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Crypto Exchanges & Regulation – Top exchanges in Slovakia by Coincub criteria
| Total population | 5,795,199 |
| GDP (in USD Millions) | 140,808 |
| Total # of universities | 36 |
| Leading blockchain universities | 4 |
| Jobs in blockchain | - |
| Bitcoin mining | - |
| CBDC stage | - |
| Crypto received (in USD$) | - |
| Crypto sent | - |
| Bitcoin ATMs | 89 |
| Bitcoin nodes | 13 |
| Companies with bitcoin in treasury | - |
| Population % owning crypto | 7.1% |
| Crypto exchanges based in country | 2 |
| Bitcoin Interest | - |
| ICOs (Initial Coin Offerings) | - |
| ICOs energy | - |
| Fraud crypto score | - |
| Crypto financial services | 0/50 | |
| Web3 population adoption | 0/20 | |
| Web3 environmental impact | 0/20 | |
| Crypto trading | 0/20 | |
| Web3 talent | 0/30 | |
| Web3 proliferation | 0/30 |
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You can find it difficult to start investing in cryptocurrencies, especially when you are a newcomer without knowledge of blockchain and digital assets. In contrast to the usual investments, such as stocks or properties, cryptocurrencies are an innovative area of investment that needs new knowledge and awareness of risks in conditions of a decentralized and […]
Slovakia embraces cryptocurrencies with a progressive approach. While the country does not consider cryptocurrencies a legal tender, it recognizes them as a means of exchange, trade, and storage and subjects them to taxation.
The nation’s authorities have proactively developed a clear legal framework, providing a safe environment for crypto businesses and users. The country also has special laws concerning the licensing of cryptocurrency businesses.
Slovakia has recently experienced a rising interest in blockchain technology and cryptocurrency. It recognizes the significance of nurturing innovative businesses within the cryptocurrency landscape.
Yes, you can trade cryptocurrencies in Slovakia. You should ensure the security of your cryptocurrency and use compliant trading platforms. Entities should acquire licenses to run their crypto-related businesses in the country.
Is Bitcoin banned in Slovakia?
No, Bitcoin and other cryptocurrencies are legal in Slovakia. Like all other European nations, Slovakia does not prohibit cryptocurrencies and has established practices regarding their circulation.
Slovakia doesn’t consider cryptocurrencies a form of legal tender. However, it recognizes virtual assets as property that can be used as a means of exchange, payment for goods and services, and store of value. Businesses and individuals in Slovakia can buy, sell, and trade cryptocurrencies.
Slovakia’s commitment to blockchain and crypto
From a legislative perspective, Slovakia stands at the forefront of crypto promotion. It has firmly established itself as a crypto-friendly country with clear, forward-thinking regulations that promote innovation while ensuring consumer protection.
Slovakia was one of the first European nations to develop a regulatory framework for Blockchain technology. Its crypto-friendly jurisdiction has attracted major global crypto providers operating their businesses there.
Slovenia was the first Member State of the EU to establish a blockchain test infrastructure in 2019. The country is the home to the non-profit Blockchain Alliance Europe and has its own Slovenia Bitcoin Association. It is also the home to multiple companies creating crypto infrastructure, especially Eligma, which majorly does business as GoCrypto.
The government’s significant investments in blockchain research and advancement have positioned Slovakia as a hub of innovation and progress. Slovakia’s Blockchain industry has garnered prominence worldwide and is recognized for its conducive regulatory framework and innovation-friendly environment. The forward approach and the stable system that the country provides created the ideal setting for numerous crypto enterprises seeking incorporation.
At the helm of Slovakia’s blockchain journey is the National Bank of Slovakia (NBS), the country’s central bank. NBS is Slovakia’s leading regulatory authority responsible for the ongoing oversight and licensing of firms in the blockchain space.
Slovenia has a rapidly growing reputation as an advanced, sophisticated country. Although its market might be smaller (in size) than many other EU countries, the local finance and blockchain industry is exceptionally vibrant, with many innovative firms and initiatives in the web3 sector. Research further shows that Slovakia has more virtual asset service providers than France despite having a smaller population.
Bitcoin and crypto trading law in Slovakia
Slovakia has witnessed a steady rise in virtual asset service providers (VASPs). The rising numbers of crypto-related businesses are coming up to cater to the increasing demand for digital asset users in the nation, which constitute 2.57% of its population.
Slovakia’s government has embraced crypto-friendly measures to help the industry grow. In 2018 the government amended the cryptocurrency business law, strengthening control over this industry.
As part of efforts to comply with EU laws, Slovakia’s government, through the central bank, oversees all actions related to virtual currencies. Such activities are subject to taxation, and the nation has special rules concerning the licensing of crypto businesses.
According to Slovakian law, all firms and entities running crypto-related businesses, including mining, must register with the government. Licenses for all such business activities are only issued if the minimum share capital of a company is €5000, it has a director with Slovakian EU citizenship, and it has a proper business plan.
As an EU member, Slovakia also has a robust regulatory framework for cryptocurrencies under the Markets in Crypto-Assets Act (MiCA). These regulatory measures proactively develop transparent norms for trading crypto in the country.
Bitcoin financial services in Slovakia
Fin services – crypto investing in Slovakia
In Slovakia, the popularity of crypto assets like Bitcoin, Ethereum, and others, has significantly surged among investors.
Slovakia ranked 6th in the European Union for cryptocurrency popularity.. Twelve percent of Slovakia’s population has investments in cryptocurrencies, while 25 percent has investments in traditional assets. The crypto market in Slovakia is to grow by 7.81% (2024-2028), resulting in a market volume of US$63.9 million in 2028.
Financial services in Slovakia
Despite the lack of strict rules, Slovakia has several benefits that attract crypto businesses to operate their services in European countries. These include the lowest startup costs, a crypto-friendly environment, and relatively low taxation.
Currently, few banks provide crypto trading services to users in the country. Banks operating in the nation are subsidiaries of foreign banks and are cautious about crypto involvement.
However, Slovakian users can still access alternative platforms to buy, sell, and even trade cryptocurrencies. In Slovakia, popular crypto banks that provide crypto-related services that bridge the gap between the crypto landscape and traditional banking include Saxo Bank, Striga Bank, Revolut, and Swissquote.
| Crypto banks | Rating | Service provision | Crypto portfolio | Sign up |
| Saxo Bank | 4.8/5 | 15+ countries in Europe | 30+ cryptocurrencies, including, crypto ETFs | Saxo Bank |
| Striga Bank | 4.6/5 | 29+ countries, mainly in Europe | 20+ cryptocurrencies | Striga Bank |
| Revolut | 4.7/5 | 35+ countries | 80+ cryptocurrencies | Revolut |
| Swissquote | 4.9/5 | 150+ countries | 39+ cryptocurrencies | Swissquote |
Fin Services – DeFi in Slovakia
DeFi (decentralized finance) has gained traction in Slovakia as investors and customers demand more sustainable ways of generating financial gains. The nation is emerging as a hub for financial innovations and is home to some of the most pioneering developments.
Most Slovakian investors are familiar with DeFi platforms, gaining traction among people seeking better investment opportunities and higher yields.
DeFi platforms, operating on blockchains, provide a suite of financial services and products directly between users without the need for traditional intermediaries.
DeFi protocols enable higher and more diverse returns than traditional markets, providing users a wide range of opportunities to earn better returns.
Here are the best DeFi platforms in Slovakia. The table illustrates valuable information to help investors make informed decisions based on criteria like total value locked score, service quality, and transaction volume associated with top DeFi platforms.
| DeFi platforms | Transaction volume | Score | Total Value Locked | Sign up |
| Aave | $218.22M | 4.5 | $5.49B | Aave |
| Uniswap | $167.35M | 4.0 | $3.31B | Uniswap |
| Curve Finance | $64.64M | 3.0 | $1.92B | Curve Finance |
| Lido Finance | $108.39M | 4.0 | $16.36B | Lido Finance |
| Yearn Finance | $200M | 3.5 | $5.24B | Yearn Finance |
| Compound | $31.4M | 3.8 | $2.07B | Compound |
Bitcoin in Slovakia
How to buy Bitcoin in Slovakia
If you are new to bitcoin, this chapter is for you. Newcomers usually need help figuring out how to buy and trade. To avoid scams, you should research the best platforms to buy bitcoin legally. Luckily, here are several ways to purchase bitcoin and crypto in the country.
Crypto exchanges: Cryptocurrency exchanges are Slovakia’s most popular method of buying and trading cryptocurrencies. They function like stock exchanges and enable users to buy, sell, and trade crypto tokens on their platforms. Users can convert fiat money into cryptocurrency via a crypto exchange and vice versa, making it a seamless process.
The list below shows the three best Slovakian crypto exchanges, which excel in ease of use, high security, and low transaction fees.
Bitcoin ATMs: In Slovakia, Bitcoin ATMs allow users to buy or sell bitcoin with cash or credit/debit cards. Major cities with Bitcoin ATM installations include Bratislava, Košice, Nitra, Banská Bystrica, Liptovský Mikuláš, Prešov, and others.
Crypto brokerages: Crypto brokerages are quite different from crypto exchanges and enable users to trade digital assets by acting as intermediaries between buyers and sellers. The best crypto brokerage offering excellent services in Slovakia is Interactive Brokers.
Crypto ETFs: Crypto ETFs are available in Slovakia. By investing in them, you can indirectly gain exposure to cryptocurrency markets.
The five best performing Crypto ETFs accessible for Slovakia users and European customers include Valkyrie Bitcoin Miners ETF, Bitwise Crypto Industry Innovators ETF, Invesco Alerian Galaxy Crypto Economy ETF, Global X Blockchain & Bitcoin Strategy ETF, and Hashdex Bitcoin Futures ETF.
Slovakia customers can invest their money in these crypto funds and access the market’s returns.
5 Best Crypto ETFs for Slovakia
| Ticker | Fund | AUM | Expense ratio | YTD 2023 |
| WGMI | Valkyrie Bitcoin Miners ETF | $13.9M | 0.75% | 108.28% |
| BITQ | Bitwise Crypto Industry Innovators ETF | $74.8M | 0.85% | 97.64% |
| SATO | Invesco Alerian Galaxy Crypto Economy ETF | $4.2M | 0.61% | 97.42% |
| BITS | Global X Blockchain & Bitcoin Strategy ETF | $11.7M | 0.65% | 73.68% |
| DEFI | Hashdex Bitcoin Futures ETF | $1.7M | 0.92% | 51.73% |
What crypto wallet to use in Slovakia
A cryptocurrency wallet is a physical or digital wallet that allows users to receive, send, and store virtual currencies like Bitcoin, Ethereum, and others. People interested in investing in or using cryptocurrencies in Slovakia need a secure place to store their digital assets. That’s where a bitcoin wallet comes in. Without a wallet, you won’t be able to send, receive, or manage cryptocurrencies.
Various types of crypto wallets, such as web, desktop, and hardware wallets, are available in Slovakia. Each has unique features and varying benefits.
You can access their funds and manage their wallets through a web interface on a third-party provider’s website. Users usually sign up for an account with the web wallet provider.
The main advantage of web wallets is convenience. Users can access their funds from any device with an internet connection simply by visiting the website.
Here are the best cryptocurrency web wallets in Slovakia:
| Best Web Wallets | Rating | Sign up |
| Crypto.com DeFi Wallet | 4.8/5 | Crypto.com DeFi Wallet |
| Coinbase Wallet | 4.6/5 | Coinbase Wallet |
Since the private keys are kept locally on the user’s device, desktop wallets provide better security than web wallets. They support multiple cryptocurrencies and offer advanced features like a user-friendly interface, multi-signature transactions, and hardware wallet integration.
Best desktop crypto wallet for Slovakia customers include:
| Best Desktop Wallets | Rating | Sign up |
| Exodus | 4.6/5 | Exodus |
| Electrum | 4.4/5 | Electrum |
| Guarda | 4.2/5 | Guarda |
They generate private keys and provide a user with an offline physical space to store and protect them, making them resistant to hacking, malware, and hacking attempts.
The private keys never leave the device and are never exposed to an internet connection or the user.
Hardware wallets provide a more secure place to store cryptocurrency than web and desktop wallets. They are ideal for people who want to hold larger amounts of crypto without fretting about being stolen.
Popular hardware wallets are Slovakia include:
| Best 3 hardware wallets | Rating | Sign up |
| Ledger Nano S Plus | 4.8/5 | Ledger Nano S Plus |
| Trezor Model T | 4.7/5 | Trezor Model T |
| KeepKey hardware wallet | 4.3/5 | KeepKey hardware wallet |
Spending Bitcoin in Slovakia
Slovakia’s embracing cryptocurrency makes it an alluring destination for crypto enthusiasts and travelers. The nation’s vibrant culture and stunning landscapes provide a unique blend of technological advancement and natural beauty.
Bratislava, the capital city, is leading the way with increasing crypto-friendly businesses. Many hotels, restaurants, and businesses in major Slovakian towns and tourist destinations accept popular cryptocurrencies like Bitcoin and Ethereum.
Though small, Slovakia is one of the fastest-growing countries in Europe, particularly in the economic and business contexts. It has a high success rate of blockchain startups, and the ease of crypto regulations has made the nation crypto-friendly.
Gifting Bitcoin in Slovakia
The rise of cryptocurrencies like Bitcoin, Ethereum, and others has introduced a new gifting method. The Slovakia finance ministry previously outlined the rules for taxing crypto activities, including provisions for taxing cryptocurrency gifts and other virtual digital assets.
Crypto gifts refer to transferring cryptocurrency from one person to another as a present without expecting to receive anything in return.
There are various ways to gift cryptocurrency to users. They can use gift cards from a crypto exchange, a crypto paper wallet, or even a crypto token.
According to the Slovakian tax system, giving and receiving a crypto gift is not subject to tax in most situations.
If a Slovakian user gives a cryptocurrency gift worth more than €15,000 during the tax year, they must submit a gift tax return.
If a person receives a crypto gift, they will likely pay taxes on the proceeds when they dispose of it.
Filling out a gift tax return is mainly for informational purposes and doesn’t necessarily mean you have a tax liability. Taxpayers have a lifetime gift exemption to a certain amount. As long as you do not exceed this lifetime limit, crypto gifts will not be subject to tax.
Tax doesn’t always have to be complicated, but it most usually is, unfortunately. If a user is stuck, consulting a crypto tax expert is crucial to understand how to file taxes. Failing to file or pay taxes can result in penalties and interest charges from the Slovak tax authority.
Disclaimer: The information in this article does not represent financial or tax advice.
Crypto regulation in Slovakia
The popularity of cryptocurrencies is rapidly growing in Slovakia, and the legal framework is evolving to keep pace. One of the most notable trends in the country is the increase in cryptocurrency exchanges.
Slovakia’s approach to crypto regulation is still in its early stages, with no specific rules defining or regulating cryptocurrencies and related business activities. The National Bank of Slovakia (NBS) follows EU regulations for most crypto-related aspects, especially the EU’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) laws. Such directives give a clear legislation definition of cryptocurrencies and a legal framework for firms engaging in cryptography-related business activities.
The regulator expects all entities operating virtual currency businesses to adhere to anti-money laundering and counter-financing of terrorism (AML/CFT) regulations.
The NBS oversees financial market participants and maintains a stable monetary policy framework. It is also tasked with overseeing the implementation of the EU’s Markets in Crypto-Assets (MiCA) Regulation.
Slovakia crypto regulation score
Positive regulation – 4/5
Negative regulation – N/A
Institutional outlook – 4/5
| Financial services | Rating |
| Crypto facilitation – Banks | 3/5 |
| Crypto services – VASPS | 4/5 |
| Crypto Pensions / Investment industry | 3/5 |
| Business Community and Enterprise Funding | 5/5 |
Slovakia is one of the few nations worldwide to have regulated cryptocurrencies. Recently, it has begun taxing the capital gains from crypto assets.
How to pay tax on crypto income (for individuals)
According to the law created by Slovakia’s finance ministry, individuals must file income tax returns each year, including cryptocurrency gains and all costs.
The government treats gains from trading or mining cryptocurrency as financial assets of the business. Enterprises are expected to file gains from cryptocurrency under short-term financial assets. Once crypto assets are traded at market value, business operators must include them in taxation.
Cryptocurrency tax when moving residency to Slovakia
Despite being a small country, Slovakia is in full economic development thanks to its accession to the European Union. It is a well-positioned nation that attracts several investors to open companies there. However, those interested in moving to Slovakia must meet legal requirements, including tax obligations.
Foreign citizens who buy, hold, and sell cryptocurrency while in the country are subject to a tax rate of 19% on income up to €38,553 per year. If income is above €38,553, then they are subject to a 25% tax rate. Likewise, those who run crypto businesses must also pay taxes, as explained in the crypto tax for businesses above.
Tax on Bitcoin mining in Slovakia
In addition, businesses involved in mining cryptocurrency like Bitcoin, Litecoin, etc., must report their income on their tax returns. Mining income received is taxed at a flat rate of 21%.
Ways to reduce crypto taxes include the following:
| EVENT | TYPE OF INCOME | TAX RATE | LEVEL | CAPITAL GAINS TAX RATE |
|---|---|---|---|---|
| Annual income (EUR) | Income tax rate (%) |
| Up to €35,022 | 19% |
| Over €35,022 | 25% |
| Annual income (EUR) | Income tax rate (%) |
| Below €150,000 | 15% |
| Above €150,000 | 21% |
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