There are no crypto licenses in Macedonia, but under the new Law on Prevention of Money Laundering and Financing of Terrorism in North Macedonia, companies need to register with the Financial Intelligence Office (FIO). In this article, you can discover how to open a cryptocurrency company in Macedonia, with support provided by our company formation agents in Macedonia.
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How to start a cryptocurrency business in Macedonia
The announcement of the launch of the digital denar managed to capture the attention of local and foreign investors in Macedonia, who have the opportunity to register a cryptocurrency company in Macedonia. We present below some of the formalities to take into account when setting up such a business:
- A limited liability company or DOO for Macedonia is the most suitable structure for a business. Cryptocurrency companies can operate under this entity.
- It is necessary to open a bank account in Macedonia, to deposit a minimum share capital of EUR 5,000.
- The authorities also require a solid business plan, with information about the new venture in Macedonia. Also, if you want to make hires in the company, you must make sure that they have experience in this field and are familiar with digital currencies;
- Special software and programs are necessary for the development of trading platforms with digital assets. So, if you want to open a cryptocurrency company in Macedonia, you must also consider this aspect and collaborate with a specialist in the field.
- Because there is a risk of cryptocurrency fraud, it is recommended to familiarize yourself with and even implement the anti-money laundering policies in Macedonia.
- Also, you must have a set of internal rules for a good performance of cryptocurrency company activities in Macedonia.
Although there is no crypto license in Macedonia, companies still need to register with FIO.
Considering these formalities for opening a cryptocurrency company in Macedonia, we remind you that one of our local specialists can handle the registration of such a business.
Requirements for crypto companies in Macedonia
Crypto companies in Macedonia are required to conduct thorough risk assessments concerning money laundering and terrorist financing. Specifically, these companies must:
- Evaluate the risks related to their clients, geographical areas, products or services, and distribution channels;
- Document these assessments and update them regularly, while also submitting them to the supervisory authorities upon request;
- Before any significant changes to their business operation, cryptocurrency companies in Macedonia must conduct another risk assessment.
The senior management of the company is responsible for the risk assessment.
Crypto companies in Macedonia must also conduct due diligence in several circumstances. Before entering into a formal relationship with a client, companies must verify his/her identity. When transactions exceed EUR 15,000, due diligence is also required.
As previously mentioned, there is no crypto license in Macedonia, but companies must register with FIO.
Our specialists in company incorporation in Macedonia can help companies adhere to these requirements.
Registering with FIO
Investors looking to open a cryptocurrency company in Macedonia must be aware of the new regulations set in the country. In response to the EU Directive 2018/843, The Law on Prevention of Money Laundering and Financing of Terrorism in North Macedonia came into force on July 12, 2022. The law introduces specific measures to address the risks of money laundering and terrorist financing associated with virtual assets. Even though there is no VASP (Virtual Asset Service Providers) licenses in Macedonia, registration with FIO is mandatory.
Companies must notify the FIO of their intention to engage in virtual asset services. They are also required to notify FIO if they engage in activities related to the exchange of virtual assets or money, particularly for amounts exceeding EUR 1,000. Additionally, transactions involving virtual assets in cash are limited to EUR 500 to mitigate the risks associated with money laundering and terrorism financing. This process can be seen as the equivalent of the crypto license in Macedonia.
Our company incorporation specialists in Macedonia can explain more about these regulations. Although there are no VASP licenses in Macedonia, legal advice is highly recommended.
Investing in Macedonia
Macedonia continues to be a magnet for foreign investors who want to expand their portfolios in this area of Europe, while involved in the accession process to the European Union. If you want to set up a company in Macedonia, here are some interesting statistical data:
- In 2022, net FDI flows to North Macedonia amounted to USD 794 million;
- By the end of 2022, the total stock of FDI in North Macedonia was approximately USD 7.47 billion;
- The largest foreign investors based on stock were from Austria, Greece, and the UK.
Therefore, those who want to open a cryptocurrency company in Macedonia can contact our local agents. We can take care of the formalities and collaborate with the relevant authorities.