Find out how to obtain a CASP license in Slovakia and operate throughout the EU market. A practical guide to the licensing process, the advantages of Slovakia, and the key steps to success.
1. One License, the Entire EU Market: Benefits and a Practical Guide to the CASP Licensing Process
The licensing regime in Slovakia is gradually becoming more and more attractive and one of the most sought-after within the EU. The reasons are clear—the combination of expertise, speed, lower costs, and the opportunity to consult on the business model directly with the regulator before submitting an application is the exception rather than the rule in the European context.
1.1 Pre-licensing dialogue: A unique advantage of the Slovak regime
The National Bank of Slovakia, which currently acts as the competent authority in Slovakia for the entire process of managing and supervising the granting of licenses to provide crypto-asset services, allows applicants to take advantage of the voluntary option of a pre-licensing dialogue – an informal meeting at which a prospective applicant for a license to provide crypto-asset services can present:
- the business model and scope of planned services,
- the company’s organizational structure,
- technical solutions and security architecture,
- ask questions in case of uncertainty regarding regulations and requirements.
The significance of the pre-licensing dialogue lies primarily in the fact that:
- the applicant receives direct recommendations from the regulator,
- can address deficiencies even before submitting the application,
- which can significantly shorten the licensing process and reduce the number of potential requests for additional information or clarifications after the application is submitted.
In other EU countries, such an opportunity is rather rare, making Slovakia a jurisdiction where the applicant has a real opportunity to make corrections even before the formal process begins and to interact with representatives of the NBS.
1.2 One license for the entire European market
By obtaining a CASP license in Slovakia, an entity gains access to:
- all 27 EU countries,
- plus the countries of the European Economic Area.
The principle of passporting allows Slovak-licensed CASPs to provide their services across the entire EU without additional national permits. This has the same legal effect as if the license were granted by the German or French national bank, though the process is often more efficient in Slovakia.
1.3 Proactive and Professional Approach of the NBS
Based on our experience, the NBS:
- communicates quickly and constructively,
- is open to discussion about new technologies,
- provides consistent and expert opinions,
- treats entities from both the EU and third countries equally.
In the context of crypto regulation, this is a significant competitive advantage. It is essential for a project to have a regulator that understands the technical aspects of the services while also applying fair and predictable oversight.
1.4 Lower Licensing Costs
According to available practical data and comparisons, the process of obtaining a license in Slovakia is more affordable, less administratively burdensome, and more flexible than in many other member states.
Costs are lower particularly in the areas of:
- mandatory functions (compliance, risk, AML),
- local staffing requirements,
- external legal and advisory services,
- costs related to company registration and operations.
From the perspective of startups and innovative projects, the difference in costs can be decisive for a successful business launch.
1.5 English as the working language
The NBS communicates in English as standard, which significantly simplifies the process for foreign applicants. Internal documentation may be prepared in English, with Slovak language versions provided in accordance with regulatory and legislative requirements.
1.6 Additional benefits: trust, stability, and banking relationships
A licensed crypto-asset service provider gains significant benefits, which we consider to be primarily:
- greater credibility among both retail and institutional clients,
- legal certainty thanks to the harmonization of rules across the EU,
- more stable operations thanks to mandatory internal control mechanisms and cybersecurity.
The result is a long-term competitive advantage—especially once the market has “filtered out” the arrival of comprehensive regulation.
2. Practical Guide to the Licensing Process: From Idea to Licensed CASP
Obtaining a MiCA license is not a formality—it is a complex process that requires thorough preparation. The key to success is properly setting up the business model, organizational structure, and technical solutions even before submitting the application itself.
2.1 Pre-licensing mindset: preparation even before establishing the company
Every applicant for a crypto-asset service provider license must meet several basic requirements related to the proper functioning of the future regulated company before submitting the application. These are fundamental requirements that form the basis for the regulator’s assessment of the applicant.
Every applicant must:
- establish a company in the Slovak Republic,
- provide a physical (not virtual) registered office that allows for supervision and demonstrates the actual conduct of business within the territory of the Slovak Republic,
- demonstrate the integrity and professional competence of management members,
- establish management, control, and AML functions in accordance with the MiCA Regulation,
- prepare a capital structure.
These requirements form the basis of a successful licensing process—yet in practice, we are increasingly encountering attempts to circumvent them through offers to purchase so-called “ready-made CASP companies.”
Why do “ready-made CASP companies” not actually exist?
Entities are appearing on the market that offer existing companies which, in the past, had the now-defunct business purpose “provision of virtual asset services” (VASP) registered in the Commercial Register, and present them as “ready to submit a license application under MiCA.” However, such a business purpose can no longer be registered and has been removed from the Slovak legal framework, which means that these companies are not and cannot be ready for a MiCA license.
Such claims are misleading and untenable in practice, because the MiCA licensing process is always tied to:
- a specific business model,
- the applicant’s specific internal processes,
- specific IT and security architecture,
- a specific risk management approach,
- a specific organizational structure,
- a specific AML system and control functions,
- a specific team of professionals who will manage the CASP’s operations.
No pre-established company can meet these requirements without being tailored to the new applicant’s planned activities. MiCA does not merely assess the company “as a legal entity,” but its entire operational ecosystem.
A CASP license is neither transferable nor dependent on the entity itself, but on its specifically proposed operations. In practice, this means that: A physical registered office as one of MiCA’s requirements
Slovakia emphasizes the requirement for a physical registered office that:
- serves as the place of business,
- allows the regulator to conduct on-site supervision,
- serves as a space for maintaining documentation and storing data,
In so-called “readymade CASP companies,” the registered office is often:
- virtual,
- merely formal,
- without the possibility of inspection by the NBS.
Such an arrangement is incompatible with MiCA’s regulatory requirements. In practice, the NBS expects a crypto-asset service provider to have a clearly identifiable, functional, and physical place of business. Purchasing “ready-made CASP companies” can lead to delays, unnecessary costs, a loss of credibility, and in some cases, the complete failure of the licensing process.
2.2 Preparation of Licensing Documentation
This is the most extensive phase of the process. The documentation includes, among other things, AML/CTF policies, cybersecurity policies, internal control systems, IT architecture and processes, product and service descriptions, governance documents, and many others. It is crucial that these are not “template” or universal documents that could be used for any project. Each part of the documentation must be tailored in detail to the specific CASP business model—from the type of services provided, through risk management methods, to technical solutions and the company’s actual operational processes. At the same time, it must be a practical, functional, and internally usable set of rules and processes that the applicant actually implements and can defend during an inspection or subsequent supervision. This is precisely why the professional preparation of documentation is a key element of the entire licensing process. Properly prepared documents significantly shorten the time required to process the license and create a solid foundation for the CASP’s regulated and trustworthy operation in the market.
2.3 Application Submission and Formal Review
After the application is submitted, the NBS conducts a formal review and a substantive review of the application. The regulator may request additional information or clarification regarding specific parts of the documentation. The number of requested additions is closely related to the quality of the preparation.
2.4 Granting of the License and Passporting
Once all conditions are met, the NBS grants the license. Subsequently:
- The CASP may immediately begin providing services in Slovakia,
- fulfills the notification requirement for passporting,
- and may operate throughout the EU and EEA without additional licenses.
Conclusion
Slovakia has become one of the most advantageous destinations in the European Union for CASP licensing. The combination of high-quality supervision, pre-licensing dialogue, lower costs, and efficient administration creates an environment in which a license can be obtained more efficiently than in most other member states.
MiCA brings a single market, greater trust, attractiveness for investors, and the ability to operate in 27 EU countries with a single license. At the same time, however, it places high demands on organization, risk management, and internal processes. This makes it all the more important to approach the licensing process professionally, well in advance, and with high-quality legal support.
