Revocation of authorization for virtual wallets and currency exchange: what does it mean for entrepreneurs?

Ing. Marcel Muráni, LL.M.
Tax advisor, Partner

Many entrepreneurs have been receiving, in recent days, a confirmation in their electronic mailboxes about the termination of their business activity in the area of virtual currencies. This situation raises many questions, uncertainty, and often concerns about whether it means the end of their business.

The good news is that, in most cases, this is not an individual decision targeting specific companies, but rather a consequence of legislative changes that have affected the entire sector of crypto-asset services.

Why did you receive a confirmation of business termination?

Slovak legislation has undergone changes in the regulation of services related to virtual currencies. The aim of the new legal framework is to increase oversight of the crypto-asset market and align it with European regulation.

According to the provisions of the Trade Licensing Act, it applies that:

• trade authorizations to provide services of a virtual exchange, a virtual wallet, or other crypto-asset services issued by 30 December 2024 expired on 30 December 2025
• entrepreneurs were allowed to provide these services only during the transitional period, i.e., until the end of 2025 or until the moment they obtained a new authorization under specific regulations
• if an entrepreneur did not obtain a new authorization, their authorization expired automatically

Does this mean the end of doing business?

In most cases, no.

Only the specific scope of business activity has expired. The company or sole proprietorship can, in most cases, continue to operate, but it is important to verify which activities you are allowed to perform and whether it is possible to continue in the crypto-asset sector under the new rules.

Is it possible to continue operating in this sector?

Yes, but only after meeting the new legislative requirements and obtaining the relevant authorization. Each situation is individual and requires expert assessment.

Do you need to navigate the changes and find an effective solution for providing virtual wallet and virtual exchange services?

If you want to continue operating in the area of a virtual wallet and exchange services, or you are not sure what the change means for your business, we will be happy to help.

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