Macedonia and Cryptocurrency

Macedonia Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

National Bank of Macedonia issued a statement on September 28, 2016 warning against cryptocurrencies and reminding citizens that foreign investment accounts by Macedonians, including cryptocurrencies, are prohibited.[1] As of July 2018, cryptocurrencies are still illegal in Macedonia.[2] The Governor of the National Bank of Macedonia stated that Bitcoin trading and use is illegal because international payment operations are conducted by Macedonian banks.[3]

P.S. Insights on Cryptocurrency Legal Issues

Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.

Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining.

However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.

Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency.  The globe below provides links to country-by-country summaries:

Podcast:

The Freeman Law Project – Cryptocurrency Regulation and Taxation: A Brief Primer

Is cryptocurrency legal in Macedonia?

Do you have questions about cryptocurrency, digital currencies, or blockchain technology?
Freeman Law can help with digital currencies, tax planning, and tax compliance. Contact us now to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.


[1] Cryptocurrency World Survey, Macedonia, https://www.loc.gov/law/help/cryptocurrency/world-survey.php#_ftn450.

[2] Stephen O’Neal, From Russia to Macedonia: How Cryptocurrencies are Regulated in Eastern Europe, Cointelegraph.Com (July 2, 2018), https://cointelegraph.com/news/from-russia-to-macedonia-how-cryptocurrencies-are-regulated-in-eastern-europe.

[3] Id.

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