Nikita Veremeev
17.07.2025 | 6 min read
Updated: 17.07.2025
In 2024, the volume of cryptocurrency transactions in EU countries exceeded 1.3 trillion euros, with more than 7% of this turnover attributed to Slovakia. However, only 18% of companies, according to the European Banking Authority, are confident in their ability to comply with new AML and financial monitoring requirements. Why is such a dynamically growing market facing such serious barriers? How to ensure the legalization of cryptocurrency in Slovakia without losing business flexibility and avoiding account blockage?
Today’s cryptocurrency regulation in Slovakia is not just a set of laws, but a strategic tool for protecting investors, fostering innovation, and entering international markets. But these opportunities also come with serious challenges: from licensing complexities to the nuances of taxation and banking services. In this article, I will discuss how the regulatory system works in practice, what requirements are imposed on crypto businesses, and why Slovakia is becoming a focal point for international projects. If you want to understand how to effectively start or scale a cryptocurrency business in the EU – read to the end. Here you will find not only a legislative analysis but also practical recommendations based on the experience of the COREDO team.
Laws on Cryptocurrency in Slovakia: Basics of Regulation and Legal Status
Slovakia recognizes cryptocurrency as a special type of virtual asset, which is not a legal tender but is permitted for circulation and taxation. This approach aligns with European directives on cryptocurrencies and FATF recommendations, ensuring harmonization of regulation with other EU countries. Slovakia views virtual assets as property, operations with which are subject to accounting and reporting, and digital wallets and their regulation are part of a comprehensive system for controlling the origin of funds.
COREDO’s practice shows that for clients launching a cryptocurrency business in Slovakia, understanding the status of tokens, NFTs, and other digital assets is crucial—their legal qualification affects licensing, taxation, and compliance requirements.
Main Legislative Acts and Their Impact on Crypto Business
Three key laws form the basis of cryptocurrency regulation in Slovakia:
- Corporate Income Tax Law in Slovakia, which sets the rules for taxing income from virtual asset operations.
- Accounting Law for Cryptocurrency Companies – establishes requirements for financial reporting and audit of operations.
- Anti-Money Laundering (AML) Law, which implements FATF recommendations and European directives, including mandatory KYC procedures for crypto exchanges and wallet providers.
A solution developed by COREDO for one of the international crypto exchanges included the integration of automated financial monitoring systems, which not only met the Slovak Ministry of Finance requirements but also increased trust from banks and investors.
Cryptocurrency Licenses in Slovakia: Types of Licenses and Requirements
There are two main categories of licenses for crypto businesses in Slovakia:
- Cryptocurrency Exchange Licenses: required for companies that conduct exchanges of digital assets for fiat money and vice versa.
- Cryptocurrency Storage Licenses – required for virtual wallet providers and custodial services.
For both categories, the following are mandatory:
- Appointment of a compliance officer with experience in AML.
- Implementation of KYC procedures for crypto exchanges, including customer identification and verification.
- Description of business model, management structure, and beneficiary transparency.
Our experience at COREDO showed that for successful licensing, it’s important to prepare internal policies in advance for due diligence of crypto business clients and automation of monitoring processes.
Step-by-Step Guide for Obtaining a Cryptocurrency License for Foreign and Local Companies
- Choose the legal form and prepare the founding documents.
- Collect a package of documents: charter, information about beneficiaries, business plan, AML policy, confirmation of the management’s business reputation.
- Submit the application to the Financial Administration of the Slovak Republic.
- Check for compliance with requirements: transparency of the crypto business management structure, presence of compliance officer, implemented KYC/AML procedures.
- Receive the license and register in the relevant state registers.
The COREDO team has implemented projects where, for foreign companies, a step-by-step roadmap was built: from choosing the structure to integrating automated systems for fund source control.
AML/CTF Compliance and Financial Monitoring in the Cryptocurrency Business in Slovakia
Slovakia requires full AML compliance from cryptocurrency companies, including:
- Mandatory KYC procedures for crypto exchanges.
- Maintaining a registry of transactions with virtual assets.
- Financial monitoring of operations and automation of compliance processes.
COREDO’s practice confirms that automating due diligence and implementing fund source control tools minimizes risks and expedites business scaling. For one client, we integrated a solution that met international FATF standards and European directives, ensuring resistance to financial fraud and increasing bank loyalty.
Fines and Sanctions for Non-Compliance with AML/CTF Requirements
Fines for non-compliance with AML/CTF standards in Slovakia can reach 1 million euros and, in some cases, lead to license revocation and account blocking. The Financial Administration of the Slovak Republic actively uses financial monitoring tools for operations and audits of cryptocurrency operations to identify violations.
COREDO’s recommendation: regular internal auditing and staff training are key to resilience against financial fraud and maintaining your license.
Taxation and Financial Reporting for Cryptocurrency Companies in Slovakia
Income from cryptocurrency operations in Slovakia is subject to corporate income tax at a rate of 21% for legal entities. The Slovak Corporate Income Tax Law requires all cryptocurrency transactions to be recorded in accounting and reporting on transactions with virtual assets to be provided.
A COREDO project on integrating cryptocurrencies into corporate finance demonstrated that correct classification of income and expenses allows for optimizing the tax burden and avoiding claims from tax authorities.
Financial Reporting and Transparency of Management Structure
Financial reporting for crypto companies in Slovakia must comply with EU standards and include:
- Disclosure of information about beneficial owners.
- Audit of cryptocurrency operations.
- Transparency of the management structure of the crypto business.
For COREDO clients, we implement procedures to ensure transparency and reliability of corporate governance, which is critically important for attracting investors and passing due diligence.
Banking Services and Cryptocurrency Integration
Banking services for crypto businesses in Slovakia come with several restrictions:
- Not all banks open accounts for cryptocurrency companies due to financial monitoring operation risks.
- Delays are possible with international payments in cryptocurrency.
- Full compliance with AML/CTF standards and transparency of fund sources is required.
Risk management developed by COREDO for clients includes preliminary business process auditing and preparation of document packages confirming the legality of fund sources.
Practical Aspects of Cryptocurrency Settlements and International Payments
Features of cryptocurrency settlements in Slovakia include:
- The need to integrate cryptocurrencies into corporate finance through legal payment gateways.
- Compliance with security standards for crypto exchanges and custodial services.
- Maintaining reporting on international cryptocurrency payments considering EU requirements.
A COREDO solution for one client allowed automating compliance processes and simplifying interaction with banks, accelerating international settlements and reducing operational risks.
Advantages of Registering a Crypto Business in Slovakia
Slovakia offers several strategic advantages:
- Transparent and predictable cryptocurrency regulation in Slovakia, aligning with international cryptocurrency regulation standards and FATF recommendations.
- Openness to foreign investors and flexible licensing conditions for cryptocurrency companies.
- Low entry threshold for startups and innovative projects.
COREDO’s case: for a European fintech company, registering a crypto business in Slovakia allowed entry into EU markets, reduced administrative costs, and simplified the licensing procedure.
Key Risks, Implementation Challenges, and Long-term Consequences of Legislative Changes
Main risks for businesses when working with cryptocurrency in Slovakia:
- Frequent legislative changes and tightening requirements for corporate governance in the crypto sphere.
- Legal risks for investors related to the classification of tokens and virtual assets.
- Scaling risks for crypto companies due to banking service restrictions and the need for constant compliance process updates.
The COREDO team’s recommendation: regular monitoring of legislative changes and flexible adaptation of internal policies can minimize long-term consequences for investors and crypto business owners.
Practical Steps and Recommendations for Launching and Scaling a Cryptocurrency Business in Slovakia
- Conduct comprehensive due diligence of crypto business clients and implement compliance process automation.
- Ensure transparency of the crypto business management structure and disclosure of beneficiary information.
- Adhere to international FATF standards when launching a crypto business in Slovakia, integrating fund source control and fraud prevention.
- Engage with regulators and financial authorities at early stages, using best practices developed by COREDO.
- Regularly update internal policies and train staff on new AML/CTF requirements.
For a COREDO client, we implemented a project to scale a cryptocurrency business under Slovak regulation: compliance process automation and audit tool integration reduced costs by 30% and expedited entry into new EU markets.
Key Conclusions and Recommendations for Entrepreneurs and Investors
- Cryptocurrency regulation in Slovakia creates unique opportunities for business scaling but requires a deep understanding of legislation and compliance.
- The cryptocurrency business in Slovakia benefits from transparency, flexible licensing, and integration of international standards.
- Compliance of Slovak cryptocurrency companies: a key to sustainability and long-term success: automation, audit, transparency of beneficiaries, and regular interaction with regulators become market standards.
- Integration of cryptocurrencies into corporate finance and tax load optimization is only possible with accurate financial reporting and compliance with security standards for crypto exchanges.
COREDO’s practice proves that a strategic approach to launching and developing a crypto business in Slovakia allows not only minimizing legal and financial risks but also creating a solid foundation for growth in a rapidly changing digital asset market.