Macedonia will regulate cryptocurrency trading


The draft-law on prevention of money laundering and financing of terrorism, in first reading, which regulates for the first time in the country the virtual, i.e. cryptocurrencies and digital property, passed on Monday at a session of the Parliamentary Committee on European Affairs.

Before the members of the Commission, the Draft-Law on Prevention of Money Laundering and Financing of Terrorism was presented by the Deputy Minister of Finance Filip Nikolovski, emphasizing that the reasons for enactment of the Law stem from the need for its harmonization with the European acquis, and the provisions of Directive 2018/843 on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing from 2018. He also added that the FATF recommendations have been revised and last amended in October 2020. The Draft-Law also incorporates solutions in order to overcome the risks identified with the National Risk Assessment of Money Laundering and Terrorist Financing adopted in 2020.

“The law for the first time regulates the cryptosphere, including the aspect of the risks of money laundering and terrorist financing, as one of the significant risks associated with virtual, i.e. cryptocurrencies given their characteristics that allow a degree of anonymity of participants in transactions,” said Nikolovski.

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