North Macedonia has a clear ban on cryptocurrency trading since 2017. The National Bank of the Republic of Macedonia (NBRM) issued a prohibition classifying crypto trading as illegal under foreign securities regulations. But here’s the puzzle: people are still buying and selling Bitcoin and Ethereum daily. How? Because the ban exists in a legal gray area where enforcement is unclear.
The Legal Gray Area Between Ban and Reality
In 2017, the NBRM banned cryptocurrency trading, treating it like foreign securities. But in 2022, the government updated the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CTF) Draft-Law established initial regulatory definitions for virtual assets. This law defined "virtual assets," "virtual asset service providers," and "cryptocurrencies" as property. The NBRM later clarified that "crypto currencies are not illegal if they are not regulated." This means trading isn’t technically illegal-it’s just not regulated. But without clear rules, users face risks.
CoinGecko calls North Macedonia "the only European country where cryptocurrencies are explicitly illegal," but Multilaw’s 2023 analysis says the "social and political climate is changing." BrokerChooser’s 2025 report shows Swissquote and other brokers serve Macedonian users despite the ban. This contradiction highlights the regulatory uncertainty.
How Underground Trading Works
Most trading happens through peer-to-peer (P2P) platforms that bypass bank restrictions. Platforms like Symlix is a peer-to-peer crypto trading platform that operates in North Macedonia let users trade directly. Symlix uses an escrow system where funds are held until the trade completes. Users can pay with cash, mobile money, or bank transfers. The platform shows live chat for negotiations and resolves disputes within 24 hours.
LocalCoinSwap global P2P platform offers over 300 payment methods. Its three-step process-register, search offers, start trade-works for Macedonian users. Both platforms avoid bank blocks by facilitating direct person-to-person transactions. Symlix’s help center advises users to "verify counterparty identity through video call" and "use small test transactions first."
| Platform | Payment Methods | Fees | Security Features |
|---|---|---|---|
| Symlix peer-to-peer platform | Cash, bank transfer, mobile money | 0% trading fee, 2% escrow fee | Escrow wallet, live chat, dispute resolution |
| LocalCoinSwap global P2P platform | 300+ payment options including cash | Variable fees based on offer | Multi-signature escrow, user verification |
| Swissquote regulated international broker | Banks, wire transfers | High fees (up to 3%) | Regulated broker, secure platform |
International brokers like Swissquote regulated international broker also operate here. They charge high fees but offer regulated services. BrokerChooser found Swissquote was chosen by 42% of Macedonian users in late 2024. However, users complain about slow customer service and high costs for small trades.
Real Risks of Underground Trading
Trading crypto in North Macedonia comes with serious risks. Banks often block transactions. A Reddit user from Skopje reported €1,200 frozen for two weeks after a bank transfer attempt. Some users get scammed when trading on P2P platforms without escrow. The AML/CTF Draft-Law provides some framework but enforcement is inconsistent, leaving traders vulnerable. Plus, the NBRM could enforce the 2017 ban anytime.
TRT World’s June 2025 report featured local experts warning that "investing in crypto can be risky as people often don’t fully understand how it works." Many Macedonian retail investors lack basic knowledge about blockchain. Trustpilot reviews for Swissquote show 3.7/5 stars, with 9 out of 12 reviews complaining about "high fees for small amounts."
Expert Perspectives: Contradictory Views
Opinions on North Macedonia’s crypto situation are split. CoinGecko’s 2024 report calls it "the only European country where cryptocurrencies are explicitly illegal," but Multilaw’s 2023 analysis states the "social and political climate is changing." The NBRM now acknowledges crypto isn’t illegal if unregulated, showing shifting policy. BrokerChooser notes that despite the ban, Swissquote and other brokers serve Macedonian users.
Industry analysts predict North Macedonia will align with the EU’s MiCA framework by 2026-2027. Multilaw says the February 2022 AML/CTF Draft-Law was "the first phase of comprehensive regulation" that will eventually include licensing requirements for virtual asset service providers. This suggests regulation is coming, but the timeline is unclear.
What’s Next for Crypto in North Macedonia?
North Macedonia is moving toward regulation. The market has 42,000 active users in a country of 1.8 million people-just 2.3% adoption compared to the EU average of 5.1%. LocalCoinSwap reported a 300% year-over-year increase in Macedonian user activity from 2022-2024. This growth suggests demand will push regulators to act.
Only 3 registered Macedonian businesses accept cryptocurrency as payment, according to a May 2025 Chamber of Commerce survey. Most activity is retail trading, with 92% of transactions being individual trades. Experts agree the country will align with EU MiCA standards, but implementation might take until 2027. Until then, traders must navigate the gray area carefully.
Is crypto trading illegal in North Macedonia?
Technically, yes, based on the 2017 NBRM prohibition. However, the NBRM clarified in 2023 that "crypto currencies are not illegal if they are not regulated." This means trading isn’t explicitly illegal but operates in a legal gray area without clear rules. Enforcement is inconsistent, leading to underground trading.
Can I use my local bank to trade crypto?
No. Banks in North Macedonia block crypto-related transactions. Most users rely on P2P platforms like Symlix or LocalCoinSwap that accept cash or mobile payments. Attempting bank transfers often results in frozen funds or account issues.
What’s the safest way to trade crypto in North Macedonia?
Use P2P platforms with escrow systems like Symlix or LocalCoinSwap. Always verify counterparty identity through video calls, start with small test transactions, and avoid large sums. Never trade without using the platform’s escrow service.
Why do banks block crypto transactions?
Banks follow the 2017 NBRM prohibition, which classifies crypto trading as illegal. Even though the law is unclear, banks err on the side of caution to avoid regulatory penalties. This makes bank transfers unreliable for crypto purchases.
When will North Macedonia have clear crypto laws?
Draft legislation for licensing virtual asset service providers is expected in late 2025. Full alignment with EU MiCA standards is predicted by 2026-2027. Until then, the regulatory gray area will persist, requiring traders to stay cautious.
7 Comments
Molly Andrejko
Platforms like Symlix and LocalCoinSwap are vital for North Macedonian crypto traders, as they bypass bank restrictions through secure P2P methods. Using escrow systems ensures funds are held until the trade completes, which is a smart safety measure. Always verify counterparty identity via video call and start with small test transactions to build trust gradually. Banks in North Macedonia routinely block crypto-related transactions, leading many to rely on cash or mobile money payments. The NBRM's 2023 clarification states that "crypto currencies are not illegal if they are not regulated," but this creates a confusing gray area where enforcement is inconsistent. Experts warn that without clear regulations, traders remain vulnerable to scams and frozen funds. It's hopeful that North Macedonia will align with EU MiCA standards by 2026-2027, bringing much-needed clarity. Until then, caution and due diligence are essential for anyone participating in crypto trading here. Also, the fact that Swissquote serves Macedonian users despite the ban shows how the market is adapting. It's important to stay informed and choose trusted platforms to minimize risks. The 300% year-over-year growth in user activity on LocalCoinSwap indicates strong demand for regulated solutions. This situation highlights the need for clear government policies to protect everyday traders. I'm optimistic that progress will continue toward a more stable environment.
Jim Laurie
Totally agree! The escrow system on Symlix is a game-changer. But man, those 2% fees add up, especially for small trades. Still, better than getting frozen funds like that Reddit user mentioned. Also, localcoinswap's multi-signature escrow is way safer than some other platforms. Gotta watch out for scams, tho.
Sharon Lois
This 'gray area' is just the government hiding their incompetence-classic move.
Udit Pandey
The regulatory ambiguity in North Macedonia regarding cryptocurrency trading is a clear example of governmental inefficiency.
In India, we have established frameworks that provide clarity for virtual asset service providers, ensuring both security and innovation.
The NBRM's 2017 ban, coupled with the 2022 AML/CTF Draft-Law, demonstrates a lack of coherent policy-making.
It is imperative for the Macedonian government to adopt a structured approach similar to the EU's MiCA framework, which has been successfully implemented across member states.
Without such clarity, traders are exposed to unnecessary risks, including asset freezes and fraudulent activities.
The current situation, where platforms like Symlix operate in a legal gray area, is untenable and detrimental to the nation's economic development.
Furthermore, the reliance on P2P platforms without proper oversight invites potential money laundering and terrorist financing, which contradicts the very purpose of the AML/CTF laws.
It is the responsibility of the authorities to enact comprehensive legislation that balances innovation with consumer protection.
In contrast, countries like Singapore and Switzerland have demonstrated how effective regulation can foster a thriving crypto ecosystem.
North Macedonia must learn from these examples and move swiftly towards establishing a robust regulatory environment.
The current state of affairs is a disservice to the country's citizens and its potential as a forward-thinking economy.
It is high time for the government to take decisive action rather than perpetuating uncertainty.
This situation reflects poorly on North Macedonia's ability to govern effectively in the digital age.
The international community should also hold the Macedonian authorities accountable for their lack of progress in this critical area.
As a global leader in financial regulation, India's approach could serve as a model for North Macedonia to follow.
mahikshith reddy
India's regulations? Smoke and mirrors. Crypto is the future-any country resisting it is doomed. Wake up.
orville matibag
It's interesting how P2P platforms are filling the gap. I've used LocalCoinSwap before-works okay if you're careful. The key is not to rush into big trades. Always start small.
Jesse Pasichnyk
Crypto's the future. Governments blocking it is stupid. People should just use P2P and ignore the rules. It's not that hard.