Why Don’t You Try to Build Your Crypto Exchange in Slovakia? Prifinance Can Do It for You

• This jurisdiction is open to foreign capital;

• Slovakia adheres to the major European compliance standards but has applied strict control measures to prevent money laundering.

There are two main nuances to address in the case of Slovakia:

• An interested investor has to found a company and obtain a license for doing operations with crypto assets
• Professional attorneys from a Prifinance company are ready to facilitate getting a cryptocurrency license in Slovakia if this option already sounds to be good for your business objectives.

Crypto License in Slovakia: Application and Support

Cryptocurrencies are treated in Slovakia as digital assets that are not issued or guaranteed by the central bank (the National Bank of Slovakia). If an entrepreneur wishes to start a crypto exchange, all operations that are going to be carried out through it are considered to be financial in nature. Therefore, a license for dealing with crypto assets is required. Obtaining this authorization is possible after implementing these actions:

• Registering a crypto company. A statutory capital in the amount of EUR 5,000 will be required in this case. Depending on the type and scope of activities that are going to be carried out through the future exchange, extra funds have to be reserved. The amount of such capital varies from case to case.

• Developing internal policies. AML/CTF, KYC, monitoring, record keeping, reporting, and training policies have to be in place.

• Having enough IT and technical resources is required to run a crypto exchange in Slovakia.

• Enabling accurate reporting and access for controlling authorities. In Slovakia, there are strict reporting standards in place. Local law and enforcement authorities are also allowed to get instant access to information about a crypto company, including its accounts.

After getting the desired crypto license, you need to support your day-to-day operation with a number of actions, namely:

• Track all operations carried out through the platform
• Identify customers and keep the information about them. If any suspicious operations are in place, extra checks have to be carried out
• When internal policies enable you to say that money laundering may be in place, report to the regulator about these cases. Ordinary reports have to be submitted also.

If you need any assistance on how to support your day-to-day operations through the future crypto exchange, Prifinance attorneys are ready to apply their best expertise for that purpose.

How Prifinance Attorneys Can Facilitate You

If Slovakia interests you as a potential destination for your investments, Prifinance attorneys are prepared to facilitate entering the local market, including through these legal services:

• Assisting to address all the must-have points and nuances of Slovakian laws and regulations

  See also

  

  4 Ways Artists Can Leverage NFTs to Monetize Their Work

  kodzilla·March 26, 2023·2 min read

• Registering a new or buying an existing company that will act as a future crypto trading platform

• Supporting the process of acquiring all necessary materials, financial, and IT resources needed to register and run a crypto exchange

• Applying for and keeping a crypto license active

• Consulting on various taxation matters and making reports according to the local regulatory rules

Contact Prifinance attorneys and obtain solutions that will work in your case. Lawyers have already realized 200+ projects in the crypto industry and are ready to help you to do the same in your case.