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The jurisdiction that we will review today is included in the list of states that already identify Bitcoin and additional digital currencies. However, in 2018, the state strengthened its position regarding virtual money and firms interested in it. Slovak banks have begun liquidating the accounts of firms associated with crypto at the initiative of the local Slovak Cryptocurrency Regulation. They represented pan-European restrictions, tightening control over the crypto space.
It should be noted that after registration in accordance with Law 279/2020 of amendments to the Law on the prophylaxis of Money Laundering and the prophylaxis of Terrorist Providing, all entrepreneurs providing favors for the exchange and storage of digital valutas must enroll in the corresponding manner to carry out actions with cryptos in Slovakia.
If you want to start an e-currency biz in country, you don’t need to comply with any specific laws, but the National Bank has amended the Income Tax Act, adding new provisions for the taxation of virtual tokens.
Among the main features covered by the revised income tax law, the most important are those defining crypto, which are considered to be valuable digital assets that are not guaranteed by the National Bank or any other institution. Furthermore, they do not have currency status or a means of payment, but can be used by natural and legal persons as a means of remittance.
Therefore, all crypto companies without a permit are straightaway blocked by administration authorities. However, if you want to work legally, you must be licensed. This solution has a number of significant profits:
Most crypto enthusiasts prefer to only use licensed sites. Since you can be sure it’s not a scammer, your data is well protected and your transfers are completely safe.
Depending on the type of crypto actions, the Trade Office issues the next permissions:
Next is a list of demands you need to meet:
In country, it does not take long to achieve a license. The rules for obtaining a permit are relatively simple. Therefore, every applier must go through a few simple steps:
It takes 2-3 weeks to enroll a firm in Slovakia, about two weeks to open a bank account and 3-4 weeks to consider a license application. Typically, a license can be issued within 2. 5 months of incorporation, provided all papers are in place.
1. For individuals – 19% tax applies if the profit is less than EUR 38,000. If the revenue is higher, the tax rate is 25%. These taxes apply to people earning money through crypto in country.
2. For legal entities, the income tax is 21%. However, if the income is up to EUR 49,790, the tax rate is 15%.
The Bank of country is liable for monetary politics support. NBS determines cryptos as cryptography-based decentralized assets or digital assets.
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