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Companies and projects have increasingly relied on the sale of digital assets, or tokens, as a means of fundraising. These tokens generally do not grant the holders an ownership interest in the issuing company or project, but may provide governance rights, access rights or other utility. This has been conducted through public sales known as initial coin offerings (ICOs), proliferation through token generation events (TGEs) or private sales, among other mechanisms. While showing characteristics of traditional methods of fundraising, there are a range of unanswered questions related to the legal classifications of such products. As ICOs and TGEs will usually be distributed online and internationally, there is usually no single legal framework applying to such transaction, and the legal framework of each market in which the tokens may be offered or sold needs to be considered.
Introduction
Attitude of the country towards ICOs/token sales
Currently, there is no regulation with regard to ICOs/token sales in North Macedonia. The government and the National Bank of the Republic of North Macedonia have made announcements that it is their intention to regulate the FinTech industry and the crypto currencies in the near future.
Legal affairs
Presence of any explicit regulation on ICOs and the issuance of token/coins
Please refer to the answer to the previous question.
Presence of any explicit restrictions on ICOs or the issuance, distribution and/or transfer of token/coins
N/A.
Obligations and requirements to issue token/coins
N/A.
Classification of token/coins in the jurisdiction
At the moment, there is no regulation with regard to crypto currency in North Macedonia.
Presence of a duty to publish a prospectus bevor offering token/coins to investors
N/A.
Presence of AML/KYC requirements that are needed to be fulfilled regarding (i) the initial issuance of token/coins and (ii) any following transfer of token/coins to third parties
N/A.
Additional comments regarding (i) the legal situation for ICOs/token/coins and (ii) any following transfer of token/coins to third parties
N/A.
Economic conditions
Market size for ICOs/token sales and existence of any previous regulated ICO/token sales in the jurisdiction
N/A.
Additional comments regarding the economic situation for ICOs/token sales or what companies must be aware of in this business area
N/A.