The MiCA Regulation has fundamentally changed the rules governing the business of crypto-assets in the European Union. Providing cryptoasset services in Slovakia now requires a license to provide cryptoasset services from the National Bank of Slovakia or from another competent authority in another EU member state. Who is subject to the licensing requirement, what requirements must an applicant meet to obtain a license, and how does the licensing process before the NBS work? Check out this practical overview of crypto-asset regulation under the MiCA Regulation, with a focus on crypto-asset service providers (CASP). Which business models and services are subject to licensing, what capital, personnel, organizational, AML, and technological requirements must an applicant meet, and what role does the National Bank of Slovakia play in the licensing process? Particular attention should be paid to the licensing process, the requirement for a genuine operational presence in Slovakia (so-called “substance”), the cross-border provision of services under the European passporting regime, and other obligations under European legislation—the DORA Regulation and the TFR Regulation.
The MiCA Regulation is currently the primary legal framework for conducting business with cryptoassets in the European Union. Find out what the MiCA Regulation covers, which services require a license, how the licensing process before the National Bank of Slovakia works, what crypto-asset service providers must comply with after obtaining a license, and which areas remain unregulated.
The MiCA Regulation is Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 31, 2023, on Markets in Crypto-Assets , known in English as the Markets in Crypto-Assets Regulation. It represents the first comprehensive regulatory framework for crypto-assets within the European Union and is directly applicable in all Member States without the need for transposition into national law. As a regulation, the MiCA Regulation is directly applicable. Member States are only required to adopt accompanying legislation that primarily designates the competent supervisory authority and establishes national sanctions.
The main objectives that led the Union to adopt the MiCA Regulation were:
The MiCA Regulation covers the following:
| Date | What Happened |
| 31. 5. 2023 | Adoption of the MiCA Regulation |
| 30. 6. 2024 | Application of the Rules for ART and for Electronic Money Tokens (EMT) |
| 1. 11. 2024 | The effectiveness of the Slovak Act No. 248/2024 Z. z. On Certain Obligations and Authorizations in the Field of Cryptoassets (Except for Selected Provisions Effective as of December 30, 2024) |
| 30. 12. 2024 | The MiCA Regulation applies in its entirety, including the licensing requirement for crypto-asset service providers |
| 30. 12. 2024 | Regulation (EU) 2023/1113 on data accompanying cryptoasset transfers—the so-called Travel Rule—is also coming into effect |
| 30. 12. 2024 | Effective Date of the Remaining Provisions of Act No. 248/2024 Coll. — Specifically, the Designation of the National Bank of Slovakia (NBS) as the Competent Authority, Penalties, and the Transition Period for Existing Providers |
| 30. 12. 2025 | End of the Transition Period in Slovakia and Expiration of Business Licenses for Currency Exchange and Virtual Currency Wallets |
| 1. 3. 2026 | Effective Date of Act No. 30/2026 Coll., which also amends the Slovak implementing law for MiCA (Act No. 248/2024 Coll.) |
| 20. 5. 2026 | The European Commission Launches a Targeted Consultation on the Revision of the MiCA Regulation |
| Second half of 2026 through first half of 2027 | Joint supervisory action by ESMA and national supervisory authorities regarding the custody of crypto-assets |
Since MiCA is a regulation, it is directly applicable in Slovakia. The accompanying national regulation is Act No. 248/2024 Z. z. on certain obligations and authorities in the field of crypto-assets. In particular, it designates the National Bank of Slovakia as the supervisory authority for crypto-assets, regulates certain procedural matters in proceedings for the granting of licenses to provide crypto-asset services, and establishes domestic sanctions for violations of the obligations under the MiCA Regulation.
However, Act No. 248/2024 Z. z. is only one layer of regulation. In practice, an applicant for a license to provide crypto-asset services under the MiCA Regulation in Slovakia must navigate a multi-layered legal framework. The basic substantive requirements are set forth in the MiCA Regulation itself and are further specified by a series of Commission delegated and implementing regulations, which contain regulatory and implementing technical standards prepared by the European authorities ESMA and EBA. Of particular importance for the licensing process are Delegated Regulation (EU) 2025/305, which specifies the content of the application for authorization, and Implementing Regulation (EU) 2025/306, which establishes its standard forms and templates. Other technical provisions regulate, for example, the information required to assess acquirers of qualifying holdings (Delegated Regulation (EU) 2025/414), the handling of complaints, the management of conflicts of interest, and business continuity. ESMA and EBA guidelines provide further clarification of these requirements. The Slovak law adds a national layer to this—it designates the National Bank of Slovakia (NBS) as the competent authority, regulates certain procedural aspects of proceedings before it, and establishes penalties.
Act No. 248/2024 Coll. was amended by Amendment No. 30/2026 Coll., which took effect on March 1, 2026, and introduced three changes that directly affect the preparation of applications:
The third change has the greatest practical impact on project preparation. Until now, an external cybersecurity audit was attached to the application only if one was available. As of January 1, 3. By 2026, applicants must submit an audit conducted by an external cybersecurity auditor as a mandatory part of their application. The audit must therefore be conducted prior to submission, on systems that are already substantially prepared—including the technical solution for the custody of crypto-assets and services provided by external ICT providers.
The MiCA Regulation does not use the term “cryptocurrency,” but rather the broader term “crypto-asset.” It refers to a digital representation of value or rights that can be transferred and stored electronically using distributed ledger technology or similar technology. The MiCA Regulation separately regulates three categories of crypto-assets, each with its own regime.
An asset-backed token is a cryptoasset that is not an electronic money token and is intended to maintain a stable value by reference to another value or right, or a combination thereof, including one or more official currencies. It is, therefore, a stablecoin pegged to a basket of currencies, commodities, or other assets.
A public offering of ART and their admission to trading are possible only with authorization from the NBS—if the issuer is a legal entity other than a bank—and are subject to the preparation and publication of a white paper.
An e-money token is a cryptoasset designed to maintain a stable value by pegging it to the value of a single official currency. It is, therefore, a classic stablecoin pegged, for example, to the euro or the U.S. dollar.
A public offering of EMTs is only possible for banks or electronic money institutions that prepare, submit, and publish a white paper for the relevant EMT. The issuance of EMTs is therefore not open to ordinary commercial companies, and at this point, the project moves into the realm of payment services and electronic money regulation, which is itself undergoing changes in the form of the PSD3 and PSR packages.
The third category includes cryptoassets that are neither ARTs nor EMTs, such as utility tokens or cryptoassets without a stabilization mechanism, such as Bitcoin.
A public offering of other crypto-assets or their admission to trading does not require authorization, and the competent authority does not approve their documentation. However, with the exceptions set forth in Article 4 of the MiCA Regulation (such as an offering to fewer than 150 persons in a Member State, an offering with a total value of up to 1,000,000 euros over 12 months, or an offering intended exclusively for qualified investors), they require the preparation, notification to the competent authority, and publication of a white paper.
However, unique and non-fungible cryptoassets (NFTs) and cryptoassets that are financial instruments, for example, remain outside the scope of the MiCA Regulation.
The classification of a token is not a matter of its marketing label, but of its actual characteristics, the rights it grants to the holder, and its economic nature. In practice, most disputes arise in the following cases:
Therefore, in practice, the standard first step before any cryptoasset offering is a legal analysis of the token’s classification. We discuss this in more detail in our article on the classification of cryptoassets for the purposes of MiCA and MiFID II.
Under the MiCA Regulation, authorization or notification is required for:
For most business owners, the fourth point is relevant.
A crypto-asset service provider, or “crypto—abbreviated as CASP—is a legal entity or other business whose business activity consists of providing one or more crypto-asset services to clients on a professional basis and which has been granted a license for this activity under the MiCA Regulation.
Certain financial entities that are already regulated—such as banks, securities dealers, electronic money institutions, or asset management companies—do not need a separate license. They may provide crypto-asset services upon notification to the competent authority, to the extent covered by their existing license. However, they too must comply with the operational requirements of the MiCA Regulation.
The MiCA Regulation sets out an exhaustive list of ten crypto-asset services. The scope of the license is determined precisely by this list, and any subsequent expansion of that scope is subject to a separate proceeding.
According to the MiCA Regulation, crypto-asset services are the following services and activities related to any crypto-asset:
1. Providing custody and management of cryptoassets on behalf of clients;
2. Operating a trading platform for cryptoassets;
3. Exchanging cryptoassets for funds;
4. Exchanging cryptoassets for other cryptoassets;
5. executing orders relating to crypto-assets on behalf of clients;
6. placing crypto-assets;
7. receiving and transmitting orders relating to crypto-assets on behalf of clients;
8. providing advisory services regarding crypto-assets;
9. providing crypto-asset portfolio management;
10. providing crypto-asset transfer services on behalf of clients.
In practice, this applies to all legal entities and businesses that wish to provide any of the listed services in the European Union. This includes, for example:
The selection of cryptoasset services in the license application is one of the most important decisions of the entire project (business plan) and is a decisive factor, among other things, with regard to the following: the minimum capital requirements, the scope of documentation that must be prepared, the requirements for ICT infrastructure, and the amount of the administrative fee for filing the application.
The selection of cryptoasset services must realistically correspond to the license applicant’s planned business model and the products it intends to offer. An unnecessarily broad scope of services may disproportionately increase all of the above-mentioned requirements, including the complexity of the licensing process itself. A reasonable and appropriate approach is therefore to base the application on what the license applicant can realistically launch in the short term after the license is granted, rather than on what the applicant might potentially want to do in the future.
Although the MiCA Regulation is a comprehensive piece of legislation, it does not directly address several areas closely related to crypto-assets:
| Area | Status under the MiCA Regulation |
| NFTs, or unique and non-fungible cryptoassets | Mostly outside the scope; be careful with mass-produced models, where uniqueness is only nominal |
| Tokenised financial instruments | In addition to the MiCA Regulation, MiFID II and the DLT Pilot Regime Regulation apply |
| Staking | It is not a standalone cryptoasset service |
| Crypto Lending | It is not a standalone cryptoasset service |
| DeFi | In the case of full decentralization without an intermediary outside the jurisdiction |
| Taxation of Cryptoassets | Apart from MiCA, it is governed primarily by national tax law |
In the case of tokenized financial instruments, this means that the project does not fall outside the regulatory framework; it merely changes the regulatory regime. We described how this works in practice in Slovakia in our article on the issuance of tokenized stocks and bonds. Taxation, on the other hand, is not addressed at all by the MiCA Regulation, even though it is an equally important issue for both investors and providers—one that we discuss in our article on the taxation of Bitcoin and other cryptocurrencies.
However, the absence of a service from the list does not mean there is no regulation. This is the point where the most misunderstandings arise in practice, so it deserves closer attention—in unclear cases, we recommend consulting regarding the MiCA license.
In its response ESMA_QA_2883 dated June 18, 2026, the European Securities and Markets Authority confirmed that a crypto-asset service provider may, in addition to authorized services, also provide loans in crypto-assets, but only under fairly specific conditions. The client must give prior, explicit, and specific consent to the use of their crypto-assets, and consent incorporated into the general terms and conditions is not sufficient under ESMA. Proceeds from the provision of cryptoassets in the form of a loan are to belong to the client, since the client bears the risk, and the provider may retain only a reasonable fee corresponding to operating costs.
In staking, if a provider holds a client’s cryptoassets or private keys, this is generally considered an activity closely related to the custody and management of cryptoassets—that is, a service that requires a license. Providing staking services without a custody license is therefore problematic in many business models.
In DeFi, the key factor is whether the protocol is truly fully decentralized. If there is an identifiable developer, user interface operator, holder of administrative keys, or person who benefits economically from the protocol, the exemption may not apply.
Furthermore, depending on the circumstances, some models may meet the criteria for an alternative investment fund and be subject to the AIFMD. Therefore, simply labeling a product as “staking” or “lending” does not resolve the issue in and of itself. It is necessary to assess the entire product mechanism, the manner in which client assets are managed, the distribution of returns, and the status of counterparties.
The second strand of the MiCA Regulation does not concern the provision of services, but rather the issuance of crypto-assets and their admission to trading.
A public offering of tokens other than ART and EMT is not permitted in the EU unless a white paper (a document describing the crypto-assets) is prepared. This document must be submitted to the National Bank of Slovakia (NBS) at least 20 business days prior to its publication; however, the NBS is not required to approve it.
It is, therefore, a notification-based regime, not an authorization-based one. However, this does not mean that it is merely a formality. The white paper must include prescribed content, and the issuer—or the person applying for admission to trading—as well as the members of its governing body are responsible for its accuracy and completeness. Similar exemptions apply to public offerings of these cryptoassets as to public offerings of securities under the Prospectus Regulation. The preparation, notification, and publication of a whitepaper are also required for the admission of tokens other than ART and EMT to trading on a cryptoasset trading platform. Although it is becoming common practice today to prepare a whitepaper using AI or through services on the Fiverr platform, this approach carries serious risks. The main risks include non-compliance with strict regulatory requirements (e.g., the MiCA Regulation), the presence of factual or legal errors, and a lack of customization tailored to the specific project. Since the issuer bears full legal and financial responsibility for the accuracy and completeness of the information, generic or poorly prepared documents can result in heavy penalties from regulators, the suspension of the offering, or lawsuits from investors.
A public offering of ART by legal entities other than credit institutions is possible only upon authorization by the National Bank of Slovakia (NBS). In this case as well, the preparation and publication of a white paper is required.
A public offering of an EMT is permitted only for credit institutions or electronic money institutions that prepare, submit, and publish a white paper for the relevant EMT.
The MiCA Regulation also governs marketing communications related to an issuance. Such communications must be clearly identifiable as marketing, and the information they contain must be accurate, clear, and not misleading, and must be consistent with the white paper.
This is an area that is often underestimated during the preparation of a security offering and is then addressed first during the regulatory review because it is the most visible. The website, investor presentations, and social media posts are typically created before the white paper and often do not comply with the white paper itself or the MiCA Regulation.
An applicant for a license to provide cryptoasset services must, above all, meet the following four categories of requirements.
The amount of capital requirements depends on which cryptoasset services the applicant intends to provide. The MiCA Regulation distinguishes three classes:
| Class | Services | Minimum Capital Requirements |
| Class 1 | Execution of orders, placement, acceptance, and routing of orders, advisory services, portfolio management, cryptoasset transfer services | 50,000 euros |
| Class 2 | Custody and management of cryptoassets; exchange of cryptoassets for funds; exchange of cryptoassets for other cryptoassets | 125,000 euros |
| Class 3 | Operation of a trading platform for cryptoassets | 150,000 euros |
In this regard, the minimum capital requirements are the greater of two amounts: either the amount corresponding to the class specified above or one-quarter of the fixed overhead costs for the previous year. For businesses with higher costs, the actual capital requirements therefore exceed the minimum specified in the table. The applicant may meet this requirement using its own funds, an insurance policy, or a comparable guarantee, or a combination thereof.
There are three areas:
In practice, this means submitting résumés, the information needed to verify good character, affidavits, and demonstrating the ownership structure all the way down to the ultimate beneficial owner. An unclear ownership structure is often one of the most common reasons why proceedings are prolonged, and making it transparent often requires changes to the structure of business entities even before an application is filed. At the same time, the MiCA Regulation expressly requires that members of the management body devote sufficient time to the performance of their duties, and the NBS examines this during the proceedings. If a single individual holds management positions at multiple companies, they must be able to explain how much time they will actually devote to their role at the crypto-asset service provider.
The applicant must have internal regulations in place that are well-developed and effectively implemented, in particular:
This includes a registered office in a Member State where the applicant performs at least part of its services, the place of effective management within the EU, and at least one director residing in the EU, as well as requirements for IT systems, record-keeping, and the protection of client assets. As of March 1, 2026, this will also include a mandatory external cybersecurity audit. In this area, the NBS expects evidence of vulnerability testing, penetration testing, and, depending on the circumstances, a source code review. If the applicant has not performed certain tests, they must explain in writing why. This is also related to the contractual aspect. Contracts with suppliers for key IT services must allow the supervisory authority access and oversight, which is often a subject of negotiation with foreign suppliers and is addressed at the level of IT and technology law.
The volume of documentation that the applicant submits with the license application is extensive, but we would like to highlight the following two key documents in particular.
Even before an application is submitted, the NBS offers a pre-licensing meeting. It is not part of the formal licensing process; the NBS does not issue binding opinions during this meeting, and it does not constitute a promise that a license will be granted. Nevertheless, this is a very useful meeting because it allows the prospective applicant to present their business model to the NBS and discuss any questions or ambiguities arising from their business plan.
The requirements are specific. At least five days in advance, you must submit a completed questionnaire, a company presentation describing the planned services and operations in Slovakia, and specific questions accompanied by your own legal analysis and references to the provisions of the MiCA Regulation. Members of the statutory body, other persons with significant influence, and those responsible for AML and ICT are expected to attend the meeting.
At the same time, the NBS has openly stated the circumstances under which it would refuse to hear a case, namely in the event of an insufficient connection to Slovakia, in cases of regulatory arbitrage or a search for the most lenient jurisdiction, where there are reputational risks or a lack of transparency, where there are indications of a shell company structure, or where the applicant is clearly insufficiently prepared.
The preparatory phase of the proceedings varies in length, depending on the applicant’s level of preparedness. Based on our experience with successfully completed licensing proceedings for cryptoasset service providers, applicants should expect the process to take approximately three months. We recommend that clients devote as much time as possible to thorough preparation, as this can streamline the entire licensing process. During the preparatory phase, the scope of the requested services, the ownership and management structure, how the substantive requirements will be met, technical solutions (e.g., custody), the selection of suppliers, and other requirements arising from the application’s specifications.
The application must be submitted to the National Bank of Slovakia in the Slovak language and in hard copy, accompanied by originals or certified copies of the attachments. Technical documentation and proof of professional competence may also be submitted in English; internal regulations must be in Slovak or bilingual. Foreign public documents require an apostille or equivalent certification. The NBS must confirm within 25 business days of receiving the application whether the application is complete. The submitted statements and confirmations must not be older than three months; if the preparation process takes longer, this means that some of the attachments may need to be updated before the application is filed.
If the application is incomplete, the NBS will set a deadline for providing the missing information. This deadline is determined on a case-by-case basis depending on the scope of the required additional information and, in practice, typically ranges from 30 to 60 days. If the application is complete, the NBS will notify the applicant. If it is not complete even by the extended deadline, the NBS may reject the application.
Within 40 business days of the submission of a complete application, the NBS will issue a decision—that is, it will either grant or deny the license. This deadline may be suspended for 20 business days if the NBS requests additional documentation.
| Phase | Duration |
| Preparation and Pre-Licensing Meeting with the NBS | about 3 months |
| Assessment of the Completeness of the Application | 25 business days |
| Supplementing the application, if necessary | 30 to 60 days (this process may be repeated) |
| NBS Decision | 40 workdays, plus 20 workdays in the event of a suspension |
| Total | 9 to 15 months from the time the entrepreneur decides to begin preparing the application |
The deadlines set forth in the MiCA Regulation are calculated from the date of submission or from the date the application is deemed complete. The total duration of the proceedings is therefore determined primarily by how well the application is prepared prior to submission, not by the length of the statutory deadlines.
The reasons why the proceedings are stalled are, in most cases, the same. In March 2026, the NBS also summarized them in its own guidance on the evaluation of applications:
We describe in detail how the entire process works in practice—from the initial contact to the final decision—in our article on what the licensing process really entails today, from A to Z.
The fee for filing an application for a license to operate as a cryptoasset service provider is 1,700 euros, 2,500 euros, or 3,400 euros, depending on the scope of the requested services. It is due within five business days of receipt of the application, and proof of payment must be submitted before the deadline for a decision expires.
The total project costs consist of several categories and vary primarily based on the scope of the requested services and the amount of work the applicant can handle internally:
Business entities that were, as of the 30th, 12. Entities authorized in 2024 to provide virtual currency exchange services, virtual currency wallet services, or other services that meet the criteria for cryptoasset services may continue these activities until no later than the 30th. 12. 2025. Slovakia thus shortened the transition period to 12 months, whereas the MiCA Regulation allowed for up to 18 months; as a result, in many member states, the transition period lasted until July 1, 2026.
This transition period has ended. Business licenses for providing virtual currency exchange services and virtual currency wallet services as of the 30th 12. They ceased operations in 2025. Back in September 2025, the NBS called on the entities in question to inform their clients of the planned cessation of operations, and today it expects that they are no longer providing these services and, if they were acting as custodians, have returned clients’ cryptoassets to them. If they continue to operate, they face penalties for unauthorized business activities.
In practical terms, this means that anyone who, by the 30th… 12. If a company has not obtained a license by 2025 and continues to provide cryptoasset services, it is doing so without a license, with all the consequences listed below. The provision of cryptoasset services is permitted only with a license, which is granted after completing the standard licensing procedure, as is the case for financial institutions.
The figures show just how much of a hurdle the MiCA Regulation represented. By the end of summer 2026, there were six licensed crypto-asset service providers operating in Slovakia, whereas before the MiCA Regulation, hundreds of entities with business licenses for currency exchange or virtual currency wallets were registered in the Commercial Register.
The MiCA Regulation establishes harmonized rules, meaning that a license granted in one Member State is also valid in other EU Member States (and even in Liechtenstein, Iceland, and Norway). Cryptoasset services may be provided across borders under the so-called passport system.
The procedure is a notification-based process, not an approval-based one:
1. A crypto-asset service provider shall notify its home supervisory authority—in Slovakia, the NBS—of the list of Member States in which it intends to operate, the list of services it intends to provide, the start date, and a list of other activities outside the scope of the MiCA Regulation.
2. The home supervisory authority shall notify the host supervisory authorities, ESMA, and EBA of this information within 10 business days of receiving the notification.
3. The provider may begin providing services in another Member State upon receipt of the notification, but no earlier than the 15th calendar day following the submission of the notification.
This is essential for a business plan. Expanding into other EU markets is a matter of weeks, not another licensing process. This is precisely why choosing the right jurisdiction for the initial license is a strategic decision. We compared the two closest markets in our article explaining why it’s easier to obtain a MiCA license in Slovakia than in the Czech Republic. It is also true that, following the publication of a white paper, a public offering of crypto-assets can be carried out throughout the EU without the need for a specific license or the need to analyze the legal framework separately in individual member states.
Obtaining a license is the beginning, not the end. A cryptoasset service provider has ongoing obligations, and the supervisory authority monitors compliance with these obligations.
A cryptoasset service provider is a regulated entity under AML regulations. As of the 30th, 12. In 2024, it will also be subject to Regulation (EU) 2023/1113 on data accompanying transfers of funds and certain crypto-assets, also known as the “Travel Rule.” Transfers of crypto-assets must be accompanied by information on the payer and the payee, and the provider must have procedures in place for transfers where this information is missing.
Crypto-asset service providers are classified as financial entities under Regulation (EU) 2022/2554 on the digital operational resilience of the financial sector, known as the DORA Regulation. This entails obligations regarding ICT risk management, reporting of serious ICT-related incidents, testing of digital operational resilience, and third-party risk management, including the obligation to maintain a register of information on contracts with ICT service providers.
In 2026, supervision clearly focused on examining how crypto-asset service providers actually operate. On July 8, 2026, ESMA launched a joint supervisory action focused on the digital operational resilience of crypto-asset service providers, with a particular emphasis on the custody and management of crypto-assets on behalf of clients.
Inspections will be conducted by national supervisory authorities, including the National Bank of Slovakia, on a risk-based sample of crypto-asset service providers from the second half of 2026 through the first half of 2027. ESMA plans to issue a summary report in the second half of 2027. The inspections will focus primarily on:
For a provider that offers custody and management of cryptoassets, it is therefore essential not only to have formally drafted documentation, but also to be able to demonstrate its actual use and the alignment between internal policies, contractual documentation, and the actual operation of the product. The weakest point in practice is often a situation where an internal regulation describes a process that, in reality, no one in the company actually follows.
When any activity is carried out in violation of the MiCA Regulation—including activities that require authorization—the competent authorities of the Member State (in Slovakia, the National Bank of Slovakia) have the authority to impose sanctions in accordance with national law, which may include administrative or criminal sanctions.
The MiCA Regulation requires Member States to ensure that the following financial penalties, in particular, are imposed:
In addition to financial penalties, there is a risk of a business suspension, a public announcement of the violation, and, in some cases, criminal consequences. The NBS also noted that unauthorized business operations also put the clients of such entities at risk, as the protections under the MiCA Regulation do not apply to them.
The European Commission opened on the 20th. 5. 2026: a targeted consultation on the revision of the MiCA Regulation, which, following an extension of the deadline, ends on the 30th. 9. 2026 and is commonly referred to as MiCA 2.0. There is no specific draft amendment yet; the consultation document is a working paper prepared by Commission departments and is intended to serve as the basis for the report required under Articles 140 and 142 of the Regulation. The Commission is required to submit this report by the 30th. 6. 2027, possibly along with a legislative proposal.
The review focuses primarily on areas not currently directly regulated by the MiCA Regulation: staking, lending in crypto-assets, DeFi, and NFTs. It also raises questions regarding perpetuals and prediction markets, the calibration of rules for stablecoins, and a reassessment of the list of crypto-asset services, including its potential expansion.
For an entrepreneur considering obtaining a license, the conclusion is simple. Waiting for MiCA 2.0 doesn’t make sense, because the requirement to have a license is already in effect today, the licensing process takes months, and any amendment would not take effect for several years at the earliest. We cover this topic in detail in a separate article on what the revision of the MiCA Regulation will mean for crypto-asset service providers.
We advise clients on the analysis of business models, specifically whether they fall under the MiCA Regulation or, alternatively, under other financial sector regulations—such as collective investment or the provision of investment services—and subsequently assist them in preparing the application for a MiCA license for crypto-asset service providers.
If a client decides to apply for a license, we represent them starting with the initial pre-licensing meeting with the National Bank of Slovakia, then in preparing the application, including all supporting documents, in direct collaboration with the client and their other advisors—such as those specializing in IT security—and, after the application is filed, throughout the licensing proceedings before the NBS.
Based on our experience with ICOs and STOs, as well as with securities offerings, we also advise clients on preparing white papers for various types of tokens, drafting marketing communications in accordance with the requirements of the MiCA Regulation, and fulfilling obligations to the National Bank of Slovakia (NBS) in connection with token offerings or their admission to trading. We therefore provide comprehensive advisory services in the broader area of crypto-asset issuances and the tokenization of traditional assets, including the taxation of income from crypto-assets, VAT on crypto, and the accounting for crypto-assets—all of which a licensed provider must address from day one of operations.
The licensing proceeding before the National Bank of Slovakia is an administrative proceeding. It determines the right to conduct business, allows for the filing of appeals, and its outcome is subject to judicial review. Representation in this proceeding is therefore not an administrative service; it is the practice of law with all that it entails: confidentiality, liability insurance, and responsibility for the submission.
The second reason is substantive. Most of the contentious issues in MiCA proceedings do not concern crypto-assets, but rather financial regulation as such—for example, the interface with MiFID II, requirements for the management body, qualified participation, compliance with substance requirements, or outsourcing. This is the expertise gained by representing clients in licensing, registration, and sanction proceedings before the National Bank of Slovakia (NBS) across the entire financial market, not just in the crypto sector.
1. Public offering of tokens other than ART and EMT;
2. Admission of tokens other than ART and EMT to trading on a crypto-asset trading platform;
3. Public offering of ART and their admission to trading;
4. Provision of cryptoasset services.
MiCA is a harmonised regulation of crypto-assets, i.e. an authorisation granted in one EU country is valid in other EU countries. Therefore, for example, public offerings of crypto-assets will be feasible throughout the EU and it will not be necessary to analyse legislation in individual Member States for this purpose. Also, the provision of cryptoasset services will be able to be carried out across borders on the basis of the so-called passporting, as MiCA will make cryptoasset services subject to uniform rules across the EU.
At the same time, by imposing different conditions on cryptoasset service providers or token issuers to carry out their activities, MiCA provides a greater guarantee for the security of cryptoasset investments and investors/clients compared to the completely unregulated environment in many EU countries.
The MiCA also establishes a level playing field for cryptoassets business across the EU, thus creating the prerequisite for a healthy business environment in this area.
In the event of any activity being carried out in contravention of the MiCA, i.e. even in the case of activities requiring authorisation under MiCA, the competent authorities of an EU Member State, in Slovakia the National Bank of Slovakia, have the power to impose sanctions under national law, which may be administrative or criminal sanctions. In particular, under the MiCA, Member States must ensure that the following financial sanctions are imposed:
1. in the case of a natural person, maximum administrative fines of at least 700,000 EUR;
2. in the case of a legal entity, maximum administrative fines of at least 5,000,000 EUR;
3. For certain violations by a legal entity, fines amounting to at least 3 to 12.5% of total annual turnover; and also
4. maximum administrative fines of at least twice the amount of the profits gained or losses avoided as a result of the violation.
The public offering of tokens other than ART and EMT will not be possible in the EU unless a cryptoasset whitepaper is produced. This document will then have to be notified to the NBS at least 20 working days before the date of its publication, without the approval of the NBS being required.
Public offerings of these cryptoassets are subject to similar exemptions as public offerings of securities under the Prospectus Regulation.
The development, notification and publication of a whitepaper are also required for the acceptance of tokens other than ARTs and EMTs for trading on a cryptoasset trading platform.
The public offering of ART for legal entities other than credit institutions will be possible only upon the granting of permission by the NBS. Again, a whitepaper is required to be produced and published.
The public offering of EMT will only be possible for credit institutions or electronic money institutions that develop, announce and publish a whitepaper on the relevant EMT.
MiCA introduces a new concept of “Crypto-asset service providers” ( CASPs), which are regulated persons who will be authorised to provide cryptoasset services within the European Union.
CASPs will be authorised to provide cryptoasset services and will be required to comply with a number of requirements, in particular:
1. Prudential (capital) requirements, which for CAPS must be at least 50,000 to 150,000 euros (depending on the services provided) or one-quarter of the fixed overhead costs for the previous year, whichever is higher. CASP may meet these requirements using its own resources, an insurance policy, or a comparable guarantee, or a combination thereof.
2. Personnel requirements, namely the requirement that members of CASP’s governing body possess a sufficiently good reputation and possess adequate knowledge, skills, and experience to manage CASP, as well as the sufficiently good reputation of all direct or indirect shareholders and partners who hold qualifying interests in CASP.
3. Internal regulations governing CASP’s operations , such as regulations concerning the segregation of crypto-assets and client funds, complaint handling procedures, governance mechanisms, internal control mechanisms, policies, and procedures for identifying, assessing, and managing risks—including money laundering and terrorist financing risks—a business continuity plan, and others.
4. Other requirements, such as IT security requirements or requirements regarding the registered office and place of effective management within the EU.
Cryptoasset services are those services and activities related to any cryptoasset under the MiCA:
(a) providing custody and management of cryptoassets on behalf of clients;
(b) operating a cryptoasset trading platform;
(c) the exchange of cryptoassets for funds;
(d) the exchange of cryptoassets for other cryptoassets;
(e) the execution of orders relating to cryptoassets on behalf of clients;
(f) placement of crypto-assets;
(g) receiving and transmitting orders relating to cryptoassets on behalf of clients;
(h) the provision of advice on cryptoassets;
(i) the provision of cryptoasset portfolio management;
(j) the provision of cryptoasset transfer services on behalf of clients;
In practice, any legal persons or businesses that wish to carry out the above cryptoasset activities, respectively. to provide the above cryptoasset services in the European Union will need a CASP authorisation. This includes, for example, the following current business models:
(a) Various cryptocurrency platforms and exchanges;
(b) Cryptocurrency wallet providers;
(c) Managers of various cryptocurrency strategies;
(d) Intermediaries of exchange of cryptocurrencies for FIAT currency or other cryptocurrency;
(e) Advisory services for investments in cryptocurrencies or cryptoassets in general.
Business entities authorised until 30.12.2024 to provide virtual currency exchange services, to provide virtual currency wallet services or to provide services and activities which by their content meet the characteristics of cryptoasset services will be allowed to continue to carry out these activities until 30.12.2025 at the most. If they are not licensed as a CASP by that date, they will no longer be able to carry out those activities and, in addition, their trade licenses to provide virtual currency exchange services and virtual currency wallet services will expire on 30.12.2025.
(a) Prior to proceeding with the application for a licence before the CASP, it is recommended to consult the business plan of the prospective CASP with the NBS and then proceed with the preparation of the application itself – this process may take varying lengths of time depending on the readiness of the CASP, in our experience with licensing procedures for financial institutions, approximately 3 months should be expected;
(b) Once the application has been prepared, it is submitted to NBS, which must confirm within 25 business days of receiving the application whether it is complete;
(c) If the application is incomplete, the NBS will set a deadline for supplementing the application (this deadline will vary depending on the scope of the required supplementation; we expect this deadline to be between 30 and 60 days). If the application is complete, the NBS will notify the applicant; if it remains incomplete even after the additional deadline, the NBS will reject the application.
(d) Within 40 business days of the submission of a complete application, the NBS will issue a decision (granting or denying the license). This period may be suspended for up to 20 business days if the NBS requests additional documentation.
Given that no one except CASP and some financial institutions will be able to provide cryptoasset services under MiCA, we advise clients both in analysing their business models to determine whether they fall under the new regulation or other regulation within the financial sector (e.g. collective investment or provision of investment services and investment activities) and in the case of the application for a CASP authorisation before the National Bank of Slovakia.
If the client decides to apply for a CASP licence, we represent the client from the initial consultation of its business plan with the National Bank of Slovakia and subsequently in the preparation of the licence application, including the individual annexes, in cooperation directly with the client and, where appropriate, its other advisors, for example, in the field of IT security. After submitting the application for a licence, we represent the client before the National Bank of Slovakia in the licensing procedure itself, in which the National Bank of Slovakia will comprehensively assess the application with all its annexes.
Given our experience with ICOs and STOs, as well as with securities issues , we also advise clients on the preparation of whitepapers for various types of tokens, the preparation of their marketing communications for the purpose of token issuance in accordance with MiCA requirements, and the fulfillment of obligations to the NBS in connection with the issuance of tokens or their admission to trading.
Of the six entities that held a license from the National Bank of Slovakia (NBS) to provide cryptoasset services in Slovakia as of the end of summer 2026, we represented three of them—that is, half of all successful applications. In addition, we provide accounting services to as many as four cryptoasset service providers and continue to advise these companies on their business operations even after they have obtained their licenses.
We have been addressing the topic of cryptoasset regulation for a long time, whether in the context of taxation, tokenized financial instruments, or through presentations at professional events, including the NBS conference on the MiCA Regulation. We also organized our own conference on crypto, and a video recording of it is available on our website. An overview of all our activities is available on our subpage “Crypto and Legal and Tax Structures.”
In addition to the above, we have provided legal and tax advice to clients on the following projects, for example:
If you’re unsure whether your business model falls under the MiCA Regulation—and therefore whether you need to prepare for the licensing process with the National Bank of Slovakia—please contact our experts. The first step is usually quick and inexpensive; a comprehensive consultation is generally enough to determine whether your project requires a license and, if so, to what extent. You can also contact us directly:
If you are interested in the regulation and taxation of cryptoassets, please do not hesitate to contact us.
The MiCA Regulation is Regulation (EU) 2023/1114 on markets in crypto-assets. It is the first comprehensive regulatory framework for crypto-assets in the European Union.
The MiCA Regulation was adopted on the 31st. 5. 2023. The rules for asset-backed tokens and electronic money tokens take effect on the 30th. 6. 2024; the remainder of the regulation, including the licensing requirement for cryptoasset service providers, will take effect on the 30th. 12. 2024.
Any legal entity or business that provides any of the ten crypto-asset services listed in the MiCA Regulation on a professional basis within the EU must obtain a license. Exceptions include certain already-regulated financial entities, such as banks, which may provide crypto-asset services based on a notification. This applies, for example, to crypto-asset exchanges and platforms, custodial wallet providers, crypto-asset portfolio managers, crypto-asset exchange intermediaries, and advisory services for investments in crypto-assets.
Licenses are granted by the National Bank of Slovakia, which also supervises cryptoasset service providers.
Ten: custody and management of cryptoassets, operation of a trading platform, exchange of cryptoassets for funds, exchange of cryptoassets for other cryptoassets, execution of orders, placement of cryptoassets, receipt and transmission of orders, advisory services, portfolio management, and cryptoasset transfer services.
Depending on the scope of services, 50,000, 125,000, or 150,000 euros, or one-quarter of the fixed overhead costs for the previous year, whichever amount is higher. This requirement may be met using the company’s own resources, an insurance policy, a comparable guarantee, or a combination thereof.
Depending on the scope of services requested: 1,700 euros, 2,500 euros, or 3,400 euros. The fee is due within five business days of submitting the application, and proof of payment must be submitted before the deadline for the decision expires.
This involves a presentation and subsequent discussion of the business model with the National Bank of Slovakia prior to submitting the application. It is not mandatory, nor is it part of the formal procedure; the NBS does not issue binding opinions during this process. A request for a meeting must be accompanied by a questionnaire, a company presentation, and specific questions with a legal analysis at least five days in advance.
The NBS must confirm that an application is complete within 25 business days of receiving it and issue a decision within 40 business days of the submission of a complete application; however, this deadline may be suspended for up to 20 business days. On top of that, the time required to prepare the application itself—approximately three months—must be factored in. Realistically, one should expect the process to take 9 to 15 months from the time the business owner decides to begin preparing the application.
Total costs consist of tied-up capital by service class, an administrative fee of 1,700 to 3,400 euros, legal and consulting services, the development of internal regulations, IT and security solutions—including the preparation of a mandatory external audit—personnel costs for filling management positions, and operating costs during the months of operation when the company is not yet generating revenue.
In Slovak and in hard copy, with originals or certified copies of the attachments. Technical documentation and proof of professional qualifications are also acceptable in English; internal regulations must be in Slovak or bilingual. Foreign public documents require an apostille or equivalent certification.
Yes. Entities providing cryptoasset services under their original authorizations were allowed to continue their operations until the 30th at the latest. 12. 2025. As of today, the business licenses for providing virtual currency exchange services and virtual currency wallet services have expired.
As of the end of summer 2026, there were six licensed crypto-asset service providers in Slovakia that had obtained authorization in the country. In addition, a significantly larger number of cryptoasset service providers based in other EU member states operate in Slovakia on a cross-border basis. The current status can be verified in the register of financial market entities on the NBS website, which the NBS updates on an ongoing basis.
Yes. An authorization granted in one Member State is valid throughout the EU. Cross-border provision of services begins with a notification to the home supervisory authority, which forwards the information to the host authorities within 10 business days, and the provider may begin operations no later than the 15th calendar day after the notification is filed.
A white paper is a document with prescribed content that is required for public offerings of cryptoassets and for their admission to trading. For tokens other than ART and EMT, the NBS must be notified at least 20 business days prior to publication, and the NBS does not approve it. However, the issuance of ART and EMT is subject to stricter requirements.
An electronic money token (EMT) is intended to maintain a stable value by being pegged to a single official currency and may only be issued by banks and electronic money institutions. An asset-backed token (ART) is linked to another value, a right, or a combination thereof—such as a basket of currencies or commodities—and its public offering requires authorization from the relevant authority in the issuer’s home country; in Slovakia, this is the National Bank of Slovakia (NBS). Banks do not need a license, but they must have an approved whitepaper.
As a general rule, the MiCA Regulation does not apply to unique and non-fungible cryptoassets. However, be cautious with mass-produced issues, where the uniqueness of the token is largely formal; in such cases, the exemption may not apply. Furthermore, as part of the review, the European Commission is considering regulating service providers in relation to NFTs.
Staking is not a separate crypto-asset service under the current version of the MiCA Regulation. However, if a provider holds a client’s crypto-assets or private keys, this generally constitutes an activity related to the safekeeping and management of crypto-assets, for which a license is required.
In its response ESMA_QA_2883 dated June 18, 2026, ESMA confirmed that lending in cryptoassets is possible, under certain conditions, alongside other authorized services. This requires the client’s prior, explicit, and specific consent—not consent contained in general terms and conditions—as well as the retention of returns by the client and disclosure of risks.
The MiCA Regulation requires Member States to allow for the imposition of fines of at least 700,000 euros for a natural person and 5,000,000 euros for a legal entity, and, for certain violations, 5 percent of total annual turnover or, where applicable, twice the amount of profit gained or losses avoided. Penalties may be either administrative or criminal.
MiCA 2.0 is the informal name for the upcoming revision of the MiCA Regulation. The European Commission launched a consultation on the 20th. 5. 2026, and following an extension of the deadline, it closes on the 30th. 9. 2026; there is no specific draft of the amendment yet. It makes no sense to wait—the requirement to have a permit is already in effect today, and any amendment would not take effect for several years at the earliest.
Ongoing compliance with licensing requirements, segregation of client assets, capital adequacy, internal policies, AML obligations, reporting, and rules regarding data accompanying cryptoasset transfers. As part of a joint supervisory action coordinated by ESMA, from the second half of 2026 through the first half of 2027, the focus will be on the custody and management of crypto-assets and digital operational resilience in accordance with the DORA Regulation.
Law & Tax
Tomas Demo
tomas.demo@highgate.sk
Accounting
Peter Šopinec
peter.sopinec@highgate.sk
Crypto
Peter Varga
peter.varga@highgate.sk
