Before the New Year, the ENER system was debated on the Law on Cryptocurrencies and the debate ended on January 7. This legal solution is proposed by the Financial Intelligence Unit.

- The Law on Prevention of Money Laundering will be the first to regulate cryptocurrencies. The proposer is the Ministry of Finance and the co-proposer is the Office because it deals with the detection of money laundering. This is the Fifth EC Directive of 2018, which is largely adopted for virtual reality property. Some states have passed new laws, and some have resolved it through existing legal solutions, says the lawyer Dushko Gosevski.

What does this law provide for dealing with cryptocurrencies?

- This law regulates the terms. It is not a cryptocurrency but a virtual asset, other terms are regulated, which is good because it will turn into a trading activity. The most important points are that there are two boundaries. Cash transactions over 500 euros are prohibited. Over 500 euros go through viral transactions, and this is done by oval exchange offices. Over 1000 euros transaction must be reported from the exchange office to the Financial Intelligence Agency. If there is no address, the virtual wallet has a special identification number, he says Dushko Gosevski.  

Cryptocurrencies and some games that bring them funds are also dealt with by minors.

- First of all, for financial operations you need an ID card. The law does not cover everything. I think the limit is too low for transactions. This is not a new law but an amendment to the existing law. Maybe a good limit would be 3000 euros, he says Dushko Gosevski.

He adds that we will see if the banks will be involved in this work because in principle the big banks are conservative, and for now only one smaller bank is interested. Taxation is also an issue. The new PRO system is a great solution and these capital gains as it will be treated as intangible assets will be recorded - both as capital gains and as capital losses.

Follow the whole conversation in the video