Crypto license

Virtual currency is defined as a medium of digital value, which is not issued or guaranteed by the central bank or public authority, and is not necessarily connected with a legal tender, has no legal status of currency or money, but accepted by some natural or legal persons as a means of payment and may be transferred, stored or sold electronically. The same definition is set out in the Law on Protection from Legalization of Proceeds of Crime and on Protection against Financing of Terrorism. It should be added that crypto assets are not considered financial instruments and do not belong to securities. Cryptocurrencies are defined as digital assets based on cryptography, decentralized and commonly using blockchain technology. Mining is explained as the process of creating cryptographic assets.

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The basic types of digital assets in cryptocurrencies

Virtual assets – They have no rights; they can only be used as a means of exchange for fiat currencies and other virtual assets or as a means of payment for goods and services. Investment tokens – can give an investor the right to participate in the management or assets (future profits) of a person who «issues» tokens.

The main features of crypto license


The physical validator is the person who guarantees the rights under the contract in respect of the property laws presented in the form of Token on TT systems. The physical validator must ensure that the customer requesting the release of the token is the rightful owner of the property rights in the token and can also dispose of those rights; in addition, the token holder can prove ownership of the rights represented by the token.


The TT exchange provider is a person who exchanges funds for tokens and vice versa, and tokens. This usually includes cryptocurrency devices, as well as persons offering exchange services exclusively online. TT Price Information Service Provider by persons who publish or provide users of TT systems with comprehensive price information based on purchase or sale offers or completed transactions.


These include individuals who publish independently calculated prices for tokens, such as crypto exchanges. Persons who only refer to the exchange rates of other service providers are not treated under any circumstances as TT Price Information Service Providers.

Licensing of crypto activities

According to the AML Act, all companies planning to offer cryptocurrency exchange services (including fiat money) or cryptocurrency purse services in or from Slovakia must be registered in the Trade Register and obtain a trade license to provide these services. Registration is carried out by the Trade Licensing Authority. Depending on the type of cryptocurrency activity, the Trade Licensing Authority provides the following crypto licenses: License for crypto-exchange services for companies that facilitate cryptocurrency trading for other cryptocurrencies, fiat money and other assets, including equipment such as crypto-ATMs. Wallet license for companies that provide services to protect crypto assets or private crypto keys on behalf of their clients or to store and transfer crypto assets.

Requirements for obtaining crypto license

To obtain a crypto license the company must meet the requirements. Company registered and with a legal address. Payment of state duty. Develop data protection models. Create internal AML/CFT policies. Implement KYC procedures to identify customers. Charter and other corporate documents. Proof of premises obtained for a registered office (virtual office allowed). Confirmation of permanent residence of founders and directors of the company. Proof of the representative of the appropriate qualification, allowing to carry out cryptocurrency activities. Certificate of jurisdiction of all founders and managers. The licensing process usually takes four to six weeks, and if all the necessary information and documentation is provided correctly, the trade licensing authority issues the crypto license within three working days.