Detailed overview
Slovenia: ATVP and Banka Slovenije MiCA Framework under ZIUTK
Slovenia is a full MiCA jurisdiction. The Slovenian framework is based on Regulation 2023/1114 and the Slovenian Act implementing the Regulation on markets in crypto-assets.
Slovenia uses a split-authority model. The Securities Market Agency is the main regulator for ordinary crypto-asset service provider authorisation and supervision. Banka Slovenije is relevant for e-money tokens and for electronic-money institutions that provide custody, administration or transfer services in relation to e-money tokens they issue.
The Slovenian MiCA transition has expired. New or continuing Slovenia-facing crypto-asset service activity should be structured through MiCA authorisation, a valid Article 60 route or a valid MiCA passport.
Regulator
The main regulator for a standard Slovenian CASP application is ATVP.
ATVP grants and withdraws ordinary CASP authorisations, receives most Article 60 notifications, supervises ordinary CASPs, receives white-paper notifications for crypto-assets other than ARTs and EMTs, handles ART authorisation and white-paper matters, and approves qualifying holdings in CASPs and ART issuers.
Banka Slovenije is responsible for EMT white-paper notifications and supervises EMT issuers. It also receives notifications from electronic-money institutions that intend to provide custody and administration of crypto-assets and transfer services in relation to EMTs they issue.
The correct authority should be checked before filing. This is especially important for credit institutions, electronic-money institutions, ARTs, EMTs, payment services, e-money and token structures.
Licensing route
A business that provides crypto-asset services in or from Slovenia generally needs MiCA authorisation as a crypto-asset service provider unless it is an eligible financial entity using Article 60 or a duly authorised EU CASP passporting into Slovenia.
The relevant crypto-asset services are custody and administration of crypto-assets for clients, operation of a crypto-asset trading platform, exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, execution of client orders, placing of crypto-assets, reception and transmission of orders, advice on crypto-assets, portfolio management on crypto-assets and transfer services for clients.
Transfer services are a separate MiCA service and should be included in the service-mapping analysis.
The licence perimeter applies only where the asset is within MiCA. Tokens that qualify as financial instruments, deposits, structured deposits, fund interests, payment instruments, non-MiCA e-money arrangements, insurance products, fully decentralised arrangements or other excluded products require separate legal analysis.
Article 63 authorisation
A standard unregulated Slovenian CASP applicant applies to ATVP for MiCA authorisation.
A MiCA-authorised CASP must have a registered office in an EU Member State where it carries out at least part of its crypto-asset services, its effective management in the EU and at least one EU-resident director.
A credible Slovenian application should include a full service map, legal perimeter analysis, Slovenia home-state analysis, programme of operations, business plan, constitutional documents, proof of prudential safeguards, governance materials, management fit-and-proper evidence, qualifying-holder information, internal controls, AML and counter-terrorist-financing procedures, sanctions controls, TFR procedures, self-hosted-address controls, risk assessment, business-continuity plan, ICT and DORA materials, client-asset and client-fund segregation procedures, complaints procedures, conflicts management, outsourcing framework, custody policy where relevant, trading-platform rules and market-abuse systems where relevant, exchange commercial policy and pricing methodology where relevant, execution policy where relevant, advice and portfolio-management competence evidence where relevant and transfer-service procedures where relevant.
ATVP has published CASP application and form materials. Applicants should check the current ATVP forms immediately before filing.
Article 60 notification
Article 60 is not a general shortcut for unregulated applicants. It is a notification route for specified regulated financial entities and permitted equivalent crypto-asset services.
The Article 60 route may be relevant for credit institutions, central securities depositories, investment firms, market operators, electronic-money institutions, UCITS management companies and alternative investment fund managers.
ATVP receives and confirms completeness of most Article 60 notifications.
Banka Slovenije receives Article 60 notifications from electronic-money institutions that intend to provide custody and administration of crypto-assets or transfer services in relation to EMTs they issue.
A regulated entity must map each proposed crypto-asset service to its existing authorisation and to the MiCA Article 60 equivalence rules.
A regulated entity that wants to provide non-equivalent crypto-asset services may still need full CASP authorisation.
Transitional position
Slovenia's MiCA transition has expired.
Providers that provided crypto-asset services lawfully before 30 December 2024, including virtual-currency service providers under the Slovenian AML framework, could continue only until 1 July 2025 or until MiCA authorisation was granted or refused, whichever occurred earlier.
Slovenia did not apply the simplified MiCA authorisation procedure for legacy providers.
Legacy virtual-currency status is not MiCA authorisation and should not be marketed as such.
A new Slovenia-facing provider should use MiCA authorisation, a valid Article 60 route or a valid MiCA passport.
Passporting and register checks
A MiCA-authorised CASP may provide its authorised services across the EU through the MiCA passport, subject to the required notification process and authorised service scope.
A Slovenian legacy virtual-currency status does not itself create a MiCA passport.
A Slovenian CASP that wants to provide services in another Member State must submit the required cross-border notification information.
An EU CASP authorised in another Member State may provide services in Slovenia through the MiCA passport.
ATVP, Banka Slovenije and ESMA register information should be checked before relying on a provider's authorisation status, onboarding a counterparty, launching services or publishing any authorisation claim.
Costs
ATVP fees are set in tariff points.
For a new CASP authorisation application, the base fee is 3,000 points.
For custody and administration and operation of a trading platform, an additional 600 points applies for each service.
For exchange, execution, placing, reception and transmission, advice, portfolio management and transfer services, an additional 400 points applies for each service, capped at 1,200 points.
Extension of CASP authorisation uses the same service-based point structure.
An Article 60 notification is charged at 400 points per notified service, capped at 1,200 points.
A passport notification costs 100 points. A passport change notification costs 50 points.
A qualifying-holding assessment in a CASP costs 1,000 points. Assessment of an increase beyond an already approved range costs 500 points.
Annual supervision fees also apply. For an Article 63 CASP, the general annual supervision fee is 7,200 points. Where the CASP provides only one service and that service is neither custody and administration nor operation of a trading platform, the annual fee is 5,040 points. Custody and administration or operation of a trading platform adds 3,600 points.
For an Article 60 financial-entity provider, the general annual supervision fee is 3,600 points. A single non-custody, non-platform service is 2,400 points. Custody or platform activity adds 3,600 points.
A significant CASP pays 12,000 points.
Cross-border provision can increase the annual fee by 10 percent. Outsourcing operational functions to a third party in another EU Member State can increase it by 10 percent. Outsourcing operational functions to a third country can increase it by 30 percent.
The current value of a tariff point should be checked before filing or budgeting.
These fees are not the full cost of authorisation. Applicants should also budget for legal, governance, AML, sanctions, TFR, self-hosted-address controls, DORA, ICT, custody, outsourcing, complaints, conflicts, audit, accounting, prudential, insurance and operational implementation costs.
Prudential safeguards
A CASP must maintain MiCA prudential safeguards at all times.
The required amount is at least the higher of the applicable permanent minimum capital requirement and one quarter of fixed overheads for the preceding year.
The MiCA class amounts are EUR 50,000 for class 1, EUR 125,000 for class 2 and EUR 150,000 for class 3.
Class 1 covers execution of orders, placing, transfer services, reception and transmission of orders, advice and portfolio management.
Class 2 includes class 1 services plus custody and administration, exchange of crypto-assets for funds and exchange of crypto-assets for other crypto-assets.
Class 3 includes class 2 services plus operation of a crypto-asset trading platform.
Where a provider offers services in more than one class, the highest applicable class applies.
Prudential safeguards may take the form of own funds, an insurance policy, a comparable guarantee or a permitted combination.
AML, TFR and self-hosted addresses
Slovenian CASPs must prepare AML, sanctions, TFR and self-hosted-address controls before filing.
Slovenia has implemented the recast Transfer of Funds Regulation for transfers of funds and certain crypto-assets. ATVP and Banka Slovenije have adopted the relevant EBA Guidelines for CASPs and intermediary CASPs.
Core controls include customer due diligence, beneficial ownership analysis, AML and terrorist-financing risk assessment, sanctions screening, transaction monitoring, suspicious-activity escalation, travel-rule procedures, treatment of self-hosted addresses, outsourcing oversight, recordkeeping and staff training.
For transfers to or from self-hosted addresses, CASPs should maintain procedures to identify and assess money-laundering and terrorist-financing risk and take proportionate mitigation measures.
A CASP should also prepare procedures for handling missing or incomplete originator or beneficiary information in crypto-asset transfers.
EMTs, ARTs and token issuance
CASP authorisation and token-offer compliance are separate.
EMTs are treated as electronic money. A person wishing to offer EMTs to the public or seek admission to trading must first be authorised as a credit institution or electronic-money institution.
EMT issuers must notify Banka Slovenije at least 40 working days before the intended public offer or admission to trading. They must also notify the crypto-asset white paper at least 20 working days before publication.
Banka Slovenije receives EMT white-paper notifications and supervises EMT issuers.
ATVP handles white-paper notifications for crypto-assets other than ARTs and EMTs and handles ART authorisation and white-paper matters, with Banka Slovenije cooperation where relevant.
A CASP licence should not be treated as covering public offers, admission to trading, ART issuance, EMT issuance or white-paper obligations.
Stablecoin, wallet, exchange, settlement and payment-like structures should be reviewed separately for EMT, ART, e-money and payment-services implications.
DORA, ICT and reporting
DORA and ICT readiness are central to Slovenian CASP authorisation.
A CASP application should include ICT governance, cybersecurity controls, incident-management procedures, business-continuity planning, outsourcing controls, wallet and custody technology controls, operational-resilience evidence and ICT third-party risk management.
ATVP has published MiCA reporting materials. CASPs should build reporting capability before launch.
Ongoing obligations
A Slovenian CASP must comply with MiCA, ZIUTK, ATVP or Banka Slovenije supervisory requirements, Slovenian AML law, sanctions controls, TFR and DORA.
Core obligations include governance, management suitability, qualifying-holder controls, prudential safeguards, internal controls, risk management, AML and counter-terrorist-financing procedures, sanctions controls, transaction monitoring, TFR implementation, self-hosted-address controls, business continuity, ICT and DORA controls, outsourcing oversight, complaints handling, conflicts management, custody safeguards, client-asset and client-fund segregation, recordkeeping, fair and non-misleading client information, cost and fee transparency, market-abuse systems where relevant and service-specific conduct rules.
A CASP should maintain processes for reporting to ATVP or Banka Slovenije, communicating material changes and responding to supervisory information requests.
Enforcement risk
Slovenia is not a light-touch jurisdiction.
ATVP and Banka Slovenije may impose supervisory measures to remedy breaches and may use MiCA supervisory powers. Certain investigative actions require consent or a reasoned court order.
The competent authority may order temporary freezing or seizure of assets and temporary prohibition of professional activity in serious cases.
CASP-related breaches include failure to meet MiCA authorisation conditions, failure to provide required Article 60 or passporting information and failure to comply with CASP obligations under MiCA.
For serious CASP-related breaches, legal-person fines may reach EUR 5,000,000 or 5 percent of annual turnover, or twice the benefit gained or loss avoided where determinable.
For natural persons and responsible persons, fines for relevant CASP-related breaches may reach EUR 700,000 or twice the benefit gained or loss avoided where determinable.
Market-abuse breaches carry higher exposure, including potential legal-person fines up to EUR 15,000,000 or 15 percent of annual turnover, or triple the benefit gained or loss avoided where determinable.
The main enforcement risks are operating without MiCA authorisation, relying on expired transition, presenting legacy virtual-currency status as MiCA authorisation, using Article 60 without eligibility, providing services outside authorised scope, weak AML or TFR controls, weak self-hosted-address controls, weak DORA readiness, inadequate custody or segregation controls and misleading marketing or authorisation claims.
Practical assessment
Slovenia is suitable for firms that want MiCA authorisation through a defined national framework with ATVP as the main CASP authority and a clear Banka Slovenije carve-out for EMT and EMI own-token matters.
It is not suitable for firms looking for continued legacy virtual-currency status, simplified conversion into MiCA authorisation, indefinite grandfathering or a low-substance market-entry route.
The main execution risks are incorrect service classification, missing transfer services, treating Article 60 as a general shortcut, overlooking Banka Slovenije's EMT role, relying on expired transition, underestimating ATVP documentation expectations, failing to evidence prudential safeguards, weak AML or TFR controls, insufficient self-hosted-address controls, weak DORA or ICT evidence and filing before custody, outsourcing, complaints, conflicts and service-specific controls are ready.