As you may have noticed above, Slovakia has a Financial Intelligence Service responsible for ensuring that companies comply with all rules and crypto regulations. For violation of all the rules of established laws, companies’ accounts can be blocked and the license canceled. To avoid this, it is necessary to understand the basic requirements of local legislation:
The Financial Intelligence Service can request the reports necessary to verify customer data and transaction information.
In Slovakia, a Law from 2018 sets the rules for crypto-currency companies. First of all, this applies to reporting. For example, one of the obligations is the conversion of virtual currencies into euros on the reporting day. On the evaluation day, the average market price of the digital currency should also be monitored, and the actual value of the crypto coins should be indicated. In the reporting period, only the true value of virtual currencies should be displayed. In the same law, there are a few clarifying questions about mining. For example, all cryptocurrencies mined through mining must be out of the general balance until they are sold or exchanged.
The Accounting Act also determines which companies are required to audit their financial activities. An audit is mandatory if the company’s total assets exceed 1 million euros or the net turnover exceeds 2 million euros. Suppose you are delighted with the local legislation and regulations regarding cryptocurrencies. In that case, you can seek the help of professionals for other company registration and license of crypto activities in Slovakia.
To register activities in the territory of Slovakia, any crypto-entrepreneur can choose the preferred type of business structure. The Joint Stock Company and the Private Limited Liability Company are the most popular types of entrepreneurial activity. These business models are ideal for predominantly high-risk crypto activities. In this case, the obligations of shareholders are limited to their contributions, which are registered in the authorized capital. Registration of both forms of activity is carried out with the standard procedure described above in this review. All reports related to the company are submitted to the State Register of Financial Reporting, which is responsible for providing documents for the collection of documents.
A limited liability company is often chosen to set up a small or medium-sized business. In this case, the requirements for the authorized capital are relatively low, and the corporate rules are not as strict as for the Joint Stock Company. The company name must be unique. The maximum number of shareholders is 50 people. The starting authorized capital must be at least 5,000 euros. Each shareholder must contribute at least 750 euros. The company director may reside in Slovakia or the EU but not outside. The company is required to have a bank account in Slovakia, as well as to establish a supervisory and executive board to control activities.
This business structure is more suitable for large-scale companies with significant start-up capital. Capital and regulatory requirements are significantly higher than a private limited company (SRO). In this case, the contributions of each shareholder are fixed in the form of shares of a specific nominal value. The claim’s size determines the shareholder’s rights to participate in the company’s management processes. The higher the value of the share, the greater the influence of the shareholder. Claims can be sold. The company name must contain the abbreviation Akc. The minimum authorized capital is 25,000 euros. The company’s director must be a citizen of one of the EU countries or have a residence permit in Slovakia. There are no citizenship requirements for shareholders. The total nominal value of the shares must equal the authorized capital. Shares and bonds of the company can be sold or transferred by each shareholder at their will.
Yes. All crypto companies must register their activities with the tax office and pay income tax and other fees.
Yes. Slovakia does not hinder the development of cryptocurrency companies. However, it imposes strict measures to control the activities of such companies.
Yes. Coinbase allows you to sell, buy and exchange cryptocurrencies securely and securely. Coinbase is available in over 100 countries around the world, including Slovakia.