account number (or unique transaction identifier).

Transmit Required Information: VASPs must obtain and transmit this information to the beneficiary VASP, or to the beneficiary itself if they are using an unhosted wallet.

Retention: VASPs must retain the collected information for a prescribed period (typically 5-10 years, as per general AML record-keeping rules).

No Specific Technology Mandate: Like most jurisdictions, North Macedonia's law does not mandate a specific technical solution (e.g., TRISA, TRAVELER, Sygna). VASPs are expected to choose and implement a solution that allows them to securely and effectively collect, transmit, and store the required information in a compliant manner. The emphasis is on what information needs to be transmitted, not how it is technically done, as long as it meets security and data protection standards.

Administrative Fines: Substantial monetary fines can be imposed on the VASP (legal entity) and/or responsible individuals within the VASP's management. These fines can vary depending on the severity and recurrence of the breach.

Withdrawal of Licenses/Registrations: Supervisory authorities may suspend or revoke a VASP's license or registration if there are serious or repeated breaches of AML/CFT obligations.

Other Supervisory Measures: These can include public reprimands, imposition of specific compliance measures, increased supervisory oversight, or orders to cease certain activities.

Criminal Charges: In cases of severe or intentional non-compliance, particularly if linked to actual money laundering or terrorist financing activities, individuals responsible could face criminal charges and imprisonment.

Official Gazettes (Службен весник на Република Северна Македонија): The most recent consolidated version should be sought. Relevant amendments were published in various issues, notably No. 297/21 of 23.12.2021. While a direct English translation of the latest consolidated version might not be easily accessible online through an official government portal, the Macedonian versions are available.

A search on the official gazette website: https://slvesnik.com.mk/ (You would need to search for "Закон за спречување перење пари и финансирање тероризам").

MONEYVAL Reports on North Macedonia: These reports provide detailed analysis of North Macedonia's compliance with FATF Recommendations.

Available on the Council of Europe/MONEYVAL website: https://www.coe.int/en/web/moneyval/-/moneyval-publishes-fourth-enhanced-follow-up-report-on-north-macedonia

(Look for the direct PDF link within the page for the full report).

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.

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").

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.

Salaries/Payments in Crypto: If an individual receives salary or payment for services in cryptocurrency, the fair market value of the crypto at the time of receipt is treated as regular employment or professional income and subject to the standard personal income tax rules and rates (including social contributions if applicable).

Trading (Professional): If an individual is actively and professionally trading cryptocurrencies with the intent to generate profit, this could be classified as business income, subject to the 10% personal income tax rate on net profits.

Corporate Entities: Businesses that engage in cryptocurrency-related activities (e.g., crypto exchanges, payment processors, mining farms, trading firms) will have their profits from these activities included in their overall taxable profit.

Tax Rate: The corporate profit tax rate in North Macedonia is 10%.

Accounting: Businesses must accurately account for their crypto assets and transactions, valuing them according to applicable accounting standards. Profits and losses from crypto transactions will affect the company's taxable income.

Exchange of Cryptocurrency: The exchange of traditional currency for cryptocurrency and vice-versa, or the exchange of one cryptocurrency for another, is generally treated as an exempt financial service. This aligns with the European Court of Justice ruling in the Skatteverket v. David Hedqvist case (C-264/14), which exempted Bitcoin transactions from VAT.

Goods and Services Paid for with Crypto: When cryptocurrency is used as a form of payment for goods or services, the transaction is subject to VAT if the underlying goods or services are themselves VATable. The value of the supply is determined by the fair market value of the cryptocurrency at the time of the transaction.

Annual Personal Income Tax Return (ПП-ОДД): Individuals are generally required to file an annual personal income tax return (ПП-ОДД) by March 15th of the following year for all income earned in the previous calendar year, including capital gains and other income from cryptocurrency activities.

Declaration of Capital Gains (ПП-ПДД): Specific forms may need to be submitted to declare capital gains from the transfer of property/rights, usually within 10 days of the sale or by a specific deadline. Taxpayers must self-assess and pay the tax.

Annual Corporate Profit Tax Return (ПП-ДД): Businesses are required to file an annual corporate profit tax return (ПП-ДД) and declare all taxable profits, including those derived from cryptocurrency activities.

Accounting Records: Businesses must maintain proper accounting records in accordance with North Macedonian accounting standards.

While not strictly tax legislation, North Macedonia has laws on preventing money laundering and terrorist financing that apply to virtual asset service providers (VASPs) and can indirectly impact tax reporting.

The Financial Intelligence Unit (Управа за финансиско разузнавање - УФР) is the key authority for AML/CFT. VASPs operating in North Macedonia are likely subject to registration and reporting requirements, including reporting suspicious transactions and large transactions, which could trigger tax scrutiny.

Public Revenue Office (UJP) Forms: https://ujp.gov.mk/mk/obrasci (Forms are in Macedonian).

Financial Intelligence Unit (FIU) North Macedonia: https://ufr.gov.mk/ (For AML/CFT related regulations).

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.

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.

Laws are typically published in the Official Gazette (Службен весник). For example, a search on https://slvesnik.com.mk/ for "Закон за хартии од вредност" would yield the relevant legislation.

No Specific Requirements: Since stablecoins are not specifically regulated or classified as e-money or securities in a general sense, there are no specific reserve requirements imposed by North Macedonian law for stablecoin issuers.

Future Outlook (MiCA): When North Macedonia aligns with MiCA, asset-referenced tokens (ARTs) and e-money tokens (EMTs) will have stringent reserve requirements, including backing with highly liquid assets, segregation of assets, and regular audits.

No Specific Licensing: There is no specific licensing regime for stablecoin issuers in North Macedonia.

E-money: An e-money institution license would be required from the NBM under the Law on Payment Services and Payment Systems.

A Security: The issuer would need to comply with capital market regulations, including prospectus requirements and potentially licensing as an investment firm, overseen by the SEC.

However, operating as a stablecoin issuer per se, without fitting into existing regulated categories, does not require a specific license, but it also means operating outside the regulatory framework and consumer protection.

No Regulatory Guarantees: As stablecoins are not regulated under a specific framework, there are no legally guaranteed redemption rights under North Macedonian law.

Redemption rights would be solely dependent on the terms and conditions set by the stablecoin issuer, which users would agree to when acquiring the stablecoin. The enforceability of these contractual rights would fall under general contract law, but without a specific regulatory framework, consumer protection is limited.

No Specific Rules: There are no specific rules or prohibitions regarding algorithmic stablecoins in North Macedonia.

However, given the general cautious approach and the lack of asset backing for many algorithmic stablecoins, they would likely be viewed with even greater skepticism due to their inherent volatility and risk.

Future Outlook (MiCA): MiCA includes specific provisions for "algorithmic stablecoins" that attempt to maintain a stable value through algorithms without full asset backing. MiCA effectively imposes very strict conditions or de facto prohibitions on such stablecoins if they fail to meet demanding stability mechanisms and capital requirements, making it difficult for them to operate within the EU. North Macedonia is expected to adopt similar stances.

Exploration Stage: The National Bank of the Republic of North Macedonia has expressed interest in monitoring global developments regarding Central Bank Digital Currencies (CBDCs) but has not announced concrete plans for issuing its own CBDC. Their focus has been on modernizing payment systems and increasing financial inclusion.

No Direct Interaction: Currently, there is no direct regulatory or operational interaction between stablecoins and a potential CBDC in North Macedonia, as the CBDC project is still in a very early conceptual or exploratory stage, if at all. Should a CBDC be introduced, it would be a distinct, central bank-issued digital currency, likely designed to complement or coexist with cash, not directly interact with private stablecoins in a regulatory sense, although it might impact their market dynamics.

Reference: General NBM statements on financial innovation and future payment systems may touch upon CBDCs.

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

The Office of the Deputy Prime Minister for Economic Affairs coordinates government activities related to foreign investments and economic policy, which includes oversight of the investment climate affecting digital asset businesses; details are found at https://vicepremier-ekonomija.gov.mk. North Macedonia - United States Department of State

Invest North Macedonia, the Agency for Foreign Investments and Export Promotion, is the primary government institution facilitating foreign investments and provides guidance for registering businesses, including those in the digital asset sector; more information is at https://investnorthmacedonia.gov.mk/. North Macedonia - United States Department of State

The Law on Securities ("Official Gazette of the Republic of North Macedonia") is the primary legislation governing securities in North Macedonia and applies to digital assets that qualify as securities; the full text is available at https://sec.gov.mk/Files/Attachments/LAW%20ON%20SECURITIES.pdf. Law on Securities

The Law on Securities establishes the legal framework for the issuance, trading, and supervision of securities, including provisions that extend to digital or dematerialized securities instruments. Law on Securities

The Law on Financial Support of Investments, as amended in 2021, provides incentives to companies operating in free economic zones; these incentives may apply to digital asset businesses establishing operations in such zones; the amendment text is at https://vicepremier-ekonomija.gov.mk/sites/default/files/dokumenti/Izmeni%20i%20dopolnuvanja%20ZFPI%202021.pdf. North Macedonia - United States Department of State

The Law on Securities is the current and operative securities law in North Macedonia; no dedicated cryptocurrency or digital asset law has been enacted as of 2025–2026, making securities law the primary reference for digital assets classified as securities. Law on Securities

North Macedonia is an EU candidate country and has been a NATO member since March 2020; its regulatory framework, including securities regulation, is designed to align with EU standards. North Macedonia - United States Department of State

North Macedonia is a signatory to multilateral conventions protecting foreign investors and is party to numerous bilateral investment protection treaties, providing international legal protections relevant to digital asset investors. North Macedonia - United States Department of State

North Macedonia participates in global investment policy reviews by the WTO and UNCTAD, reflecting its engagement with international trade and investment standards; relevant reviews are available at https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=q:/WT/TPR/S390R1.pdf&Open=True and https://unctad.org/en/PublicationsLibrary/diaepcb2011d3_en.pdf. North Macedonia - United States Department of State

North Macedonia's regulatory framework is largely in line with international standards, though implementation challenges persist, according to the U.S. Department of State's Investment Climate Statement. North Macedonia - United States Department of State

Any entity engaged in securities activities, including issuing, trading, or intermediating securities that are digital assets, must obtain appropriate authorization from SEC Macedonia under the Law on Securities. Law on Securities

Investment in sectors such as banking, financial services, and insurance — which would include securities-related digital asset activities — requires meeting licensing requirements that apply equally to domestic and foreign investors. North Macedonia - United States Department of State

Foreign investors can invest directly in all industry and business sectors except those limited by law; digital asset activities that fall under securities regulation are subject to the same licensing requirements as domestic entities. North Macedonia - United States Department of State

There is no separate or dedicated license category for cryptocurrency exchanges, digital asset wallets, or other crypto-specific service providers under current North Macedonian law; such activities are only caught by licensing requirements if they involve securities. Law on Securities

Issuance of securities, including digital tokens that qualify as securities, requires compliance with prospectus and registration requirements under the Law on Securities. Law on Securities

Trading in securities, including digital asset securities, requires a license or membership in a regulated securities exchange or trading venue authorized by SEC Macedonia. Law on Securities

Investment intermediation and brokerage services involving securities, including digital securities, require licensing from SEC Macedonia. Law on Securities

Portfolio management, investment advisory services, and custody services related to securities also fall under the licensing requirements of the Law on Securities. Law on Securities

Any entity operating a trading venue or organized market for securities, including digital asset securities, must be licensed as a securities exchange by SEC Macedonia. Law on Securities

The Law on Securities specifies minimum capital requirements for licensed entities, though the specific monetary thresholds are detailed in the law text; the full law is accessible at https://sec.gov.mk/Files/Attachments/LAW%20ON%20SECURITIES.pdf. Law on Securities

Capital requirements under the Law on Securities apply to entities licensed for securities activities, including those dealing in digital asset securities; exact figures must be derived from the law text as published in the Official Gazette. Law on Securities

The EBA's equivalence assessment of North Macedonia's securities framework notes that capital and operational requirements align with EU standards, though specific numerical thresholds are not summarized in the annex; see https://www.eba.europa.eu/sites/default/files/document_library/Publications/Opinions/2021/1024367/Annex%20North%20Macedonia%20Equivalence.pdf. ANNEX – NORTH MACEDONIA 1 ANNEX – Republic of North Macedonia

Business registration must be completed with the Central Registry of the Republic of North Macedonia before or concurrent with seeking any securities licenses; the one-stop-shop system allows registration within one day at http://www.crm.com.mk. North Macedonia - United States Department of State

Online registration for all investors, including foreign companies, is available at http://e-submit.crm.com.mk/eFiling/en/home.aspx; applications must be submitted by an authorized registration agent. North Macedonia - United States Department of State

After Central Registry registration, entities seeking to engage in securities activities must apply to SEC Macedonia for the relevant license under the Law on Securities. Law on Securities

The Law on Securities prescribes the documentation, procedural steps, and review timeline for license applications, though the law text should be consulted for exact deadlines. Law on Securities

The Law on Securities requires licensed entities to meet structural and organizational standards, including governance, risk management, and operational requirements suitable for securities activities. Law on Securities

Licensed entities must maintain adequate systems for record-keeping, reporting, and investor protection in accordance with the Law on Securities. Law on Securities

The regulatory framework requires licensed securities entities to be established in legal forms recognized under North Macedonian corporate law, such as limited liability companies or joint stock companies. North Macedonia - United States Department of State

No entities have been specifically licensed as cryptocurrency exchanges or digital asset service providers in North Macedonia, as no dedicated crypto-licensing regime exists. Law on Securities

No public records indicate that any entity has received a license from SEC Macedonia specifically for digital asset securities activities under the Law on Securities as of 2025–2026. Securities and Exchange Commission of the Republic of North Macedonia – ПОВ Портал

The absence of licensed crypto entities reflects the legal grey area and the lack of a tailored regulatory pathway for digital asset businesses. North Macedonia - United States Department of State

The Law on Securities requires licensed securities entities to conduct customer identification and verification procedures as part of their obligations under the broader financial regulatory framework. Law on Securities

Securities entities in North Macedonia must implement customer due diligence measures consistent with international standards, though the Law on Securities does not specifically address digital asset customers given the absence of crypto-specific regulation. Law on Securities

Enhanced due diligence requirements apply to higher-risk customers and transactions under the securities regulatory framework, which would extend to digital asset securities transactions. Law on Securities

The Law on Securities mandates that licensed entities apply enhanced scrutiny for politically exposed persons, cross-border transactions, and other high-risk scenarios, consistent with international AML standards. Law on Securities

Licensed securities entities are required to report suspicious transactions to the competent authorities under the Law on Securities and related financial regulations. Law on Securities

The obligations for suspicious transaction reporting apply to all securities activities, including those involving digital assets classified as securities, in accordance with the Law on Securities. Law on Securities

The Law on Securities requires licensed entities to maintain comprehensive records of transactions, customer identification data, and communications for specified retention periods, as detailed in the law text. Law on Securities

Record-keeping obligations extend to digital asset securities activities, requiring entities to preserve evidence of compliance with securities regulations. Law on Securities

The Law on Securities requires disclosures of beneficial ownership for entities issuing or trading securities, which applies to digital asset securities to prevent anonymity and enhance transparency. Law on Securities

The securities regulatory framework mandates PEP screening procedures for customers and counterparties, which licensed entities must apply in their dealings with digital asset securities. Law on Securities

The U.S. Department of State's 2022 Investment Climate Statement notes that the government generally enforces laws, but there are numerous reports of corruption among officials; this context implies enforcement of securities regulations, including for digital assets, may be inconsistent. North Macedonia - United States Department of State

The State Commission for the Prevention of Corruption has opened a number of corruption-related inquiries, including several involving high-level officials, which could affect enforcement integrity in the securities sector; this information is sourced from https://2021-2025.state.gov/reports/2022-investment-climate-statements/north-macedonia. North Macedonia - United States Department of State

No specific enforcement actions against cryptocurrency or digital asset businesses in North Macedonia have been reported in the available sources, reflecting the nascent state of crypto regulation and enforcement. Law on Securities

Transparency International ranked North Macedonia 87th out of 180 countries in its 2021 Corruption Perceptions Index with a score of 39/100, indicating ongoing corruption challenges that may affect enforcement actions in the securities and digital asset space. North Macedonia - United States Department of State

No specific tax guidance has been issued for virtual assets or cryptocurrency in North Macedonia, and the available sources do not address how crypto gains are classified for income tax, capital gains tax, or VAT purposes. North Macedonia - United States Department of State

The World Bank GNI per capita for North Macedonia stood at USD 5,750 in 2020, as reported in the Investment Climate Statement, but no fiscal treatment of digital assets is referenced. North Macedonia - United States Department of State

North Macedonia has concluded double taxation treaties with numerous countries, but these treaties do not address digital assets; the list of treaty partners is available in the Investment Climate Statement at https://2021-2025.state.gov/reports/2022-investment-climate-statements/north-macedonia. North Macedonia - United States Department of State

No tax guidance has been issued for virtual assets. North Macedonia - United States Department of State

There is no dedicated cryptocurrency or digital asset law in North Macedonia, leaving non-securities digital assets entirely unregulated and not subject to SEC Macedonia's oversight. Law on Securities

The classification of digital assets as securities is not clearly defined in North Macedonian law, creating significant legal uncertainty for crypto businesses attempting to determine their regulatory obligations. Law on Securities

No guidance has been issued on when a token, coin, or digital asset constitutes a security under North Macedonian law, leaving market participants to make potentially incorrect determinations. Securities and Exchange Commission of the Republic of North Macedonia – ПОВ Портал

North Macedonia does not have a national investment screening mechanism in line with international standards, meaning digital asset investments may not undergo proper vetting; this is noted in the Investment Climate Statement. North Macedonia - United States Department of State

While North Macedonia's legal framework is "largely in line with international standards," frequent regulatory and legislative changes, coupled with inconsistent interpretation of rules, create an unpredictable business environment. North Macedonia - United States Department of State

The regulatory environment remains complex, and inconsistent interpretation of the rules is a persistent issue, which is particularly problematic for digital asset businesses given the lack of crypto-specific guidance. North Macedonia - United States Department of State

Corruption remains a consistent issue, with Transparency International ranking North Macedonia 87th out of 180 countries in 2021, which may undermine regulatory enforcement and create compliance risks. North Macedonia - United States Department of State

The government generally enforces laws, but numerous reports of official corruption exist, creating risks for businesses relying on consistent regulatory treatment. North Macedonia - United States Department of State

Digital asset businesses that deal in tokens qualifying as securities face licensing requirements without any tailored guidance, creating the risk of inadvertent non-compliance and penalties under the Law on Securities. Law on Securities

Businesses operating in the crypto space for non-securities assets face no licensing requirement but also enjoy no legal recognition or investor protection, creating operational and reputational risks. Law on Securities

The absence of a "one-stop-shop" for FDI requires investors to navigate several bureaucratic institutions, which is particularly burdensome for emerging digital asset businesses. North Macedonia - United States Department of State

Foreign investors in the digital asset space must navigate a non-standard, non-public screening procedure conducted by Invest North Macedonia on an ad-hoc basis, creating unpredictability for market entry. North Macedonia - United States Department of State

North Macedonia - United States Department of State

Securities and Exchange Commission of the Republic of North Macedonia – ПОВ Портал

ANNEX – NORTH MACEDONIA 1 ANNEX – Republic of North Macedonia

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