Cryptocurrency Regulations in North Macedonia Prior to 2024

As of the years leading up to 2024, the legislative landscape for cryptocurrencies in North Macedonia was characterized by a lack of specific regulations and legal frameworks, coupled with cautionary guidance from the National Bank of North Macedonia.

Legal Status of Cryptocurrencies

Non-Recognition as Legal Tender: Cryptocurrencies were not considered legal tender in North Macedonia. The National Bank of North Macedonia issued several warnings about the risks associated with cryptocurrency investments and transactions, highlighting concerns such as volatility and potential use in illegal activities. However, there were no specific laws prohibiting the use or ownership of cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, Tether, Cardano, USDT, XRP, and Monero​​.

Regulatory Approach and Warnings

Absence of Specific Cryptocurrency Regulations: The country did not have any specific regulations or laws directly related to cryptocurrencies. The National Bank’s stance primarily revolved around issuing general warnings about the risks associated with cryptocurrencies. These included risks related to high price volatility and the unregulated nature of these digital assets​​.

Indirect Impact of Existing Laws: While there were no specific regulations for cryptocurrencies, some existing laws and regulations indirectly affected cryptocurrency activities. For example, money laundering laws might apply to certain cryptocurrency transactions​​.

Cryptocurrency Trading and Usage

Legality of Cryptocurrency Trading: Trading in cryptocurrencies was not explicitly prohibited in North Macedonia. However, the National Bank cautioned against the risks of trading cryptocurrencies, especially considering the high price volatility and lack of consumer protection mechanisms​​.

Popularity of Various Cryptocurrencies: While there was no official data, cryptocurrencies like Bitcoin, Ethereum, and Litecoin were among the most popular in North Macedonia. Other digital currencies such as Dogecoin, Tether, Cardano, USDT, XRP, and Monero were also used, albeit to a lesser extent​​.

Cryptocurrency Gambling

Legal Grey Area in Cryptocurrency Gambling: Cryptocurrency gambling was not explicitly addressed in North Macedonian law. Given that gambling was generally legal in the country, it could be inferred that gambling with cryptocurrencies might be permitted, although it should be approached responsibly and in compliance with all applicable laws​​.

Conclusion

The legislative landscape for cryptocurrencies in North Macedonia prior to 2024 was marked by a lack of concrete regulations, with the National Bank issuing cautionary advice regarding the use and trading of digital currencies. The absence of specific laws meant that individuals and entities engaging in cryptocurrency activities had to navigate a largely unregulated and uncertain environment, with general financial laws occasionally impacting their operations. This landscape reflected a cautious but not entirely prohibitive approach towards the growing global interest in cryptocurrencies.