Czech National Bank starts regulating crypto companies in Czech Republic from 2025

The Czech National Bank (CNB) acts as the central bank of the Czech Republic, supervises the country’s financial market and acts as an insolvency authority within the national jurisdiction. In accordance with its legal status, the CNB is a legal entity under public law and is registered at its registered office in Prague.

The bank’s operations are organised through its head office in Prague and through a network of regional representative offices located in Ústí nad Labem, Plzeň, České Budějovice, Hradec Králové, Brno and Ostrava.

CNB is integrated into the European System of Central Banks and participates in the achievement of its strategic objectives. The bank is also part of the European Financial Supervisory System and co-operates with the European Systemic Risk Board and relevant European supervisory institutions to ensure stability and transparency in the financial sector.

The highest governing body of the Czech National Bank (CNB) is represented by the Bank’s Council, which consists of the Chairman, two deputy chairmen and four members. All members of the Council are appointed by the President of the Czech Republic for a maximum of two consecutive mandates of six years each.

The main task of the CNB is to promote financial stability and the efficient functioning of the country’s financial system. Within this competence, the bank forms and implements macroprudential policies aimed at identifying systemic risks and strengthening the stability of the financial sector.

While maintaining price and financial stability as a priority, the CNB also takes into account the general economic policy of the Government of the Czech Republic and the pan-European economic policy within the European Union.

The Czech National Bank (CNB) is authorised to exercise regulatory and supervisory functions over a wide range of financial market participants. Its competence covers banking institutions, capital market participants, insurance companies, pension funds, credit co-operatives, e-money issuers and exchange offices. From 2025 onwards, the CNB’s supervisory competences also include entities operating in the field of cryptocurrencies and virtual assets.

The highest governing body of the CNB is the Banking Council of the Czech National Bank. Its powers include the formation and approval of the monetary policy and the selection of instruments for its implementation. In addition, the Banking Council makes key decisions concerning both the implementation of monetary policy and supervisory activities in relation to the financial sector, including the determination of strategic directions for the regulation and stabilisation of the financial system.

Participation in the Bank Council of the Czech National Bank is subject to strict restrictions to ensure independence and prevent conflicts of interest. According to the established provisions, the position of a member of the Council is incompatible with fulfilment of functions in legislative or executive authorities, including membership in parliament or government.

It is also prohibited to combine membership in the Council with participation in the management, control or supervisory bodies of other banking institutions or commercial organisations. Any other professional activity involving remuneration is prohibited, with the exception of certain creative and academic activities – such as scientific, literary, pedagogical, journalistic or artistic work – as well as activities related to the management of personal property.

In addition, participation in the Board is incompatible with the exercise of any activity that may entail a real or potential conflict of interest affecting objectivity and impartiality in the performance of the duties of a member of the Bank’s Board.

CNB Governors

Aleš Michl – CNB Governor

Aleš Michl is an economist with extensive professional experience in the banking and investment sector, formerly an investment analyst and co-founder of a fund specialising in algorithmic asset management. He is also active in academia and education, publishing articles and books on economics and the popularisation of mathematical knowledge.

In 2025, his professional achievements were highly recognised internationally: he was named the best manager in Europe by the authoritative publication The Banker, and was also awarded the title of Manager of the Year in the Central Banking Awards 2025, which recognises his contribution to the development of financial policy and good governance in the field of central banking.

Eva Zamrazilová – CNB Deputy Governor

Eva Zamrazilová is a specialist in macroeconomics and statistics. She graduated from the Faculty of Economics of the Prague University of Economics, after which she continued her academic career at the Department of Statistics of the same university, where she obtained her PhD degree.

During her professional career, she participated in the scientific council of the Czech Banking Association and currently serves on the board of the Czech Economic Society. In addition, she is actively involved in teaching, lecturing on macroeconomic analysis at the University of Economics and Management.

Her academic work covers a wide range of topics related to economic theory and practice, which is reflected in publications in reputable Czech and international economic journals.

Jan Frait – CNB Deputy Governor

Jan Freit is a recognised expert in macroeconomic policy, banking regulation and systemic risk analysis. He has served on key international bodies and committees: from 2004 to 2006 he was a member of the Economic Policy Committee of the Organisation for Economic Co-operation and Development (OECD), from 2007 to 2011 he was a member of the Banking Supervision Committee of the European Central Bank and a member of the European Advisory Technical Committee on Systemic Risk.

Jan Freit is known in the academic and scientific community for his work as editor of the respected economic journal Finance a úvěr – Czech Journal of Economics and Finance, where he served as editor-in-chief for several years. He is also a current member of the Centre for Euro-Asian Studies at the University of Reading (UK), representing the interests of this academic institution in the Czech Republic.

Karina Kubelková – CNB Bank Board member

Karina Kubelková is an economics specialist with solid academic and international experience. Since 2009, she has been teaching and researching at the Faculty of Economics of the Prague University of Economics, where she successfully defended her doctoral thesis and received her Ph.D. degree in 2015.

She is actively involved in the management of academic processes at the university, being a member of the Academic Council of the Faculty of Economics and the Internal Evaluation Board of the Prague University of Economics. Her professional development includes participation in a number of research and educational internships at leading European universities and research institutes – including Italy, Switzerland, the Netherlands, Finland and other countries.

In addition to her academic qualifications, Karina Kubelkova has a business education, confirmed by a Master of Business Administration (MBA) degree from the University of Lyon (France), which emphasises her competences in both economic theory and applied aspects of management.

Jan Kubíček – CNB Board member

Jan Kubíček is a highly qualified economist specialising in macroeconomic analysis, economic policy and fiscal planning. He graduated from the Faculty of Economics of the Prague University of Economics with a degree in Engineering (Ing.) and continued his academic career with a postgraduate programme in Economic Policy and Administration, at the end of which he was awarded a Ph.D. degree.

After completing his studies, he devoted a significant period of time to teaching at a number of economic universities, including the Prague University of Economics (VŠE), Newton College and the Škoda Auto High School. As part of his academic career, he taught courses on macroeconomic analysis, long-term economic growth theory, economic cycles and related disciplines.

From 2007 to 2013, Jan Kubicek served as an advisor to Vladimir Tomšík, Deputy Governor of the Czech National Bank, providing analytical and expert support on monetary and macroeconomic policy issues. Since 2018, he has headed the Macroeconomic and Fiscal Analysis Unit at the Office of the National Budget Board, where he is responsible for preparing strategic reviews and assessing the sustainability of public finances.

Jan Procházka – CNB Board member

Jan Procházka has interdisciplinary academic and extensive managerial experience in economics, insurance and financial analysis. He graduated from the Faculty of Natural Sciences at Palacký University in Olomouc, after which he continued his education in economics by completing his studies at the Faculty of Operational Economics at the Mendel University of Agriculture and Forestry in Brno.

For ten years, he held managerial and analytical positions in the investment and financial group CYRRUS, where, among other things, he acted as Chief Analyst and headed the Prague branch of the company.

From 2012 to 2023, Jan Prochazka served as Chairman of the Board of Directors and CEO of Exportní a garanční pojišťovací společnost, a.s. (EGAP), a state-owned export-guarantee insurance company. In this position, he supervised the development of instruments to support Czech exports, promoted their diversification, and was responsible for the implementation of the Solvency II directive in the company’s insurance practice. He also represented the interests of EGAP and the Czech Republic in a number of international organisations specialising in export insurance and financial cooperation.

Jakub Seidler – CNB Board Member

Jakub Seidler is a Czech economist with impressive experience in macroeconomic analysis and financial sector. He has been a member of the Board of Directors of the Czech National Bank since December 2024, taking part in shaping the regulator’s monetary policy and supervisory strategy.

From 2014 to 2021, Jakub Seidler was Chief Economist at ING Bank in the Czech Republic, where he was responsible for preparing analytical forecasts and assessing the macroeconomic environment. From 2021 to 2024, he served as Chief Economist of the Czech Banking Association, where he represented the interests of the banking sector, developed economic reviews and participated in dialogue with regulators and government agencies on financial market development.

The Czech National Bank (CNB) is the regulator of cryptocurrency companies from 2025

In the Czech Republic, the Czech National Bank (Česká národní banka, CNB) officially fulfils the functions of the national regulatory authority for cryptoassets and securities transactions. Until 30 December 2024, legal entities engaged in activities with virtual assets could provide relevant services on the basis of a general trading licence under the business law. Such activities were classified as an accountable trade operation under code No. 81 under Annex No. 4 to the Business Licensing Act, covering “provision of services related to virtual assets”.

The situation changed dramatically at the beginning of 2025, when the President of the Czech Republic Petr Pavel approved Act No. 31/2025 Coll. “On the Digitalisation of the Financial Market”. This regulation established a full-fledged regulatory framework for cryptoasset transactions, officially integrating this area into the regulated part of the financial market and placing it under the supervision of the Czech National Bank. The adoption of the law marked the transition from a liberal approach to a full-fledged state regulatory system compliant with European Union standards in the context of the implementation of the MiCA Regulation in Czech Republic.

Cryptoasset service providers (CASPs) in the Czech Republic

Crypto Asset Service Providers (CASPs) are legal entities providing professional services in the field of digital assets. Their activities cover a wide range of transactions, including the storage, exchange, placement, execution of transactions and management of crypto asset related platforms.

In accordance with regulatory standards set at both national and European level (in particular under the MiCA Regulation), such services are categorised into three main categories (classes). Each of these categories implies separate authorisations to operate and compliance with a set of regulatory requirements, including capital, internal controls, risk management and integrity requirements.

The classification allows for an appropriate level of legal certainty and oversight, and forms the basis for harmonised regulation of the crypto services sector within the European Union.

Class 1 – General cryptoasset services

Class 1 covers the basic category of licensed cryptoasset services and is intended for providers carrying out basic intermediation and advisory activities without access to asset custody or trading platform management functions. The minimum authorised capital requirement for entities in this class is €50,000.

Companies authorised under Class 1 may provide the following types of services:

• Execution of client orders for crypto-assets – execution of transactions of purchase, sale or subscription of digital assets on behalf of clients;
• Placement of cryptoassets – marketing and distribution of tokens on behalf of issuers or their related parties;
• Receiving and transmitting client orders – routing client trade orders to the appropriate execution platforms;
• Advisory services – providing targeted investment advice relating to cryptocurrencies and other digital assets;
• Cryptoasset investment portfolio management – trust management of clients’ funds in accordance with pre-agreed investment strategies;
• Brokerage of cryptoasset transfers – ensuring the correct and secure transfer of digital assets between addresses, wallets or accounts.

Class 1 activities exclude the provision of custodial (custodial) services and management of exchange venues. This class licence is aimed at market participants that provide non-financial custody of assets and do not involve trading systems infrastructure in their activities.

Class 2 – Custody and exchange services

Class 2 covers the activities of crypto service providers with enhanced powers to store digital assets and conduct exchange transactions. Companies licensed in this class are required to comply with enhanced regulatory requirements, including a minimum level of share capital of €125,000.

Class 2 entities are authorised to provide the full range of services provided for Class 1, as well as the following key activities:

• Crypto-asset custody and management – providing services for the secure storage of customers’ digital assets or cryptographic keys giving access to such assets. This includes custodial functions with cybersecurity measures and internal control procedures;
• Cryptocurrency exchange operations – exchanging digital assets between each other (crypto-to-crypto), as well as exchanging digital assets into fiat currencies and vice versa (crypto-to-fiat, fiat-to-crypto), with the ability to support multi-currency liquidity and client conversion.

This class of licence applies primarily to custodians, centralised exchanges and platforms that provide users with the ability to store crypto-assets and trade or exchange transactions. Class 2 regulatory status requires robust risk management infrastructure, compliance with customer asset protection requirements and enhanced anti-money laundering (AML) and countering the financing of terrorism (CFT) controls.

Class 3 – Trading Venues and Market Operators

Class 3 represents the highest level of licensing for crypto service providers and is intended for companies providing market trading infrastructure for digital assets. The minimum share capital requirement for entities in this class is €150,000, reflecting the heightened regulatory expectations and the degree of systemic importance of such participants.

Companies licensed under Class 3 are authorised to carry out the full range of Class 1 and Class 2 services and are also entitled to:

• Operate cryptoasset trading platforms – to operate digital markets where third parties (participants) can buy and sell cryptoassets in an organised, regulated and transparent environment. This includes placing orders, matching orders, processing transactions and providing market liquidity.

Class 3 applies primarily to operators of centralised crypto exchanges and trading platforms that process significant transaction volumes and maintain a multi-asset trading infrastructure. The activities of such entities are accompanied by mandatory compliance with cybersecurity, financial stability, conflict of interest management and customer protection standards. They are also subject to regular reporting and supervisory control by the Czech National Bank under the MiCA regime.

Financial Market Supervision Department

The Financial Market Supervision Department II of the Czech National Bank acts as the competent authority for licensing and supervision of a wide range of financial sector participants related to innovative payment instruments and digital assets. Its competences include:

• carrying out licensing, authorisation and registration procedures, including assessing the compliance of applicants with the established regulatory requirements;
• receiving and processing notifications related to the commencement or modification of regulated activities;
• carrying out desk and on-site controls aimed at verifying compliance with applicable laws and regulations;
• issuing decisions within the framework of administrative enforcement proceedings, including the application of supervisory and disciplinary measures.

Areas under the department’s regulatory control include:

• Cryptoasset linked service providers (CASPs) acting in accordance with the requirements of the Financial Market Digitalisation Act and MiCA Regulations;
• electronic money institutions issuing and managing electronic money;
• payment institutions providing funds transfer, acquiring and other forms of settlement services;
• non-bank issuers of asset-backed tokens (ARTs) and electronic money tokens (EMTs) falling within the definition of significant digital assets;
• entities offering cryptoassets to the general public within the EU, other than ART and EMT, or seeking to list such assets on an official list on a regulated trading platform.

This department plays a key role in ensuring the legal transparency, reliability and sustainability of the crypto-finance segment in the Czech Republic and coordinates its activities with European supervisory authorities under the Single Supervisory Mechanism.

The Financial Market Supervision Department of the Czech National Bank (Financial Market Supervision Department) carries out comprehensive regulatory, supervisory and enforcement activities within its competence covering a wide range of financial market participants. Its main functions include:

• Licensing, Approval and Authorisation – assessing applications and deciding whether to grant the right to carry out regulated activities in the financial sector;
• Registration and processing of notifications – supporting notification procedures and entering relevant information into official registers;
• Formation and maintenance of registers and databases – administration of lists of supervised entities, including updating information on licences, registrations and permits;
• Remote and on-site supervision – regular monitoring of the activities of regulated entities with a focus on compliance with the rules of professional diligence, fair market behaviour, requirements of the Consumer Rights Protection Law, and anti-money laundering and countering the financing of terrorism (AML/CFT) legislation;
• Inspections and sanctions for illegal activities – investigating and applying liability measures to entities operating without a valid licence, if such powers are granted to CNB by the applicable legislation;
• Supervision of entities after the revocation of a licence – monitoring compliance with the established obligations by entities whose licence has been revoked or has expired, in accordance with the provisions of special regulations;
• Enforcement – application of supervisory measures, including prescriptions, warnings and administrative sanctions, to regulated entities;
• Supervision of issuance and public offering of securities – supervision of the issuance and offering of securities to the public, except for issuers that fall under the competence of other CNB structural units;
• Consumer Protection – supervision of compliance with regulations aimed at protecting the interests of consumers of financial services and examination of complaints about the actions of financial organisations.

Thus, the department ensures systemic protection of the stability of the financial market, compliance with the rules of fair market practice and trust in the financial institutions of the Czech Republic.

Vladimír Tomšík – Financial Market Supervision Department executive director

Vladimír Tomšík is an economist with an outstanding academic background and many years of experience in central banking and financial supervision. He completed his studies at the Faculty of Economics and the Faculty of Finance and Accounting at the Prague University of Economics. Additionally, he was educated at the Faculty of Social Sciences of Charles University in Prague, where he subsequently also defended his doctoral thesis. As a result, he holds two doctoral degrees: in economic policy (Prague University of Economics) and in economics (Charles University).

Since 1 July 2010, Vladimír Tomšík has served as Vice-Governor of the Czech National Bank (ČNB), being one of the two deputy chairmen. As part of his responsibilities, he was in charge of financial stability and financial market supervision and actively represented the CNB’s interests in international structures.

Among other things, he was a member of the European Systemic Risk Board (ESRB) and a member of the Advisory Group of the Basel Committee on Banking Supervision. His activities in these structures contributed to strengthening the financial stability of the Czech Republic and the integration of national supervision into the pan-European and global regulatory architecture.

 Lists of VASP/CASP regulated companies in the Czech Republic

As part of its function as the financial market supervisor of the Czech Republic, the Czech National Bank (Česká národní banka, CNB) provides public access to official lists of regulated and registered entities, including virtual and cryptoasset service providers (VASP/CASPs). These lists are intended for both professional market participants and the general public to verify the legal status of organisations and individuals operating on the financial market of the Czech Republic.

The data published by the CNB is not limited to static lists – the regulator provides an interactive platform enabling targeted searches based on various criteria. Users can access information on the existence of licences, registrations, as well as the current status of supervised entities and persons.

The interactive database allows:

• perform real-time searches based on the selected date;
• use pre-defined filters to browse lists by category (including VASP/CASP, payment institutions, electronic money organisations, etc.);
• obtain information on licensing history, including dates of authorisation issuance and termination, changes due to mergers, conversions, name or scope changes.

The contact information (legal address, telephone number, e-mail address, website) is updated on a quarterly basis and the regulatory statuses are updated on a continuous basis.

This mechanism promotes legal certainty in the market, ensures transparency of crypto service providers’ activities and minimises the risks of interaction with illegal structures. The publication of such data enhances trust in the financial system of the Czech Republic and complies with the principles of integrity and openness enshrined in the EU legislation and MiCA Regulation.

List of companies authorised to offer virtual currency services to customers

• Crypto-assets other than asset-referenced token or e-money token white papers
• Authorised asset-referenced token issuers
• Asset-referenced token issuers notified under Article 17 of MiCA
• Electronic money token issuers under Article 48 of MiCA
• Crypto-asset service providers authorised under Article 62 of MiCA
• Crypto-asset service providers notified under Article 60 of MiCA

Despite the dramatic changes in European regulation due to the entry into force of the MiCA Regulation, the Czech Republic for the year 2025 retains its status as one of the most attractive EU jurisdictions for obtaining a MiCA licence. The transfer of supervisory powers to the Czech National Bank has ensured a professional, transparent and predictable regulatory environment that complies with European standards and at the same time takes into account national specificities.

The flexibility of the transition regime, the regulator’s loyal approach, high digitalisation and legal certainty make the Czech Republic an optimal starting point for crypto projects seeking a legal presence in the EU market. In a rapidly transforming legal environment, this gives companies a real competitive advantage and reduces regulatory risks when entering the pan-European market.