Obtaining a cryptocurrency license in Slovakia

More and more countries are no longer wary of cryptocurrencies. What was once considered a little-studied curiosity is now a popular payment instrument and a good way to earn money in almost every corner of the Earth. It is only necessary to legalize crypto-activities and work legally.

The following transactions require a crypto license:

  • conducting exchanges of different types of digital coins between each other;
  • exchanging cryptocurrency for fiat (traditional) money and vice versa;
  • storing customers' virtual assets;
  • carrying out transfers of cryptocurrency between different wallets;
  • issuance (emission) of digital coins.

Why get a cryptocurrency license in Slovakia? 

First, the abundance of licensed companies encourages clients to bypass service providers that operate outside the law. Clients are attracted by the clarity and guarantee of asset protection. 

Secondly, you should go through the procedure to eliminate the risk of problems with regulators. Fines and penalties can be a significant blow to business.

Why choose Slovakia's crypto license

  • local laws allow 100% foreign ownership of a business;
  • there are no currency control restrictions;
  • nominee directors and shareholders can be used;
  • no restrictions on the movement of capital and income;
  • no restrictions on foreign employees.

Stages of obtaining a Slovak crypto license with the help of Intelligent Solution Group

  1. Preliminary business analysis. Specialists study information about the client's case, examine his request.
  2. Registration of a limited liability company in Slovakia. The procedure takes 3 to 4 weeks. Notarized translation of documents into Slovak, opening of the company through a notary, entering data into local registers.
  3. Licensing. Lasts from 4 to 6 weeks. Specialists develop AML/KYC compliance policies and regulations, find and hire an anti-money laundering officer. Required reports are sent to local regulators. Intelligent Solution Group representatives help the client negotiate with Slovak Financial Intelligence Unit (FIU) representatives.
  4. Collection of documents for opening B2B and C2B corporate bank accounts, closure of all bank issues, the account opening procedure itself and further assistance with account management in the bank, if necessary.

If questions arise during the licensing procedure, they become the concern of Intelligent Solution Group specialists. 

To increase the chance of obtaining a license, the client must not have a criminal record for economic crimes, the company's management must have experience and qualifications confirmed by documents. Financial guarantees sufficient to run the cryptocurrency business and fulfill operational obligations are required.

The owner of a cryptocurrency company can be a non-resident; however, one of the following criteria must be met in order to hold the position of director:

  • a citizen of a European Union (EU) country;
  • a citizen of a country that is a member of the Organization for Economic Cooperation and Development (OECD);
  • a person holding a residence permit (HND) and doing business in Slovakia.

The company must choose a unique name and have a minimum authorized capital of 5,000 euros and open a local bank account or an account in one of the countries belonging to the group of international electronic payment institutions (EMI).

The taxation of cryptocurrency assets takes into account differences depending on the source of income

For individuals who do not include cryptocurrency in their business asset, tax rates of 19% or 25% apply, with health care contributions at 14% mandatory. This factor is considered a significant disadvantage, as legal entities are exempt from paying healthcare contributions.

For individuals who include cryptocurrency as part of their business asset, the tax rate depends on the amount of income. This means that the tax is 15% for entrepreneurs with income up to €49,790 in the previous tax period, 19% on income within €41,445.46 (inclusive) and 25% on income above €41,445.46. However, individuals are also required to make medical contributions.

For legal entities, the tax rate is 15% on income from the sale of cryptocurrencies not exceeding €49,790 and 21% if the income exceeds this amount.

Contact us for more details and a list of documents to obtain a license for crypto activities in Slovakia, we will send you a quote.

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