North Macedonia -- Securities Classification Regulatory Overview

Executive Summary

• 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

Regulatory Framework

Regulatory Bodies

• 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

Primary Laws

• 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
• North Macedonia's securities legislation is aligned with EU equivalence standards, as recognized by the European Banking Authority (EBA) in its equivalence assessment; see the annex at 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
• 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

International Standing

• 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
• The European Banking Authority (EBA) has assessed North Macedonia's securities regulatory framework for equivalence with EU standards, indicating a degree of alignment with international regulatory expectations; see the equivalence annex at 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
• 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
• The IMF's SDDS (Special Data Dissemination Standards) framework applies to North Macedonia's statistical reporting, including for debt securities; see the DSBB page at https://dsbb.imf.org/sdds/dqaf-base/country/MKD/category/DSE00. SDDS - DQAF View : North Macedonia - Debt Securities
• 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

Licensing Requirements

Who Needs a License

• 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

Activities Requiring Licensing

• 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

Capital Requirements

• 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

Application Process and Timeline

• 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

Structural Requirements

• 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

Licensed Entities to Date

• 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

AML/KYC Requirements

CDD (Customer Due Diligence)

• 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

EDD (Enhanced Due Diligence)

• 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

STR Reporting (Suspicious Transaction Reporting)

• 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

Record Retention

• 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

Beneficial Ownership

• 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

PEP Screening (Politically Exposed Persons)

• 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

Enforcement Actions

• 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

Tax Treatment

• 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

Key Gaps & Risks

Regulatory Gaps

• 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

Implementation Gaps

• 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

Business Risks

• 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

Sources

• Law on Securities
• 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
• SDDS - DQAF View : North Macedonia - Debt Securities