North Macedonia has a strange crypto story. On paper, it’s one of the few places in Europe where trading cryptocurrency is officially illegal. The National Bank of the Republic of Macedonia banned it back in 2017, calling it equivalent to trading foreign securities - something already restricted under EU association rules. But if you walk the streets of Skopje or Bitola today, you’ll find people buying Bitcoin with cash in parking lots, trading Ethereum over Telegram, and using apps like Symlix and LocalCoinSwap to swap crypto without a bank.
This isn’t a glitch. It’s a gray zone. The law says one thing. Reality says another.
How Did We Get Here?
The 2017 ban wasn’t random. It came from North Macedonia’s push to join the EU. As part of the Stabilisation and Association Agreement, the country had to restrict financial activities tied to foreign markets - including securities and derivatives. Cryptocurrencies got lumped in by default, even though they’re not stocks or bonds. The regulators didn’t have a clear framework, so they chose the easiest path: shut it down.
But people kept trading.
By 2022, the government realized it couldn’t stop what it couldn’t control. They passed new amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CTF) law. For the first time, they defined terms like “virtual assets,” “crypto wallets,” and “virtual asset service providers.” That didn’t make crypto legal - but it did say it wasn’t automatically illegal just because it wasn’t regulated. The National Bank quietly shifted tone. Instead of saying “crypto is banned,” they started saying “crypto isn’t regulated.” That’s a huge difference.
Think of it like this: You can’t drive without a license. But if no one checks your license, and you’re not hurting anyone, you keep driving. That’s North Macedonia’s crypto scene today.
Where People Are Trading
You won’t find a local crypto exchange like Binance or Kraken operating openly in North Macedonia. But you’ll find something else: peer-to-peer (P2P) platforms built for exactly this kind of environment.
Symlix.com is one of the most popular. It’s a marketplace where users trade directly with each other. You pick a seller, agree on a price, and pay via cash, bank transfer, or even gift cards. The platform holds your crypto in escrow until you confirm payment. No bank account needed. No identity verification beyond basic email. It’s simple, fast, and designed for places like this.
LocalCoinSwap works the same way - but with over 300 payment methods, including cash deposits at local post offices and mobile top-ups. Users filter offers by location, payment type, and coin. Many trades happen in person. People meet in cafes or shopping centers with a phone in hand, watch the blockchain confirm, then hand over cash. It’s low-tech, but it works.
And then there are the international brokers: Swissquote, Interactive Brokers, MultiBank, and Oanda. These aren’t crypto-only platforms. They’re traditional brokerage firms that let you trade crypto as an asset. But here’s the catch: you can’t link your Macedonian bank account directly. You need to send money through third-party services like Wise or Payoneer. Fees are high - up to 3% on small trades - but the platforms are regulated and stable. For people who want to avoid P2P risks, this is the safest option, even if it’s expensive.
Who’s Doing It and Why
There are about 42,000 active crypto users in North Macedonia - 2.3% of the population. That’s low compared to the EU average of 5.1%, but the growth is sharp. LocalCoinSwap says Macedonian user activity jumped 300% between 2022 and 2024. Why? Two reasons: inflation and opportunity.
Many young people here earn low wages. Savings lose value fast. Crypto offers a way to protect money - or even make a quick profit. One Reddit user from Skopje wrote in May 2025: “I bought Bitcoin for €400 last year. Sold it for €650. Paid my rent and still had cash left.”
But it’s not all profit. People lose money too. Prices swing fast. A trade can take 15-20 minutes to confirm. If the market moves during that time, you lose. And if you use a bank transfer? Your money might get frozen. One user reported €1,200 stuck for two weeks after a trade. Banks flagged it as “suspicious activity.” He had to file a dispute and prove he wasn’t laundering money.
Most users are under 35. Many have no formal finance training. They learn from Telegram groups like “MK Crypto,” which has over 1,200 members. They share lists of trusted traders, warn about scams, and post photos of safe meetup spots. It’s community-driven survival.
The Risks Are Real
Here’s the thing: the 2017 ban hasn’t been repealed. It’s still on the books. The government hasn’t said, “Crypto is now legal.” They’ve just stopped enforcing it - for now.
That means every trade carries legal risk. If the National Bank decides to crack down, your account could be frozen. Your P2P platform could disappear overnight. You could be fined. Or worse - you could be investigated for money laundering.
Most people accept this risk. They treat crypto like cash: small amounts, no paperwork, no trace. They avoid banks. They use cash meets. They never trade more than €500 in one go. They know the rules of the underground.
And yet, the signs point to change. Experts expect North Macedonia to fully align with the EU’s MiCA (Markets in Crypto-Assets) framework by 2026-2027. That means licensing for exchanges, KYC requirements, and clear tax rules. When that happens, the underground will fade. The P2P platforms might get licensed. Or they might vanish.
What You Should Do If You’re in North Macedonia
If you’re thinking about getting into crypto here, here’s what works:
- Start with P2P - Use Symlix or LocalCoinSwap. Avoid any local exchange that promises “fast deposits.” They’re likely unregulated and could vanish.
- Use cash or mobile payments - Bank transfers are risky. Cash meets are safer. Meet in public places. Record the trade. Never hand over crypto before you see the money.
- Never trade large sums - Keep individual trades under €500. Spread your activity. Don’t attract attention.
- Use Swissquote if you want safety - Yes, fees are high. But your money won’t get frozen. You’ll have legal recourse if something goes wrong.
- Learn the basics - Understand blockchain, wallets, private keys. Don’t trust anyone who says “just invest and wait.” Crypto isn’t a lottery.
And remember: don’t tell your bank. Don’t file taxes on it yet - there’s no official guidance. But keep your own records. When regulation comes, you’ll need proof of income.
What’s Next?
North Macedonia isn’t alone. Countries like Serbia and Albania have already built clear crypto rules. North Macedonia is still stuck in the middle. But the momentum is shifting. More people are trading. More platforms are adapting. More voices are asking for clarity.
By late 2025, draft legislation is expected to create a licensing system for crypto service providers. That’s the next step. Once that happens, the underground won’t be needed anymore. The traders will move into the light.
For now, crypto in North Macedonia is a quiet revolution. No headlines. No press releases. Just people trading, learning, and surviving in a system that hasn’t caught up with them yet.
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