Slovakia is a rapidly emerging crypto hub in Europe. In 2023, the World Economic Forum claimed that around 12% of Slovakia’s population invested in crypto. Its study assigned the sixth spot to Slovakia in Europe on the number of crypto-savvy investors. So the fact that opening a Bitcoin wallet in Slovakia is an effortless process doesn’t come across as a surprise!
In this blog, we share insights on why Slovakia is such a favorable destination for crypto trading and guide you in setting up a Bitcoin wallet!
Crypto tax rules and regulations in Slovakia
The popularity of crypto trading in Slovakia stems from its image as a crypto-friendly nation. As a member of the European Union, Slovakia’s crypto firms are governed by the Markets in Crypto-Assets Act (MiCA). The regulator of financial markets in the European Union, the European Securities and Markets Authority (ESMA), launched the third and final consultation package of the MiCA in 2024.
Crypto tax rules in Slovakia are also designed in such a manner that they incentivize the industry. In June 2023, legislators approved a much-needed crypto tax cut, which has been beneficial for the sector.
Meanwhile, Europe’s stringent anti-money laundering and counter-terrorism measures in finance ensure that crypto trading in Slovakia remains protected from scams and fraud as much as possible.
What is a Bitcoin Wallet?
A Bitcoin wallet is primarily a crypto wallet that can be used to store your BTC holdings. You can also use your Bitcoin wallet to undertake trades or investments, or for simple transactions as well. On a conceptual note, these crypto wallets are software applications that hold the key to your crypto deposits.
Crypto wallets can be further classified into hot and cold wallets. Hot wallets are connected to the internet and include desktop, web, or mobile wallets. These wallets are the easiest to create and highly convenient.
On the other hand, cold wallets are not connected to the internet or other devices. They are standalone wallets that include hard wallets (plug-in devices, etc.) and paper wallets. Since they are not susceptible to online attacks, they are usually more secure.
Creating a crypto/Bitcoin wallet is one of the first steps before starting to trade or invest in crypto. In the next section, we will detail how you could create a crypto wallet in Slovakia through one of the most beginner-friendly exchanges: Millionero!
Creating a Bitcoin wallet with Millionero
Millionero is a fast-growing crypto exchange that has made crypto trading in Slovakia a smooth, safe, and secure activity. Apart from its large list of useful features, its crypto wallet is one of its most sought-after products. Here is how you can create your own Millionero crypto wallet:
- Once you register and log into your Millionero account, you will be directed to your dashboard. On this page, click the ‘Wallet’ tab at the top right of the screen.
- As you can observe from the image below, Millionero offers four actions that you can perform through your crypto wallet: Buy Crypto, Deposit, Withdraw, and Transfer. Moreover, you can also store crypto tokens in two separate wallets: the spot wallet and the perpetual wallet. These different wallets can be used for either spot or perpetual trades that you would want to execute. Your wallet’s dashboard also displays the crypto tokens stored in each of the wallets and the total wallet holdings.
- The ‘Deposit’ option allows you to deposit a range of crypto tokens in your wallets, from BTC, USDT, and ETH to others. It also generates a QR code and address for your wallet to make deposits from other sources.
- The ‘Withdraw’ feature allows you to withdraw tokens from your wallet. You can either withdraw the tokens to another wallet’s address or convert them to fiat money through Millionero’s crypto payment gateway partners.
- The ‘Transfer’ feature enables you to shift tokens from your spot wallet to your perpetual wallet and vice versa. Before making the transfer, you must select the type of token you want to transfer and its respective quantity.
- Finally, the ‘Buy Crypto’ option can be used to buy crypto tokens for your wallet. Millionero’s crypto payment gateway partners will help you implement it through wire transfers, card payments, or the European SEPA payments system.
As we highlighted, creating a crypto wallet in Millionero takes no longer than a few clicks. So what are you waiting for? Sign up on Millionero today and start trading and investing in crypto!
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