Start a Cryptocurrency Company in Slovakia

Do you want to open a cryptocurrency company in Slovakia and don’t know where to start? Our local agents can explain the requirements, help you prepare the documents, and file them on your behalf through our dedicated business registration services.

Can I open a cryptocurrency company in Slovakia as a foreigner?

Yes, you can. You can even benefit from full ownership even if you are a foreigner.

What is the most suitable business form for a cryptocurrency company in Slovakia?

Our local agents recommend the private limited liability company, which is very suitable for crypto-related activities. Furthermore, you can benefit from our offer for this type of company, which starts at EUR 1,200.

What are the steps to open a cryptocurrency company in Slovakia?

If you are interested in setting up a crypto business in Slovakia, you need to follow the steps below:

1. the registration of the selected business form (the private limited liability company (SRO) is often preferred);
2. nominating an agent responsible for the anti-money laundering and know-your-client procedures;
3. drafting the anti-money laundering compliance paperwork for applying for a crypto license in Slovakia;
4. applying for a crypto-asset service provider (CASP) authorisation under MiCA with the National Bank of Slovakia;
5. setting up a bank account with a Slovak financial institution.

What are the documents to submit for obtaining a crypto license 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.

What is the minimum capital requirement to open a crypto company in Slovakia?

The minimum capital required to register a crypto business in Slovakia is EUR 5,000 if you opt for the private limited liability company. However, you must also consider the amount required for certain licenses.

What is the minimum capital requirement to obtain a crypto license in Slovakia?

The following:

• for a Class 1 license, the minimum capital is EUR 50,000;
• for a Class 2 license, you need at least EUR 125,000;
• for a Class 3 license, you must deposit a minimum of EUR 150,000.

If you need support in applying for a MiCA crypto-asset service provider (CASP) authorisation, you can rely on our Slovak company formation agents.

What activities can I undertake based on a crypto license in Slovakia?

• The Class 1 license enables execution of orders from clients, crypto asset placement, crypto transfers, crypto advice, and portfolio management;
• The Class 2 license enables the activities associated with the Class 1 permit, as well as offering custody and management services, crypto exchange for money or other digital coins;
• The Class 3 license enables the activities permitted under Class 1 and 2 operations, as well as the operation of crypto trading platforms.

How long does it take to launch a crypto company in Slovakia?

The entire procedure can take up to 4 months, licensing phase included, as the Slovak authorities move quite fast.

What cryptocurrency activities are recognized 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 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 machine businesses, which can already be found in certain cities.

Among the uses of cryptocurrencies, the National Bank states that they can be used for transfers, storage, or electronic trading.

For assistance in opening a cryptocurrency company in Slovakia, please feel free to contact us.