At the ETH Silesia conference in Katowice, our colleagues Peter Varga and Roman Baranec talked about how the licensing procedure for the provision of cryptoasset services in Slovakia is proceeding. At a time when the transition period under the MiCA Regulation is coming to an end across the European Union, many cryptoasset entrepreneurs are looking for a stable and predictable environment in which to operate as a licensed entity. Slovakia has been in the crosshairs of several of them this year.
Until recently, cryptoassets business was extremely accessible in Slovakia. A trade license was sufficient and an entrepreneur could provide services without significant regulation. That is why there were hundreds of entities operating on the market.
However, the introduction of European MiCA regulation has brought about a fundamental change. The market has consolidated significantly and today there are only a few licensed cryptoasset service providers in Slovakia (in May 2026 there were six in total).
The number of applications submitted was significantly lower compared to the Czech Republic. However, this factor combined with the fact that in Poland it was not possible to submit an application at all and in Hungary the legislative situation was complicated resulted in a number of foreign entities becoming interested in the conditions for applying for a permit to provide cryptoasset services in Slovakia.
Obtaining a licence under the MiCA Regulation is certainly not a formal process. It requires thorough preparation and, in particular, the correct set-up of the entire company structure (of the applicant for a license), not only in terms of staffing but also at the level of shareholders.
The whole process of obtaining a licence under the MiCA Regulation could be simplistically divided into three main phases:
The first is the preparation of the application itself (business plan, internal regulations and all administrative documents) and communication with the National Bank of Slovakia before submission. The National Bank of Slovakia is open to meet with the applicant once certain conditions have been met (especially with regard to the applicant’s readiness) and to allow the applicant to present its business model. This is an opportunity for the applicant to identify possible weaknesses of its project.
The second stage is the assessment of the completeness of the application. This is the most demanding and the longest phase of the licensing procedure, during which the documentation, including modifications to the internal regulations, is repeatedly supplemented in accordance with the requirements of the National Bank of Slovakia.
The third stage is the examination of the complete application and the actual decision to grant or refuse a licence. This third stage is usually shorter and is also strictly time-limited under the MiCA Regulation.
The length of the licensing procedure itself (from the application to the regulator’s decision) ranges from five to six months, but each licensing procedure is individual and can take longer.
One of the most important aspects of the current regulatory environment is the emphasis on the real presence in Slovakia of the company applying for the licence.
It is not enough to formally establish a company. The regulator expects the company to have:
These are substance requirements that are on the face of it stringent, but which we consider to be appropriate and are generally standard in the financial sector.
Slovakia today offers a combination of several factors that make it interesting for cryptoasset entrepreneurs.
Although the MiCA Regulation is effective throughout the European Union and therefore the legal conditions for obtaining a licence are the same in each EU Member State, equally important are the many other practicalities involved in setting up a new legal structure, establishing oneself in the relevant jurisdiction and completing the entire licensing process. In this respect, we would highlight Slovakia’s advantages as the constructive approach of the regulator, lower costs compared to some neighbouring countries (and especially Western Europe) and flexibility in setting up business structures.
At the same time, however, success in the licensing process is not accidental. Above all, the key is proper and thorough preparation and understanding of the regulatory expectations before the application is submitted.
At Highgate Group, we have long been involved in financial market regulation, including cryptoassets, and setting up complex legal and tax structures.
Our colleagues Peter Varga and Roman Baranec also presented this experience at the ETH Silesia International Conference in Katowice, where they presented Slovakia as a relevant alternative for entrepreneurs looking for a suitable jurisdiction to obtain a MiCA license.
We guide clients through the entire process, from the initial setup of the structure, through the licensing process, to the subsequent fulfillment of regulatory, tax and accounting obligations. It is the interconnection of these areas that allows us to design solutions that are not only legally sound, but also practically workable.
You can watch the full recording of the conference here:
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For more on the legal, tax and accounting regulation of cryptoassets, please visit the: Crypto and Legal and Tax Structures.
You can also address your specific questions in a consultation with our partner Peter Varga, who specialises in financial regulation and tax law. You can book a consultation here:
Law & Tax
Tomas Demo
tomas.demo@highgate.sk
Accounting
Peter Šopinec
peter.sopinec@highgate.sk
Crypto
Peter Varga
peter.varga@highgate.sk
