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Overview
In Slovakia, obtaining a crypto license requires registering a business with the Slovak Commercial Register and complying with the regulatory standards set by the Financial Market Authority. The process involves submitting a comprehensive application, which includes a business plan, AML/KYC policies, and detailed information about the company’s key personnel and their qualifications. The authorities assess the application to ensure the business meets financial stability and regulatory compliance standards. Once the license is granted, it allows the company to operate legally within Slovakia’s crypto market, offering services such as trading, exchange, and custody of cryptocurrencies. Ongoing compliance with regulatory requirements, including regular reporting and adherence to AML/KYC standards, is essential to maintain the license. Engaging professional advisors familiar with Slovak financial regulations can help streamline the process and ensure full compliance.
Timeframe: 1 – 2 months
Minimum paid up capital: No specific minimum share capital is mandated for obtaining a crypto license in Slovakia.
Overview
In Slovakia, crypto-asset services are not directly regulated by the National Bank of Slovakia (NBS). Therefore, no NBS approval is required for crypto activities. However, strict rules apply under Act No. 279/2020 Coll., amending Act No. 297/2008, mandating that crypto service providers register with the Trade Licensing Office.
To establish a crypto business in Slovakia, a local company with a minimum share capital of €5,000 is necessary, though immediate payment is not required. A director with EU or Slovak citizenship must be appointed, and a business plan must be developed and submitted.
Anti-money laundering (AML) and Know Your Customer (KYC) regulations are enforced, ensuring that all cryptocurrency businesses adhere to rigorous checks and transparency requirements.
Comprehensive Guide to Company Incorporation
General information
Company structure
- ▪At least one shareholder is required to establish a crypto company.
- ▪A minimum of one director is necessary. The director must meet local compliance standards but does not need to reside in Slovakia.
Confidentiality
- ▪Beneficial owners’ details – disclosed to the Authorities
- ▪Shareholders’ details – part of public record
- ▪Directors’ details – part of public record
Taxation
Corporate income tax is set at 21%. Slovakia does not impose additional taxes specifically for crypto activities.
Accounting requirements
- ▪Filing annual report is obligatory
Secretary – Required
Registered office – A physical office in Slovakia is not required, although it is recommended to ensure compliance and facilitate regulatory communication.
The application process involves several steps:
- ▪Register the company.
- ▪Prepare and submit the application along with necessary documentation to the Slovak Financial Market Authority.
- ▪Comply with AML and KYC policies.
- ▪The licensing process typically takes between 1 to 2 months.
Key Documents:
Key documents include
- ▪a business plan,
- ▪proof of identity for shareholders and directors,
- ▪AML/KYC policies, and
- ▪a detailed description of planned crypto activities.