End of the Transitional Period: Only Authorised Entities May Provide Crypto-Asset Services under MiCA

Who is eligible to provide crypto-asset services?

As of 30 December 2025, only entities holding an authorisation from the National Bank of Slovakia (NBS) or the relevant foreign supervisory authority may provide crypto-asset services in the Slovak Republic. The crypto-asset market is thus fully moving under the regulation of the European Union pursuant to Regulation (EU) No. 2023/1114 of the European Parliament and of the Council on Markets in Crypto-Assets (MiCA Regulation). The list of authorised entities is available in the register of financial market entities published on the NBS website. We have already covered the MiCA Regulation in detail in our previous article.

End of the transitional period

Until 30 December 2025, crypto-asset services could also be provided by entities authorised on the basis of a trade license for operating a virtual currency exchange. This was possible thanks to the transitional period, which allowed existing providers to continue their activities on the basis of a trade license until 30 December 2025, or until a final decision was made on their application for authorisation to provide crypto-asset services under the new rules. Entities that provided crypto-asset services solely on the basis of a trade license up to this date should immediately cease providing such services and return clients’ crypto-assets.

Further provision of crypto-asset services without the appropriate authorisation may be sanctioned under the MiCA Regulation. In the case of an individual person, a fine of up to EUR 700,000 may be imposed; in the case of a legal entity, up to EUR 5,000,000 or up to 12.5% of the total annual turnover of the legal entity according to the latest available financial statements.