Crypto license in
Slovakia 2024
Slovakia presents a unique opportunity for launching cryptocurrency projects, as crypto-asset services in the country are not under the regulatory review of the National Bank of Slovakia (NBS). As a result, conducting crypto-related activities in Slovakia does not require obtaining regulatory approval or a license from the National Bank, simplifying the license obtainment process.
However, all crypto-related legal entities in Slovakia must comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations, similar to the rest of Europe. Companies are required to register with the Finančná spravodajská jednotka (Financial Intelligence Unit) to legally provide crypto-related business services in Slovakia.
Legalaes offers professional assistance and support throughout the process of establishing and operating a cryptocurrency business in Slovakia. Our comprehensive service ensures a smooth and efficient setup, adhering to all necessary legal requirements.
Regulations for Crypto license in Slovakia
To secure a crypto license in Slovakia, the establishment of a local company providing cryptocurrency services is mandatory. The prescribed minimum share capital for such a company amounts to 5,000 EUR, with no immediate obligation for upfront payment upon registration. Additionally, the appointment of a director holding EU or Slovakian citizenship is required.
All cryptocurrency enterprises are subject to strict control and identity verification procedures, in line with the obligations imposed by the European Union and adopted into the national regulatory framework of Slovakia. The enforcement of Anti-Money Laundering (AML) laws and Know Your Customer (KYC) regulations is integral to the process of regulation and licensing. Regulatory authorities are also granted access to corporate information as part of their oversight responsibilities.
The regulatory body overseeing cryptocurrency activities in Slovakia is – Finančná spravodajská jednotka
Taxation of cryptocurrency companies in Slovakia
- Corporate income tax – 15% (if the income is less than 49,790 EUR)
- Corporate income tax – 21% (if the income is greater than 49,790 EUR)
- Dividends from treaty country – 7% or lower
- Dividends from non-treaty country – 35%
Types of crypto licensing in Slovakia
The local regulator Finančná spravodajská jednotka (Financial Intelligence Unit) currently provides the opportunity to obtain 2 different licenses:
| License type | Description of license |
|---|---|
| Crypto-exchange license (Poskytovanie služieb zmenárne virtuálnej meny) |
|
| Crypto e-wallet license (Poskytovanie služieb peňaženky virtuálnej meny) |
|
Overview of requirements to obtain crypto license in Slovakia
- Provide desired company names for registration
- Provide copy of passport and proof of address for future shareholder and director
- Provide non-criminal record for shareholder and director
- Slovakia or EU citizenship director
- Company must have AML/KYC Policies
- Application form fulfilment
Additional requirements:
- Obligation to store clients data
- Report suspicious transactions (red flags)
- Registered share capital of 5000 EUR (no need to actually register)
- Corporate bank account is recommended but not required by law to open immediately.
Estimated time frames to obtain crypto license in Slovakia
Business name verification
1-3 days
Company formation
up to 2 weeks
Documents preparation
2 weeks
Submission application to Finančná spravodajská jednotka (FSJ)
1 weeks
Legal services for obtaining Crypto license in Slovakia
Basic Package
5490 EUR
- Company registration
- Provision of Legal Address for 1 year
- Standard AML/KYC Policy (Anti-Money Laundering/Know Your Customer)
- Registration as licensed VASP (crypto) provider
- Corporate documents
- Communication with regulator authorities
- Legal Support throughout the entire project
This package ensures you meet the regulatory requirements, offering essential services and support for obtaining a VASP license in Slovakia
Additional services on request
- Accounting services
- Additional corporate account
- Bank account for keeping client’s funds (safeguard)
- Apostilled corporate documents
- Business plan
- Individual AML/CFT Training material
- Agreements
- Legal framework for launching Your Token
Ready-Made solution
12390 EUR
- Registered company
- Legal address for 1 year
- No debts, no liabilities – clean company
- Active license
- Registered share capital 5,000 EUR
- Corporate documents
- Assistance with transfer of ownership
Eriks Fijalovs
Head of Blockchain and Crypto
Requirements for Crypto licensing in Slovakia
List of required documents
- Power Of Attorney: Public document authorized by public notary that will allow us as a company to act on behalf of another company or individual to carry certain activities in order to incorporate company and obtain a license in Slovakia.
- AML/KYC/CFT Policy: Anti-Money Laundering (AML), Know Your Customer (KYC) and Countering the Financing of Terrorism (CFT), the process involves a company confirming its clients’ identities, evaluating the potential for illegal intentions in the business relationship, and actively working to identify, prevent, and report any suspicious activities.
- Application Form: Complete and submit application form to Finančná spravodajská jednotka, describing nature of business, primary and secondary activities, including descriptions of how and where activities and business will be carried out.
- Memorandum and Articles of Association (MAA): Legal Document prepared during company incorporation, which represents charter of the company.
Business premises requirements
- In Slovakia there is no requirements to have local physical office, the legal address will be enough. For some payment gateways or digital banks it might be required to have virtual office with lease agreement. This service can be provided by Legalaes on request.
Share Capital and Government Fees
- Minimum Share Capital: In Slovakia LLC company, owned by foreigner have a requirement of share capital of 5000 EUR (each shareholder must deposit of minimum 750 EUR). There is no additional requirements to rise the capital for crypto license obtainment in Slovakia.
- Government Fees: Statutory incorporation cost 150 EUR for LLC and 375 EUR for joint stock company.
Personnel Requirements
- AML Officer: AML officer is not required to local regulations to be presented in the structure of the company for obtaining crypto license in Slovakia. However AML Officer is strongly recommended for future bank account openings, to increase chances and adapt company to higher regulation levels.
- Director: Slovakia crypto regulations points out that director must be with Slovakian or European citizenship. In case of European director, documents must be translated and certified to Slovak language.
Roadmap of obtaining crypto exchange license in Slovakia
Any financial operation in Slovakia are typically subjected to obtaining a trade license and AML supervision (governed by the Finančná spravodajská jednotka Act 297/2008 Z. z)
The Financial Intelligence Unit (FSJ) controls the fulfillment of obligations in the field of AML/CFT for all types of obliged persons (listed in § 5 paragraphs 1 to 3 of the AML Act).
Slovak legislation commonly stipulates that a foreign entity is permitted to conduct business activities in Slovakia under identical conditions and to the same extent as Slovak entities.
For more detailed road map of the project and commercial offer – get in touch with our Crypto professional.
Eriks Fijalovs
Head of Blockchain and Crypto
Documents Collection
The process begins with collecting all necessary documentation, including a passport and proof of address (utility bill or bank statement). Clients provide three preferred company names, which Legalaes verifies and reserves with the Obchodný register. A detailed business model description is also prepared. Legalaes will then prepare and send a Power of Attorney (PoA) to facilitate company formation on your behalf in Slovakia.
S.R.O. Company Registration
An appointment is scheduled with a notary to initiate the company registration procedure. Based on the completed documentation from the first stage, the company formation process is launched, and the company details are entered into the Obchodný register.
Registering as a Virtual Asset Service Provider
The company registers a share capital of 5000 EUR at the notary. AML/KYC policies tailored to the company’s crypto activities are being drafted during this stage. A local Slovak or EU director is registered within the company’s structure. The application is then completed and submitted to the Finančná spravodajská jednotka (FIU), with follow-up communication handled as needed.
Optional: Crypto-Friendly Corporate Account Opening
Corporate and legal documentation is collected as required by Electronic Money Institutions (EMIs). Potential solutions for the client’s business are evaluated, and a suitable EMI is chosen. Legalaes negotiates with the EMI and guides the client through the entire onboarding process until the account is successfully opened. Continuous assistance is provided throughout the account opening process.
Advantages of the VASP license in Slovakia
01
No Education or Qualification Requirements
There are no specific education or qualification requirements for board members, except for a clean criminal record, simplifying the board formation process.
02
Fully Remote Process
The entire registration and licensing process can be completed remotely via Power of Attorney (PoA), eliminating the need for physical presence.
03
Fast Set-Up Timeframes
The set-up process is efficient, with the possibility to transfer ownership of a ready-made licensed company within one month.
04
Low Regulatory Requirements
Slovakia has low regulatory requirements with a standard European compliance level that is easy to implement, making the process less burdensome.
05
Multifunctional Licensing
The Slovakian license allows for the provision of a wide range of cryptocurrency services, offering great versatility and business opportunities.
Links for legislation related to Crypto business in Slovakia
Oversees the legal framework and administration of justice in Slovakia, ensuring that laws and regulations are upheld across various sectors, including financial and business operations.
A detailed record that tracks all registered trade entities in Slovakia, providing essential information for transparency, regulatory compliance, and the facilitation of business verifications.
Acts as the central monetary authority in Slovakia, regulating financial institutions and payment systems, and implementing policies aimed at maintaining financial stability and integrity within the country’s economy.
The Obchodný register is a public list containing statutory data concerning entrepreneurs, companies and other legal entities, where this is required under separate legislation.
Financial Intelligence Unit in Slovakia.
FAQ about Crypto license in Slovakia
1. How to get a cryptocurrency license in Slovakia?
Process starts with registering LLC company in Slovakia (SRO), deposit and register share capital, setting up necessary infrastructure such as AML/KYC/CFT policies, appoint necessary local employees (if applicable) obtaining authorization for cryptocurrency-related activities within Finančná spravodajská jednotka (FIU)
2. How long to obtain cryptocurrency license in Slovakia?
Process involves several multifunctional steps and communication with regulator, in overall our experience have showed that ready-made company can be transferred to new clients ownership within 1 month, process from scratch up to 2 months.
3. Can foreigner get a cryptocurrency license in Slovakia?
Yes, foreigner can be a shareholder, however there is obligatory requirement for director to be Slovak or EU citizenship.
4. How much is share capital for crypto company in Slovakia?
In Slovakia share capital for LLC company is 5000 EUR, there is no additional share capital for crypto related business activity.
5. How to open a bank account for Slovakia crypto company?
Licensed crypto company in Slovakia can open corporate bank account in EU EMI’s. Legalaes have multiply partnership options with crypto-friendly EMI’s across Europe.
Each of our projects receives unique and tailored solutions in accordance with the initial objectives and vision of the shareholders.
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