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Start a Cryptocurrency Company in Slovakia

Updated on Monday 27th June 2022

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Start-a-cryptocurrency-company-in-Slovakia.jpgThe creation, sale or any other activity related to cryptocurrencies are currently among the most important preoccupations of investors all over the world. While in some countries cryptocurrencies are banned, there are also countries where the restrictions are less severe and certain activities related to them are legal. Among these countries, there is also Slovakia.
 
Even if the National Bank in Slovakia does not recognize cryptocurrencies as money which can be used in current operations, investors are allowed to create, sell, buy, trade or invest in digital coins at their own risk.
 
If you want to invest in Slovakia by starting a cryptocurrency business in this country, our company formation agents can advise you. We can also assist with obtaining a crypto license in Slovakia.
 

Legislation on cryptocurrencies in Slovakia

 
There is no specific law you need to comply with if you want to open a cryptocurrency company in Slovakia, however, the National Bank has amended the Income Tax Law with new provisions on the taxation of virtual tokens.
 
Additionally, it is now possible to obtain cryptocurrency licenses in Slovakia.
 
Among the main aspects covered by the amended Income Tax Act, most important ones are the ones defining cryptocurrencies that are regarded as digital assets that have a value and that are not guaranteed by a national bank or any other authority. Also, they do not have the status of money or currency but can be used as payment instruments by natural and corporate persons.
 
Among the uses of cryptocurrencies, the National Bank states that they can be used for transfers, storage, or electronic trading.
 
Based on their use, it can be or not necessary to apply for a crypto license in Slovakia.
 
If you have any questions on how to create a crypto business and need assistance, contact our company formation consultants in Slovakia.
 

Requirements to open a cryptocurrency business in Slovakia

 
Opening a company in Slovakia as a cryptocurrency business does not impose any specific requirement or any special license as long as the main object of activity of the company is not the financial one. The company registration process or a cryptocurrency business is completed by choosing the structure, preparing the incorporation documents and filing them with the Trade Register in order to obtain the company’s certificate of registration. You'll also have to open a bank account in Slovakia for your new company, where you will deposit the minimum share capital.
 

Types of cryptocurrency companies in Slovakia

 
There are two main types of cryptocurrency companies which can be registered in Slovakia:
 
  • -  IT companies which can engage in the creation of virtual currencies;
  • -  financial companies which can enter into cryptocurrency-related activities.
 
Our company registration consultants in Slovakia can help foreign investors who want to open one of these types of companies.
 

Opening a company and obtaining a crypto license in Slovakia

 
There are two types of cryptocurrency licenses in Slovakia:
 
  • - the first one covers e-wallet services;
  • - the second one is issued for exchange operations.
 
In order to obtain any of these licenses one is required to open a Slovak cryptocurrency company with a minimum share capital of EUR 5,000. However, it is not necessary to deposit the amount upon the incorporation of the business. The other requirements to meet imply appointing an EU resident as a director if the enterprise is held by a foreign investor and to draft a business plan to be submitted when applying for the license.
 

Licensing documents for cryptocurrency companies in Slovakia

 
Here is the list of documents required to obtain a crypto license in Slovakia:
 
  • - passports of the shareholder(s) and director(s);
  • - proof of residential address of the Slovak or EU resident director (residence permit or recent utility bill);
  • - the company trading reservation form;
  • - a power of attorney if a proxy is employed;
  • a clean criminal record;
  • - information about the educational background that implies having a secondary degree of the manager.
 
If the manager has studied abroad, the degree must be recognized in Slovakia, a process that may take between 8 and 12 weeks.
 
If you are planning to start a cryptocurrency company in Slovakia, get in touch with our local consultants for guidance on the procedure.
 

What are the types of assets that can be held by a Slovak crypto company?

 
At an international level, there are crypto assets are divided into several categories. In Slovakia, these are often employed as:
 
  1. virtual assets that bear to rights and can be used for exchange purposes or payment of goods and services;
  2. utility tokens that are issued by cryptocurrency companies with potential use in the future for the purchase of goods or products;
  3. investment tokens that are treated as shares in the company; they may be issued with various rights or for future profits in the enterprise.
 
From this point of view, not all crypto companies in Slovakia are required to apply for specific licenses.
 

Cryptocurrency activities in Slovakia

 
Cryptocurrency companies can engage in several types of activities in Slovakia, however, the regulated ones imply:
 
  • - fintech activities which are related to the creation of digital coins and the use of blockchain technology;
  • - cryptocurrency exchanges which are the related to trading activities based on virtual money;
  • - consultancy services offered by financial specialists to those interested in investing in cryptocurrencies;
  • - crowdfunding platforms through which funds can be raised through the sale of cryptocurrency;
  • - initial coin offerings also known as ICOs which imply the sale of the digital money for raising capital;
  • - cryptocurrency ATM machines businesses which can already be found in certain cities.
 

How much does it take to open a cryptocurrency company in Slovakia?

 
Starting business and obtaining a crypto license in Slovakia implies drafting and filing various documents, which is why here is a timeline of the procedure:
 
  • - the company formation procedure takes approximately 4 weeks to complete;
  • - another 2 weeks should be dedicated to opening a corporate bank account which is mandatory for Slovak companies;
  • - the crypto license is issued in around 4 to 6 weeks.
 
For assistance in opening a cryptocurrency company in Slovakia, please feel free to contact us.

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Call us now at +421 915 980 808 to set up an appointment with our consultants, who are handling company formation in Slovakia. Alternatively you can incorporate your company without traveling to Slovakia.

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