Local regulator – the Financial Intelligence Unit (Finančná spravodajská jednotka) has developed and implemented stricter measures of control over the operations carried out using cryptocurrencies. Besides, there were also cases when bank accounts of cryptocurrency companies were closed. Local law and enforcement agencies also have access to information about companies that carry out operations in cryptocurrency. An emphasis is traditionally made on the process of combating money laundering and terrorism financing.
Advantages of Slovakia Crypto License
If you wish to get a cryptocurrency license in Slovakia, this endeavor may be potentially beneficial despite all strict requirements of local regulators. Among the advantages, these ones can be emphasized in the first turn:
- 100% foreign ownership is allowed;
- absence of restrictions on the transfers of capital and income;
- zero currency control restrictions;
- no restrictions for foreign employees;
- nominal representative (director/shareholder) services are available.
Regulation of Slovakia Crypto License
There are two variations of the Slovakian crypto license. It is possible to get a license for rendering e-wallet services and a license for cryptocurrency exchange operations. For both cases, it is necessary to establish a local crypto company. The minimal required chartered capital for a company should be at least EUR 5 000. It is not necessary to deposit such an amount at the moment of the company’s registration. A local crypto company should have a director who is a resident of the EU or Slovakia. This entity is obliged to have a realistic business plan also.
Minimally, in order to register a local company, it is necessary to gather and form this package of documents:
- Passport of beneficiaries and directors of a company.
- Residency confirmation (e.g., confirmation from state authorities on the residency registration or utility bills).
- Three desired options of a company’s name.
- Power of attorney.
- Certificate on the absence of criminal records.
- Secondary education diploma. If a document has been issued abroad, a holder should previously pass the nostrification procedure (may take around 8-12 weeks).
The process of company formation may take around 3-4 weeks and the procedure of getting a Slovakia crypto license may take around 4-6 weeks. Also, 2 weeks minimally will be required to open a bank account. All crypto users have to be identified later. Operators have to implement measures to secure their personal details and ensure the prevention of money laundering and terrorism financing.
How Aotopay Specialists May Help You
Aotopay lawyers are ready to provide you with comprehensive assistance with establishing a company and register a license for cryptocurrency exchange in Slovakia. Among all services Aotopay lawyers are ready to provide you are these ones:
- preparing documents for the registration;
- carrying out all necessary communications with state authorities;
- providing recruitments assistance (including for a director and AML officer);
- assistance with opening a corporate bank account;
- further support of a local company both locally and abroad.
Reach us for more precise discussions and considerations.
