Slovakia needs energy. There is no energy in Belarus.

Slovakia needs energy. There is no energy in Belarus.

In the world of the Highgate Group, it’s about the energy that fills the gaps left by insufficient government action. Sometimes in the area of business automation. Other times, as in this case, in the area of filling interpretive gaps in the law.

Together with Vladimíra Mačuhová, we wrote (and launched) a comprehensive guide to taxes and accounting for cryptoassets for Wolters Kluwer.

From my subjective point of view, this is a publication that, with its unassuming appearance, represents the exact opposite of today’s world, which is full of sensationalism and exaggeration. It is a sincere work. Substance over form.

I’d like to thank Vlaďka for her cooperation, which serves as an example for me to follow.

However, the book might never have been written if the government had fulfilled its responsibilities more conscientiously. The purpose of such projects, however, is not only to partially fill in for the government, but above all to inspire it. The government must feel the pressure that legislative and organizational complacency undermines its authority. And a functioning government will learn from such pressure.

For context:
The cryptoasset sector is currently regulated primarily by EU law. However, since member states protect their sovereignty in the area of income tax (and accounting), the adoption of the MiCA Regulation presented a unique opportunity for Slovak lawmakers to consider how to establish a tax and accounting framework for this new sector.

The EU took care of most of the rest for him.

The result? Excuses
A host of unanswered questions and legislative loopholes.

Here’s one example: while a securities dealer can offset losses from securities trading, a MiCA-licensed entity dealing in crypto-assets does not have that option.

It was probably just forgotten.

Broader context:
To all sovereignty advocates: I have serious doubts as to whether Slovakia currently has the capacity to draft financial regulations for cryptoassets on its own. And not just for cryptoassets. The same applies to funds, securities dealers, banks, crowdfunding, and other areas that are currently largely governed by EU law.

In any case, I am very proud to lead a consulting firm whose value in the market goes beyond simply helping clients become more efficient.

Our ambition is also to make Slovakia a better place to do business.