Before preparation of a request

Pre-licensing meeting

The National Bank of Slovakia may allow a pre-licensing meeting for entities at an advanced stage of preparing an application for a license to operate as a crypto-asset service provider. The meeting takes place in person at the National Bank of Slovakia, based solely on an assessment of its usefulness by the National Bank of Slovakia.

The pre-licensing meeting is not part of the formal licensing procedure. The NBS does not provide consultations or replace the services of legal advisors. There is no legal entitlement to a pre-licensing meeting.

The National Bank of Slovakia does not provide binding opinions or assessments that would prejudge the decision on the application. The organization of the meeting does not imply a positive outlook for the granting of a license.

Purpose of the meeting

The pre-licensing meeting allows the National Bank of Slovakia to:

•    learn about the business model and planned cryptoasset services

•    assess the applicant’s readiness to meet the conditions for granting a license

•    identify potential risk factors

A high level of knowledge of MiCA, DORA, TFR, implementing regulations, guidelines, and ESMA interpretations is expected at the meeting.

Conditions for holding the meeting

To assess your request for a pre-licensing meeting, please send the following to crypto@nbs.sk at least 5 days in advance:

a) Filled-in questionnaire

b) Company presentation describing the current state of business, intended crypto-asset services,  links between the business model and  the place of actual management in the Slovak Republic, target client group,  planned scope of cross-border operations.

c) Any specific issues related to the business model with separate legal assessment and references to the provisions of MiCA and related regulations.

The following persons are required to attend the meeting in person:

•    a member of the management body,

•    persons with significant influence within the meaning of Article 3(1)(27) of MiCA,

•    senior staff responsible for AML/CFT and ICT.

Legal representatives may be present.

Assessment of the request for a meeting

The National Bank of Slovakia will assess the submitted documents and consider whether to hold the meeting. In principle, the meeting will not be organized if the submitted documents, publicly available information, or other relevant sources indicate, for example:

a) Insufficient connection of the potential applicant to the Slovak Republic,

b) Indications of regulatory arbitrage or license tourism,

c) Reputational risks or insufficient transparency,

d) Signs of a shell company,

e) Insufficient preparedness,

f) Undue burden on the NBS’s capacities.

Applications for authorization may be officially submitted to the National Bank of Slovakia at any time after December 30, 2024.

Frequently asked questions before submitting an application for a license

Is obtaining a CASP license in Slovakia faster or easier than in other EU member states?

No. Slovakia strictly applies the harmonized requirements of the MiCA Regulation and the EBA/ESMA technical standards, which are uniform throughout the Union. The statutory period for assessing a complete application is 40 working days and begins only after its completeness has been evaluated. The total length of the procedure depends on the quality and completeness of the documentation submitted and on the applicant’s preparedness. The NBS warns against relying on third-party offers promising to obtain a license within unrealistic timeframes (e.g., “within three months”). Such promises ignore the depth of the material assessment carried out by the NBS.

What requirements does the NBS impose on the place of actual management and economic substance of the applicant in the Slovak Republic?

When assessing an application for a license, an evaluation is made as to whether there is a real and sustainable link between the planned activities of the crypto-asset service provider and the Slovak Republic. Applications that lack the intention to conduct real business activities in Slovakia and whose primary objective is to use the mechanism of cross-border service provision (EU passporting) through a so-called letter-box entity may be assessed as posing an increased risk from the perspective of regulatory arbitrage.

Is a virtual office or P.O. BOX without permanent staff sufficient for a license to be granted?

No. The NBS applies a strict “substance test” in accordance with ESMA supervisory convergence to prevent the emergence of so-called letter-box entities. Among other things, the applicant must demonstrate a real registered office (physical premises) available for on-site supervision, key personnel in the Slovak Republic who actually perform risk management, compliance, and strategic decision-making functions, and the availability of documentation and data directly at the company’s registered office.

Can existing VASP providers continue to operate after 2025 without a new license?

No. From December 31, 2025, crypto-asset services may only be provided by entities that have been granted a license to operate as a crypto-asset service provider under MiCA. Providing services without a license after this date is a violation of MiCA and is subject to sanctions by the NBS, and may also constitute the criminal offense of unauthorized business activity.

Is it possible to avoid licensing by labeling a service as “P2P” or “DeFi”?

No. When assessing the obligation to obtain a license, the substantive nature of the service provided is decisive, not its label, marketing presentation, or technical terminology. If an entity actually performs activities that correspond to crypto-asset services under the MiCA Regulation, it is subject to the obligation to obtain a license, regardless of whether the service is labeled “P2P,” “DeFi,” or otherwise.

Is it possible to purchase an existing licensed company and thus avoid the licensing procedure?

No. The acquisition or increase of a qualifying holding in a crypto-asset service provider is subject to prior assessment and approval by the NBS.

This process includes an assessment of the acquirer’s credibility and suitability, the origin of the funds, the transparency of the ownership structure, and the ability to ensure the prudent management of the crypto-asset service provider.

Therefore, acquiring a participation in a licensed entity is not an alternative to the authorization process.

What other legislation besides MiCA applies to crypto-asset service providers:

In addition to MiCA, the following legislation generally applies to the activities of crypto-asset service providers:

The MiCA Regulation empowers the European Commission to adopt implementing regulations governing details in relation to several provisions of the MiCA Regulation.

Mica and implementing guidelines TFR

745.44 kB

What legal form can an applicant for a license to operate as a crypto-asset service provider take?

An applicant for a license to operate as a crypto-asset service provider may take one of the following legal forms:

•    joint-stock company,

•    limited liability company,

•    simple joint stock company,

•    European company (Societas Europea).

Article 59(1)(a) of MiCA stipulates that a license to operate as a crypto-asset service provider may only be granted to legal persons or other undertakings. Pursuant to Article 59(3) of MiCA, the legal form of these undertakings must, under the relevant national law, guarantee a level of protection of third-party interests equivalent to that provided by legal persons, and they must be subject to equivalent prudential supervision appropriate to their legal form. The legal system of the Slovak Republic does not recognize a form of undertaking that would meet the requirements of Article 59(3) of MiCA and at the same time enable the fulfillment of other requirements imposed on applicants for a license to operate as a crypto-asset service provider.

A public trading company and a natural person – entrepreneur are not suitable legal forms for applicants for a license to operate as a crypto-asset service provider, as they do not allow for the fulfillment of prudential requirements within the meaning of MiCA. A cooperative is also not a suitable legal form for applicants for a license to operate as a crypto-asset service provider, as the applicable legislation prohibits the creation of a “free” membership share that would be available to the cooperative in the event of the termination of membership of one of its members. Unlike capital companies, a cooperative is in some cases unable to prevent a reduction in the amount of its prudential guarantees, which constitutes grounds for mandatory refusal to grant a license to operate as a crypto-asset service provider within the meaning of Article 63(1)(d) of MiCA. A limited partnership is also unable to prevent a reduction in its prudential guarantees and is therefore not a suitable legal form for applicants for authorisation to operate as a crypto-asset service provider.

Can I act as a formal director (nominee) for a foreign investor who does not want to be visible in the structure?

No. It is assumed that persons performing management functions at a crypto-asset service provider have actual decision-making powers and actually carry out their activities.

How to proceed when choosing technological solutions related to the performance of activities?

When choosing technology solutions for a crypto asset service provider, it is important to consider various aspects, from security to effective management. General recommendations for key areas:

In general, CASPs should implement reliable solutions that ensure high availability, scalability, and fast transaction processing. These systems should be designed with cyber-attack protection in mind and provide advanced compliance and auditing features. In each of these areas, it is important to look for solutions that are specifically designed for the needs and challenges of the crypto-asset sector, ensure compliance with regulatory requirements, and offer a high level of security and efficiency.

What will be the fees and annual contributions in the Crypto-Assets sector?

There are costs associated with the procedure for granting a license to operate as a crypto-asset service provider before the National Bank of Slovakia and the supervision of supervised entities by the National Bank of Slovakia.