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+1 (888) 647 05 40In the country that we will consider today, crypto is regulated by EU law, so a license is needed mainly to meet AML/CFT demands. Although national powers have recognized the significance of fresh technologies and even shed light on digital money taxation, they currently favor a liberal approach to digital currency regulation, which means that a full regulatory substructure for e-currency will not be implemented anytime soon.
To procure a crypto exchange license in Slovakia, you should have a local business-company that provides e-money services. The minimum amount of the authorized capital of the corporation is 5,000 euros . In addition, set a director with EU or Slovak nationality and make and give in a business plan.
Currently, there is no in-depth legal regulation of crypto preferences in the Slovak Republic. Certain efforts for the legal regulation of crypto estates can be drawn from the norms of public law.
The first regulation of crypto preferences in the Slovak Republic began with an amendment to the Income Tax Law. The concept of the so-called selling of virtual money and its inclusion in the taxpayer’s obligation to tax revenue obtained from the interchange of e-currency for property was introduced.
Despite the lack of regulation, Slovakia’s lawfullment boasts a number of profits that are attractive to crypto businesses looking to obtain a permission in a European lawfullment. If you want to take advantage of low business-company formation values, a competitive and business friendly tax government, nominee director and shareholder services, no limitations on non-citizens property and workers, and the highest level of productivity in Central and Eastern Europe, read on to find out how to become a permitted crypto-business in the country.
There are two options for a digital currency permission in the country. You can get a permit to provide e-wallet services, as well as a license to interchange e-currencies. In both cases, it is needed to enroll a local crypto company. The minimum amount of authorized capital is 5,000 euros. There is no need to pay this amount in full at the time of enrollment. The local crypto company must have a director who is a resident of the EU or Slovakia. This juridical entity is also needed to have a realistic business plan.
At a minimum, to enroll a local business-company, it is must to collect and form the following package of legal papers:
An EU/EEA citizen or a foreign entrepreneur based in the EU/EEA who does not meet the professional competence criteria needed to engage in regulated trade such as crypto currency development activities, Trade Licensing Act and additional relevant laws of Slovakia may apply to the administration internal affairs of the Slovak Republic to compare their knowledge and skills, confirmed by diplomas; certificates or other qualification certificates; Extradited in another member country in agreement with the relevant Slovak regulations. The non-Sovac qualification recognition process can take up to three months.
In order to make the cryptocurrency business more transparent and reliable, Slovakia follows the rules for combating money laundering (hereinafter referred to as “AML”) and terrorist financing (hereinafter referred to as “CFT”) set by the EU.
To execute with AML/CFT regulations, crypto companies must adhere to the following principles:
In Slovakia, AML/CFT compliance is enforced by the Slovak Financial Intelligence Unit, which develops and implements controls on cryptocurrency transactions. This body monitors crypto companies and is authorized to request relevant reports containing customer data, which removes the anonymity factor in crypto activities, but strengthens the credibility of Slovak crypto companies.
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