Schengen countries, or European countries, are highly active in crypto trading. Slovakia, a country in the heart of Europe, is famous for its history and landscapes, and it is now making waves in the world of cryptocurrency. Slovakia has successfully positioned itself as a leading crypto region in Europe, with a booming industry bigger in size compared to other countries.
To achieve financial freedom, read this blog until the end to learn more about how to invest safely in crypto in Slovakia.
Slovakia crypto tax
As we mentioned previously about Slovakia crypto tax and regulations, Slovakia’s approach to cryptocurrency regulation is still in its early stages, with no specific laws defining or regulating cryptographic assets and related activities. The National Bank of Slovakia (NBS) follows EU legislation for most cryptocurrencies-related aspects. The NBS refers to reports and documents from EU institutions that decide if a case falls under the definition of electronic money, financial instruments, or other regulated units.
Slovakia follows the EU’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) rules, including the Fifth Anti-Money Laundering Directive (AMLD5), Fourth Anti-Money Laundering Directive (AMLD4), and the Sixth Anti-Money Laundering Directive (AMLD6). These directives give a clear legal definition of cryptographic assets and a regulatory framework for companies engaged in cryptography-related financial activities.
Recently, EU authorities have agreed on new anti-money laundering rules for crypto operations to provide greater transparency without affecting innovation. These rules require customer identity checks for any size of transactions between two regulated digital wallet providers, while personal wallets remain outside the scope.
Notably, back in March 2018, the Ministry of Finance released some information about how they will handle cryptocurrencies in terms of taxes.
If you make money from crypto, like crypto trading or using it for goods or services, you must pay taxes on those transactions.
Popular crypto in Slovakia
In Slovakia, cryptocurrencies like Bitcoin, Ethereum, and others have gained popularity among investors. According to a study, Slovakia ranks 6th in terms of crypto popularity in the European Union, with 12% of Slovakia’s population having invested in cryptocurrencies, while 25% have invested in traditional assets. The Cryptocurrencies market in Slovakia is projected to grow by 7.81% (2024-2028), resulting in a market volume of US$63.9m in 2028.
The National Bank of Slovakia does not oversee Virtual Asset Service Providers (VASPs) within its jurisdiction, leading to an intriguing density anomaly: Slovakia hosts almost ten times more VASPs than France.
Here are some of the popular crypto in Slovakia:
- Optimus AI: Optimus AI is a cryptocurrency that focuses on modular blockchain solutions that aim to simplify blockchain development and integration. It is one of the most popular crypto in Slovakia, along with Kaspa (KAS) and Dimitra (DMTR).
- Bitcoin (BTC): Bitcoin (BTC) is the most well-known and widely used cryptocurrency globally. It is a decentralized digital currency that maintains value due to its limited supply of 21 million units. Bitcoin is often considered a long-term investment due to its features, such as decentralization and limited supply. In Slovakia, Bitcoin is legal to buy and is subject to income tax.
If you are looking to buy Bitcoin crypto in Slovakia, Millionero can be your go to platform!
- Catgirl: Catgirl is a community-driven meme token that has captured the hearts of crypto enthusiasts. It is one of the lesser-known gems in the Slovakian market, but it is gaining popularity due to its one-of-a-kind approach to the crypto market.
- Artrade: Artrade is a platform that connects the worlds of art, offering a unique opportunity for artists and collectors.
- Ethereum: Ethereum (ETH) is a widely known open-source blockchain platform that enables the creation of decentralized applications (dApps). Ethereum’s popularity in Slovakia is due to its potential and versatility for innovation in various industries.
To buy ETH crypto in Slovakia, hit up Millionero today!
How to safely invest in crypto in Slovakia in 2024
Now that we know about Slovakia crypto tax, let’s see how you can safely invest in crypto in Slovakia.
Crypto exchanges are a widely used method for trading cryptocurrencies in Slovakia, functioning like stock exchanges where you can trade various crypto tokens. Millionero, a rapidly growing and well-liked exchange, offers a user-friendly platform for crypto trading in Slovakia, allowing you to convert fiat currency into crypto and vice versa easily. Millionero’s referral program benefits users by sharing up to 55% of the fees earned from one’s referrals, making it an ideal choice for crypto investment. Here’s how you can do it:
Step 01: Download the Millionero app on your mobile phone or access the official Millionero website.
Step 02: Sign up and create your account by providing the necessary details. Click on ‘Register’ to complete the process.
Step 03: Once registered, access your dashboard to view your account details. On the top-right, choose between spot crypto trading or perpetual trading.
Step 04: If you go for spot trading, select your crypto, decide on a market or limit order, input the order value, and click ‘Buy’ to execute your trade.
Conclusion:
Investing in crypto in Slovakia can be a lucrative opportunity, but it’s crucial to prioritize safety and security. Remember to choose a reputable exchange, such as Millionero, which offers a user-friendly platform and a wide selection of cryptocurrencies.
So why wait? Start your crypto investment journey today with Millionero and get ready to take your first easy step towards financial freedom!
Disclaimer: Cryptocurrencies are an inherently volatile asset class, and investments can carry substantial risks. This information is for educational purposes only and should not be construed as financial advice. Always do your research and conduct due diligence before investing in crypto projects.