Crypto Licence in Slovakia

Crypto Licence in SlovakiaThe cryptocurrency laws in Slovakia are predicated upon a set of regulations enacted in March 2018 by the Ministry of Finance of Slovakia. According to these laws, all revenues derived from crypto-based transactions are fully taxable, and all types of crypto exchanges, including virtual currency for assets, or services rendered et al are regarded as taxable transfers. These short-term financial assets are priced at market value, at the time of the transactions.

Slovakia belongs to European countries that do not ban cryptocurrencies, but have set extremely strict rules for their circulation. Local Financial Intelligence Authority has developed and implemented strict controls over cryptocurrency transactions. Despite this, they issue licences for the exchange and storage of cryptocurrencies if all conditions are met.

In addition, there have also been cases where crypto companies’ bank accounts have been closed for non-compliance with legislation. Local law enforcement agencies have access to information about companies that conduct transactions with cryptocurrency. The traditional focus has also been on the process of combating the laundering of criminal funds and the financing of terrorism.

There are two variants of the cryptocurrency licence in Slovakia. You can get a licence to provide e-wallet services, as well as a licence for cryptocurrency transactions. In both cases, it is necessary to register a local crypto company. The minimum amount of authorized capital – 5,000 euros. It is not necessary to pay this amount in full at the time of registration. The local crypto company must have a director who is a resident of the EU or Slovakia. This legal entity must also have a realistic business plan.

Requirements

  • Passport of beneficiaries and directors of the company.
  • Proof of residence (e.g., confirmation of registration from local authorities or utility bills).
  • Three variants of the desired name for the company.
  • Power of attorney.
  • Certificate of no criminal record.
  • Diploma of secondary education. If the document was issued abroad, the owner must undergo the procedure of notification in advance (can take 8-12 weeks).

Timeframe

The process of formation of the company may take about 3-4 weeks, and the procedure for obtaining a licence for the exchange of cryptocurrencies in Slovakia – about 4-6 weeks. It will also take at least 2 weeks to open a bank account. All crypto users must be identified in the future. Operators should implement measures for the safe storage of personal data, as well as measures to prevent the laundering of criminal funds and the financing of terrorism.

Advantages of having a crypto licence in Slovakia

  • No restrictions on foreign workers;
  • 100% foreign ownership is allowed;
  • No restrictions on the movement of capital and income;
  • The services of nominee directors and shareholders are permitted.

Slovakia cryptocurrency regulations include cryptocurrency taxes for individuals and corporations, and cryptocurrency regulations for businesses operating in Slovakia. Over the years, government statements on crypto-based transactions have been issued, including clarification of digital currencies and the attendant taxation on them.

It also worth to know that crypto-asset services In Slovakia are currently not regulated within the scope of mandate of National Bank of Slovakia, therefore crypto-asset service providers do not need any kind of regulatory approval or licence from National Bank of Slovakia in order to conduct its activities in Slovak Republic.

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CONTACT US

At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Tallinn, Vilnius, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.

Company in Estonia OÜ

Registration number: 14153440
Licence number: FIU000186
Phone: + 372 5611 0164
Email: [email protected]
Address: Sepise 1, Tallinn, 11415, Estonia

Company in Lithuania UAB

Registration number: 304377400
Phone: +370 680 21 596
Email: [email protected]
Address: Lvovo g. 25, 7th floor, Vilnius, 09320, Lithuania

Company in Poland Sp. z o.o

Registration number: 38421992700000
Phone: +48 50 633 5087
Email: [email protected]
Address: Twarda 18, 15th floor, Warszawa, 00-824, Poland

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