Draft Act on certain Obligations and Authorisations in the Field of Crypto-Assets

The Ministry of Finance of the Slovak Republic has submitted a government bill on certain obligations and authorisations in the field of cryptoassets. This proposal is the implementation of the Regulation of the European Parliament and of the Council (EU) on cryptoassets markets, the so-called “MiCA Regulation”, which creates a harmonised framework for cryptoassets markets. The Regulation implies that cryptoasset service providers will now be licensed entities supervised by the National Bank of Slovakia.

As the MiCA regulation brings with it, among other things, a new definition of cryptoassets, it was necessary to implement this concept in the Accounting Act and the Income Tax Act, replacing the narrower concept of virtual currency. Therefore, the term virtual currency is replaced by the broader term crypto-asset, which, according to the MiCA Regulation, is a digital representation of a value or right that can be transferred and stored electronically using distributed transaction database technology or similar technology.

The Accounting Act also introduces a new concept of “electronic money tokens” (stablecoins), the purpose of which is to maintain a stable value by pegging it to the value of a single official currency. This special type of crypto-asset will be valued at nominal value as opposed to other crypto-assets which are valued at fair value.

The changes in tax and accounting legislation are proposed with effect from 1 January 2025.