How To Obtain a Crypto Licence in Slovakia?

The process of securing a crypto licence in Slovakia has undergone a significant transformation, evolving from a simple registration into a robust financial services regime under the EU’s Markets in Crypto-Assets (MiCA) regulation. This article examines the transition of Virtual Asset Service Providers (VASPs) to the new Crypto-Asset Service Provider (CASP) framework, which is now overseen directly by the National Bank of Slovakia (NBS). By establishing a local limited liability company (s.r.o.) and meeting specific prudential capital requirements—ranging from €50,000 to €150,000 depending on the service class—entrepreneurs can obtain the statutory legitimacy required to offer exchange and custody services across the European Union.

Adhering to these updated regulatory standards is essential for maintaining compliance with mandatory AML/KYC policies and the newly implemented “Travel Rule” for digital asset transfers. Furthermore, the NBS now requires a “fit and proper” assessment for directors and a physical presence in Slovakia to ensure operational substance. This guide serves as a strategic resource for navigating the technical and legal hurdles of the Slovakian crypto landscape, facilitating a secure entry into the unified European market.

Advantages of Obtaining a Crypto Licence in Slovakia

1. Low tax rates and a flexible tax system: Slovakia has one of the lowest tax rates in Europe, making it attractive for businesses.

2. Efficient and straightforward business registration process: Obtaining a cryptocurrency licence in Slovakia can be faster and simpler than in other countries.

3. Stability and reliability of legislation: Slovakia’s legislation is stable and reliable, providing a higher level of protection for the rights and interests of businesses.

4. The functionality of cryptocurrency licence in Slovakia: The licence allows for providing cryptocurrency exchange services as well as custody services.

Requirements for Obtaining a Crypto Licence in Slovakia

To obtain a cryptocurrency licence in Slovakia, a company must meet the following requirements:

• There is no requirement for residency of the company’s founders.
• The company’s structure must have at least one Slovak resident. This can be a member of the board of directors or an employee of the company who will act as the “responsible person.”
• The board member (director of the company) and the responsible person can be the same person if they are a resident of Slovakia.
• The company’s director must be a citizen of the EU or an OECD member country (Organization for Economic Cooperation and Development).
• Appointing an AML officer for the company responsible for complying with AML legislation is necessary.

Stages and Timelines for Obtaining a Crypto Licence in Slovakia

The overall timeline for obtaining a cryptocurrency licence in Slovakia is 3-4 months and consists of the following stages:

1. Preparation of documents for company registration: This process takes about three weeks and depends primarily on the availability of documents from the founders and the prompt preparation of missing information.

2. Apostille and translation of founding documents into Slovak: After the company registration documents are prepared, this stage takes about a week.

3. Preparation of AML policy and translation into English, signing documents for tax authorities, and statements in the register of beneficiaries: This process takes about two weeks.

4. Company registration and application for a cryptocurrency licence: In our practice, this takes about a month after all documents are prepared and translated.

5. Company registration with Slovakian tax authorities after obtaining a cryptocurrency licence: This process usually takes about two weeks.

6. Opening a corporate account and beginning work: It takes from three weeks and depends on the founders’ personalities and the risk appetite of a particular payment institution.

Upon obtaining a cryptocurrency licence in Slovakia, you will receive a fully operational company with permission to provide cryptocurrency exchange and custody services in Slovakia.

SBSB Legal Support for Obtaining a Crypto Licence in Slovakia

If you need a cryptocurrency licence in Slovakia, contact the lawyers at SBSB Fintech Lawyers. We specialize in supporting FinTech and Crypto projects since 2013, providing tailored solutions for each client, considering their company’s business model. We will help you choose the most appropriate licence type and prepare the necessary documents for legalizing the crypto business in Slovakia following the legislation, providing full legal support.

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