CASPs in Slovak Republic
Authorisation flows directly from the EU MiCA regulation, but Act 248/2024 establishes the Slovak procedural, supervisory and penalty framework. Start‑ups must therefore satisfy the substantive MiCA criteria and the procedural and ongoing obligations laid down by Act 248/2024 and future NBS measures to secure (and keep) a Slovak crypto‑asset licence.
National Bank of Slovakia (NBS) is designated as the sole “competent authority” for all supervisory, authorisation and enforcement tasks arising from the EU Markets in Crypto‑Assets Regulation (MiCA) on Slovak territory. NBS exercises these powers under Act 248/2024 and the directly‑applicable MiCA regulation.
Act 248/2024 does not replicate the full licensing conditions (these are set directly by MiCA), but it:
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gives NBS the procedural tools to receive, assess and decide on applications;
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establishes sanctions, remedial and emergency powers;
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creates Slovak‑specific transitional rules, reporting duties and professional‑qualification requirements.
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A Slovak or EU‑established legal entity must secure an NBS authorisation before it can:
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provide any of the crypto‑asset services defined in MiCA (exchange, custody, trading, order execution, placement, portfolio management, advice, etc.);
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issue asset‑referenced tokens or e‑money tokens to the public;
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act as a crypto‑asset advisory provider.
Existing trade‑licence (“živnosť”) holders that were offering virtual‑currency exchange or wallet services before 30 December 2024 may continue only until 30 December 2025 – or until NBS issues a final decision on their MiCA application, if that occurs earlier. Operating beyond that date without authorisation is prohibited.
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Incorporate an EU legal entity and establish its registered office and central administration in Slovakia (or another EEA state) – a MiCA pre‑condition.
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Determine service scope (custody, exchange, advisory, issuance, etc.) and confirm it falls inside the MiCA definitions cross‑referenced by Act 248/2024.
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Prepare the MiCA application dossier for NBS.
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MiCA Articles 59–63 (expressly cross‑referenced in the Slovak transitional clause) list the required documentation – programme of operations, governance and internal‑control arrangements, ICT & cyber‑security framework, complaints handling, business continuity, prudential capital, draft T&Cs, and a legal opinion on the classification of the crypto‑assets concerned.
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Act 248/2024 empowers NBS to issue secondary “measures” (opatrenia) specifying the exact form, filing method, additional documents and fee. These will be published in the Slovak Collection of Laws and on the NBS website.
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Appoint senior management and qualifying shareholders who are “fit and proper” under MiCA; NBS may block acquisitions of qualifying holdings but “economic needs of the market” may not be used as a ground for refusal.
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Demonstrate capital resources – MiCA sets minimum fixed own funds of EUR 50 000 / 125 000 / 150 000 depending on the service; Act 248/2024 leaves those thresholds to MiCA and does not add local surcharges.
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Pay the application fee (to be set by NBS measure).
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Application review timeline – MiCA gives NBS up to 40 working days to confirm completeness and a further 60 working days to decide. Act 248/2024 grafts this process onto Slovak administrative‑procedure law but gives NBS additional powers to request supplementary information.
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Receive the NBS licence decision; once granted, the firm is entered in the public EU register maintained by ESMA and may passport its services across the EEA.
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Segregation of client assets – crypto‑assets held in custody do not form part of the provider’s insolvency estate; they are bankruptcy‑remote and protected from enforcement.
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Asset‑reserve rules for issuers of asset‑referenced and e‑money tokens: reserves must be ring‑fenced and remain bankruptcy‑remote.
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Periodic regulatory reporting – Act 248/2024 obliges service providers and issuers to file financial/transaction reports, statistical returns and incident notifications in the form and frequency laid down by future NBS measures.
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Crypto‑asset advisers employed by the firm must complete annual training and pass a professional examination every four years; NBS keeps a public register of qualified advisers.
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Shareholder changes – prior NBS approval is required for new qualifying holdings; NBS may object on prudential or integrity grounds.
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Supervision, enforcement and sanctions – NBS may impose remedial measures, administrative fines and, in urgent cases, order take‑down or blocking of on‑line interfaces used to offer illegal crypto‑asset services. Decisions are published on its website and become immediately effective; no ordinary appeal is available, but they are subject to judicial review.
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