The Markets in Crypto-Assets Regulation (MiCA) introduces a unified regulatory framework for crypto-assets across the European Union (EU), promoting legal certainty, investor protection, and market stability. One of the core requirements under MiCA is obtaining a Crypto-Asset Service Provider (CASP) license, mandatory for businesses offering crypto asset services.
This licensing ensures compliance with strict standards on governance, security, and anti-money laundering (AML), enabling licensed CASPs to operate seamlessly across all EU member states. Whether you are an emerging startup or an established operator, obtaining a CASP license is essential to access the EU’s vast and dynamic market for digital assets.
In Slovakia, the National Bank of Slovakia (Národná banka Slovenska / NBS) is the competent authority overseeing CASP licensing under MiCA. Businesses operating or planning to provide crypto-asset services in Slovakia must adhere to local implementation requirements alongside MiCA’s EU-wide provisions.
Our firm has a thorough knowledge of Slovak law, ensuring that your compliance efforts are efficient and effective.
We can help your business meet compliance requirements and unlock the potential of the EU crypto market!
In Slovakia, the NBS is the competent authority overseeing CASP licensing under MiCA
Key Numbers about a CASP License in Slovakia
3 mountsaverage term of obtaining CASP license after application submission |
at least severaldirectors in a CASP |
up to €150kamount of the share capital depending from CASP activity |
up to 25%personal income tax (PIT) rate |
up to 24%corporate income tax (CIT) rate |
no specialcapital gains tax (CGT) rate |
Legal Opinion about a CASP License in Slovakia
Ganna Voievodina
Manimama
|
CEO
“Obtaining a CASP license in Slovakia is essential for businesses offering crypto-asset services. Applicants must meet requirements, including robust AML/CFT compliance, a formal governance structure, and sufficient operational capital. Once licensed, CASPs must adhere to ongoing reporting obligations and maintain compliance with Slovak and EU regulations. A CASP license enhances credibility and provides access to the EU market under a clear regulatory framework”.
Types of Activities with a CASP License in Slovakia
Providing custody and administration of crypto-assets on behalf of clients
This service means safekeeping or controlling, on behalf of third parties, crypto-assets or the means of access to such crypto-assets, where applicable in the form of private cryptographic keys. Holdings of crypto-assets on behalf of the clients shall be segregated from CASP’s holdings.
Operation of a trading platform for crypto-assets
This service contains of the management of one or more multilateral systems, which brings together or facilitates the bringing together of multiple third-party buying and selling interests for crypto-assets – in the system and in accordance with its rules – in a way that results in a contract, either by exchanging one crypto-asset for another, or a crypto-asset for funds.
Exchange of crypto-assets for funds
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital.
Exchange of crypto-assets for other crypto-assets
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital.
Execution of orders for crypto-assets on behalf of clients
This service means concluding agreements to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets on behalf of third parties and includes the conclusion of agreements to sell crypto-assets at the moment of their issuance.
Placing of crypto-assets
This service includes the marketing, on behalf of or for the account of the offeror or of a party related to the offeror, of crypto-assets to purchasers. Before placing the crypto-assets a CASP shall obtain the agreement of the issuers or any third party acting on their behalf.
Reception and transmission of orders for crypto-assets on behalf of clients
This service means the reception from a person of an order to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution.
Providing advice on crypto-assets
This service means offering, giving or agreeing to give personalized recommendations to a third party, either at the third party’s request or on the initiative of the a CASP providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services.
Providing portfolio management on crypto-assets
This service includes managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets.
Providing transfer services for crypto-assets on behalf of clients
This service means transfer, on behalf of a natural or legal person, crypto-assets from one distributed ledger address or account to another. Such service may be provided without virtual currency wallet opened for a CASP’s client.
Benefits of Obtaining a CASP License in Slovakia
Strategic location in Central Europe:
- Slovakia’s geographical position provides easy access to major financial centers such as Vienna, Prague, and Budapest.
- This facilitates business expansion and networking within the EU.
Favorable tax regime:
- Corporate income tax rates in Slovakia are relatively competitive compared to other EU countries, making it an attractive jurisdiction for businesses.
- There are no specific additional crypto-related taxes for licensed CASPs beyond the standard tax framework.
Competitive operational costs:
- Office rental prices, employee salaries, and administrative expenses in Slovakia are lower than in Western European countries.
- This makes it a cost-efficient location for setting up and running a crypto-related business.
Legal recognition under Slovakian law:
- Slovakia has implemented a regulatory framework that provides legal clarity for CASPs, reducing operational uncertainties.
- Licensed entities gain official recognition from Slovak authorities, boosting trust among investors and clients.
EU-wide passporting under MiCA:
- CASPs are able to offer services across the EU without additional licensing.
- This enables companies to expand into 27 EU countries seamlessly.
Growing blockchain and crypto community:
- Slovakia has an active and rapidly expanding blockchain ecosystem, with increasing government and private sector support.
- There are numerous crypto meetups, conferences, and networking opportunities for CASPs to engage with the community.
Our Services
STEP 1
Incorporation stage
- Company formation in Slovakia
- Provision of a registered address for 1 year
- Opening corporate bank account and transferring the share capital
- Appointment and employment of a local director
- Detailed company structure documentation
STEP 2
Pre-licensing stage
- Preparation and submission legal and financial documents (non-exhaustive list) according to MiCA
- Review of existing policies and procedures, if the company already has them
STEP 3
Licensing stage
- CASP license application assistance
- Conducting communication with the NBS during the license process
Our Experts in this Area
Step by Step Description
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Initial setup
- Initiating a preliminary project assessment
- Creating an action plan
- Preparation and filing of the package of documents
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Company registration
- Choosing and reserving a company name on the Slovak Commercial Register
- Preparation of the Articles of Association and other documents
- Registration in the Commercial Register (Obchodný register) at the relevant District Court
- Publication of company registration
- Opening a bank account
- Registration for tax purposes
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Obtaining a CASP license
- Preparation of documents according to MICA
- Submission an application to the licensing authority - NBS
- Reviewing the application to ensure it is complete (if any documents or information are missing, the applicant will be notified and given a specific deadline to provide the necessary additional documentation)
- Assessment of the documents` content submitted (a detailed review to verify that all regulatory requirements are met)
- Requesting of additional details (if applicable)
- Notification of grant or refusal of the CASP license
- Granting or refusal notification to European Securities and Markets Authority (ESMA)
- Publication in ESMA register
National Legislation of Slovakia
In Slovakia, the transition period means that applicants may continue to provide services related to the provision of crypto-asset services until December 30, 2025
Regulation:
In September, the National Council of Slovakia approved Zákon č.248/2024 Z.z. o niektorých povinnostiach a oprávneniach v oblasti kryptoaktív a o zmene a doplnení niektorých zákonov (Act No. 248/2024 Coll. on certain obligations and authorizations in the field of crypto-assets and on amendments and supplements to certain acts / MiCA Act).
Licensing authority:
The National Bank of Slovakia is designated as the competent authority overseeing the implementation and enforcement of MiCA. The NBS is responsible for authorizing and supervising CASPs and issuers of asset-linked tokens operating within the country. The NBS will also be responsible for preventing abuse of the crypto-asset market.
Procedure, timelines, fees:
Following the full application of MiCA, i.e. after 30 December 2024, the NBS must assess within 25 working days of receiving an application for authorisation whether all of the required information has been included in the application. At this stage, however, the NBS will not assess the quality of the information provided. The NBS may ask the applicant to supplement the application if some or all of the required information is missing. The NBS will set a deadline for the submission of any missing information. After the submission of missing information, the NBS will have 40 working days to make a qualitative assessment of the application. During this period, the NBS has the opportunity to submit additional requests for clarification, but only the first of these requests will suspend the 40 working day assessment period, for a maximum of 20 working days.
The application, including its annexes, must be submitted in Slovak. If any of the annexes is drawn up in another language, an officially certified translation into Slovak language must also be submitted. NBS may, on the basis of a written proposal by the applicant, waive the submission of an officially certified translation of the technical documentation or other annex into Slovak if it is in Czech or in a language commonly used in the field of international finance, most often English.
In addition, the NBS offers pre-licensing consultations to assist applicants in understanding the authorization process and requirements. This proactive approach can help identify and address potential issues early in the application process.
Transition period:
Slovakia has opted for a 12-month transitional period, permitting existing CASPs to operate until December 30, 2025 without MiCA authorization. To continue operations beyond this date, CASPs must obtain authorization from the NBS in accordance with MiCA provisions. If they do not obtain this license by December 30, 2025, they will have to cease providing crypto-asset services in Slovakia.
Requirements for Obtaining a CASP License in Slovakia
Capital requirements for a CASP vary depending on what services the company will provide - from €50,000 to €150,000
Physical office requirements
A CASP shall have a registered office in Slovakia where it carries out at least part of their crypto-asset services.
Requirements for key persons
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Senior managers (directors):
- Number: MICA does not specify a minimum and maximum number of directors. However, MICA states (part 2, article 59) that there shall be at least several directors.
- Residency requirements: At least one director must be an EU resident.
- General requirements: Directories must have a solid reputation, necessary skills, and relevant experience.
- Required documents:
- a clean criminal record;
- a detailed CV;
- statements on time commitment and past professional conduct.
-
Shareholders:
- Number: MICA does not specify a minimum and maximum number of shareholders.
- Residency requirements: There is no restriction.
- General requirements: Shareholders must have a solid reputation, necessary skills, and relevant experience.
- Required documents:
- a clean criminal record;
- an ownership structure chart.
Capital requirements
Capital requirements vary depending on what services the company will provide:
Class 1: A CASP authorized for the following crypto-asset services:
- execution of orders on behalf of clients;
- placing of crypto-assets;
- providing transfer services for crypto-assets on behalf of clients;
- reception and transmission of orders for crypto-assets on behalf of clients;
- providing advice on crypto-assets; and/or
- providing portfolio management on crypto-assets.
Minimum capital requirements - €50,000.
Class 2: A CASP authorized for any crypto-asset services under Class 1 and:
- providing custody and administration of crypto-assets on behalf of clients;
- exchange of crypto-assets for funds; and/or
- exchange of crypto-assets for other crypto-assets.
Minimum capital requirements - €125,000.
Class 3: A CASP authorized for any crypto-asset services under Class 2 and:
- operation of a trading platform for crypto-assets.
Minimum capital requirements - €150,000.
Documentation requirements
There are list of documents that must be submitted with the application:
-
Documents required for all CASPs:
- The articles of association of the applicant CASP
- Identity and proof of good repute, knowledge, skills, experience and of sufficient time commitment of the members of the management body
- Information relating to shareholders or members with qualifying holdings
- A program of operations setting out the types of crypto-asset services that the applicant CASP wishes to provide, including where and how these services are to be marketed
- A description of the applicant CASP’s prudential safeguards (insurance policy)
- A description of the applicant CASP’s governance arrangements and internal control mechanisms
- A description of the applicant CASP’s business continuity plan
- Detection and prevention of money laundering and terrorist financing (full packet of policies)
- Descriptions both in technical and non-technical language of applicant CASP’s IT systems and security arrangements
- A description of the applicant CASP’s procedures to handle complaints from clients
- Documents required in case CASP wishes to offer services in other countries:
- List of EU countries where the company wishes to offer its services
- Documents required for certain services (each of the 10 services requires its own documents):
- Custody and administration policy
- A description of the procedure for the segregation of client’s crypto-assets and fund
- The operating rules of the trading platform and market abuse detection
- Information on the exchange of crypto-assets for funds or other crypto-assets (commercial policy)
- The execution policy
- Information on the provision of advice or portfolio management on crypto-assets
- Information on transfer services
Taxes in Slovakia
The CIT rates are ranging from 10% to 24%
Corporate Income Tax (CIT)
Slovakia has introduced a progressive CIT rate structure based on taxable income:
- taxable income up to €100,000 - 10%
- taxable Income from €100,001 to €5,000,000 - 21%
- taxable Income exceeding €5,000,000 - 24%
Additionally, legal entities are required to pay a minimum corporate income tax, regardless of actual results, as follows:
- taxable Income up to €50,000 - €340
- taxable Income from €50,001 to €250,000 - €960
- taxable Income from €250,001 to €500,000 - €1,920
- taxable Income exceeding €500,000 - €3,840
Non-resident companies are taxable only on income derived from Slovak income sources. They are generally taxed according to the rules applicable to residents.
Capital Gains Tax (CGT)
In Slovakia, capital gains are treated as regular income and are taxed under the personal income tax framework.
It's important to note that capital gains are not subject to a separate tax rate but are integrated into the overall taxable income of the individual.
Personal Income Tax (PIT)
Personal income tax rates in Slovakia are progressive and are applied as follows:
- up to €48,441.43 - 19%
- exceeding €48,441.43 - 25%
Business income is subject to a reduced tax rate of 15% if its annual taxable value does not exceed €100,000; alternatively, a rate of 19% applies for taxable business income up to €48,441.43 and a rate of 25% for the amount exceeding this threshold.
Frequently Asked Questions
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What is a CASP license in Slovakia?A CASP license is a regulatory authorization required for companies providing cryptocurrency-related services such as exchanges, custodial services, advisory services, etc. in Slovakia.
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Who issues the CASP license in Slovakia?The NBS issues CASP licenses.
-
What services can be provided under a CASP license?
It allows services such as:
- 1) Providing custody and administration of crypto-assets on behalf of clients
- 2) Operation of a trading platform for crypto-assets
- 3) Exchange of crypto-assets for funds
- 4) Exchange of crypto-assets for other crypto-assets
- 5) Execution of orders for crypto-assets on behalf of clients
- 6) Placing of crypto-assets
- 7) Reception and transmission of orders for crypto-assets on behalf of clients
- 8) Providing advice on crypto-assets
- 9) Providing portfolio management on crypto-assets
- 10) Providing transfer services for crypto-assets on behalf of clients
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What are the key requirements to obtain a CASP license in Slovakia?Companies must meet physical office requirements, requirements for managers and shareholders, minimum capital requirements, documentation requirements.
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Is it mandatory to have a physical office in Slovakia to obtain a CASP license?Yes, a local office in Slovakia is required for regulatory oversight.
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Is there a minimum capital requirement for obtaining a CASP license?Yes, applicants must meet specific financial and operational adequacy standards, but the exact minimum capital depends on the services offered (€50,000, €125,000, €150,000).
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What is the process for applying for a CASP license?The process involves submitting an application to the NBS with detailed documentation on the company structure, management, AML policies, and financial plans, etc.
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How long does it take to obtain a CASP license?The preparation of documents and the review process typically takes several months, depending on the completeness of the application and the authority's workload.
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Can CASPs provide cross-border services in the EU?Yes, once licensed under MiCA, CASPs can offer services across the EU without needing separate licenses in other Member States.
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Why is a CASP license necessary in Slovakia?A CASP license ensures compliance with Slovak and EU financial regulations under the MiCA Regulation, providing legal security and consumer protection.
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