Everything You Need to Know About Getting a Crypto License in Slovakia

Crypto---License

Obtaining Slovakia crypto license is a good solution for an organization that wants to use cryptocurrencies and work legally in the EU. So, if you want to avoid problems with the law and attract a large number of clients, you need to get permission from the local authorities. Today we want to discuss the benefits of such a solution and how it can be done as easily and quickly as possible.

Why is it worth getting a license?

There are a lot of scammers in the cryptocurrency market. In addition, cryptocurrencies are often used for money laundering. As a result, various states are developing rules for regulating the crypto industry. Some countries completely prohibit any activity of this type of business, while others, on the contrary, are trying to learn how to regulate it. Slovakia generally adheres to the EU policy on cryptocurrencies but imposes more stringent restrictions than other countries.

So, all crypto companies that do not have a license are immediately blocked by government agencies. However, if you want to work legally, you must get a permit. This solution has several significant advantages:

  • Allows you not to be afraid of state regulation;
  • Provides an opportunity to attract new customers;
  • Allows you to conduct various promotions;
  • Get a bank account.

Most crypto enthusiasts prefer to cooperate exclusively with licensed sites. Because you can be sure that this is not a scammer, your data is securely protected, and transactions are entirely safe.

In addition, unlicensed companies are afraid of state regulation, which means they cannot post information about their activities and advertisements on various sites, which means they cannot attract the attention of new users.

Types of crypto licenses

In Slovakia, there are 2 main types of crypto licenses – for wallets and exchanges. The choice depends on what kind of activity your company is engaged in. So, if you store digital assets and charge a fee for them, then a license for a crypto wallet is suitable for you. And if you are engaged in exchanging cryptocurrencies for fiat or other crypto assets, then you need a permit for exchanges.

If you wish, you can issue two licenses once if your company has a broad profile. In this case, you need to go through the licensing procedure and pay the fees twice.

In general, the list of documents required to obtain a license does not depend on the variety you choose.

Easy steps to get a license

In Slovakia, obtaining a license does not take much time. There are relatively simple rules for obtaining permission. So, each applicant must go through a few simple steps:

  • Register a company in Slovakia;
  • Notify government authorities that you are planning to run a crypto business;
  • Pay the fees;
  • Get a bank account;
  • Collect a package of documents;
  • Apply for a license.

It takes 2-3 weeks to register a company in Slovakia, about two weeks to get a bank account, and 3-4 weeks to consider an application for a license. In general, you will be able to obtain a permit within 2.5 months after the company’s establishment if all documents are in order.

Requirements for the applicant

Slovakia does not set any too complicated requirements for the applicant. However, you need to know about them in advance to be sure that there will be no excuse for refusing:

  • The authorized capital must be more than 5 thousand euros;
  • The owner and shareholders must have no criminal record;
  • The company must be registered in Slovakia;
  • The organization must have a realistic business plan.

In addition, the company must know its customers well, verify their identity and ensure they have not previously been involved in money laundering or fraud. In addition, the company must, upon request, provide government authorities with information about customers.

Conclusion

To obtain a license, you must know how government agencies work, what points you should pay attention to when drawing up documents, and in what time frame you need to do the work. We advise you to contact our specialists to ensure you are doing everything right. They will conduct a full consultation and take all the most challenging jobs themselves. Such services are relatively low, but you can get a work permit as quickly as possible.

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