RESEARCH: North Macedonia Cryptocurrency and Digital Asset AML Regulatory Requirements

Executive Summary

Crypto activities in North Macedonia exist in a legal grey zone, regulated primarily by anti-money-laundering (AML) rules rather than a dedicated cryptocurrency law. As an EU candidate country, North Macedonia is expected to align its financial services rules with EU standards (MiCA) ahead of accession. No dedicated crypto licence exists; businesses must operate through a properly governed company that complies with AML obligations. The corporate and personal income tax rates are both flat at 10%, among the lowest in Europe. Currently, no entities have been officially licensed for cryptocurrency activities, but a readiness file is prepared for future MiCA-aligned regulations. The practical reality involves establishing a compliant company with robust AML measures, anticipating EU alignment.

Regulatory Framework

Regulatory Bodies:

• 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.

Primary Laws:

• 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.

International Standing:

• 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.

Licensing Requirements

Entities Requiring Licensing:

• Virtual Asset Service Providers (VASPs): Exchanges, custodians, and wallet providers that handle client funds and virtual assets.

Capital Requirements:

• No specific monetary thresholds or capital requirements are mandated by current laws for VASPs in North Macedonia.

Application Process & Timeline:

• No Dedicated Licence: As of 2025–2026, no dedicated crypto licence is issued by North Macedonia. Entities must register with the FSA and implement a comprehensive AML/CFT program compliant with the 2008 law and its 2020 amendment.
• Structural Requirements: A properly governed company registered in North Macedonia, with a named compliance officer, KYC/AML procedures, and continuous monitoring capabilities.

Existing Licences:

• Zero Licensed Entities: As of the latest data, no entities have been officially licensed specifically for cryptocurrency activities. The FSA oversees compliance through existing financial supervision mechanisms.

AML/KYC Requirements

• Customer Due Diligence (CDD): Identification and verification of customers; risk assessment based on customer type (individual vs. corporate).
• Enhanced Due Diligence (EDD): Required for higher-risk customers, including politically exposed persons (PEPs) and cross-border transactions exceeding €10,000.
• Simplified Due Diligence: May apply to low-risk, verified customers with ongoing monitoring.
• Suspicious Transaction Reporting (STR): Mandatory reporting of any suspicious activity to the FSA within 5 days.
• Record Retention: All customer records, transaction logs, and AML policies must be retained for at least five years.
• Beneficial Ownership Transparency: Disclosure of ultimate beneficial owners to the FSA.
• PEP Screening: Mandatory screening of customers against PEP lists maintained by the FSA.

Enforcement Actions

• Penalties: Non-compliance can result in fines up to €500,000 or imprisonment for up to five years, as stipulated in the Prevention of Money Laundering and Financing of Terrorism Act.
• Recent Cases: No specific enforcement actions related to cryptocurrency have been reported in recent media or regulatory announcements as of late 2025. However, the FSA has conducted spot checks on virtual asset service providers, focusing on AML compliance.

Tax Treatment

• Income Tax on Crypto Gains: No specific guidance exists for virtual assets; gains are taxed under general income tax rules, likely as capital gains taxed at the flat 10% personal income tax rate.
• Corporate Tax: Flat 10% on corporate profits, applicable to any business, including those engaged in cryptocurrency activities.
• VAT: Standard VAT rates apply to the sale of virtual assets if considered a service, but specific guidance from the Macedonian Tax Administration is lacking.
• No Tax Guidance for Virtual Assets: As of 2025, the Macedonian Tax Administration has not issued explicit tax guidance for virtual assets or cryptocurrency transactions.

Key Gaps & Risks

• Regulatory Uncertainty: Lack of a dedicated crypto law leaves a regulatory gap, with only AML/CFT provisions applying.
• Compliance Burden: Businesses must independently ensure compliance with evolving EU MiCA standards.
• International Cooperation: While aligned with FATF recommendations, ongoing cooperation with EU bodies is essential for future compliance.
• Risk of Non-Compliance: Without a dedicated licensing framework, enforcement relies on broad AML statutes, potentially leading to inconsistent application.

Sources

• North Macedonia

• COUNTRY UPDATE-Republic of North Macedonia: AML

• NEWS: MONEYVAL highlights gaps and... - AML Intelligence

• Crypto License in North Macedonia - Company + AML, 10... | Prifinance

• • No dedicated crypto law in North Macedonia - crypto sits in a grey zone captured only by AML rules. Prifinance
• • EU candidate alignment to MiCA ahead of accession. Prifinance
• • Flat 10% corporate and personal tax rates. Prifinance
• • North Macedonia highlighted gaps and improvements in AML regime. AML Intelligence