Buying cryptocurrencies: When the SMA supervise the service?

Cryptocurrencies in Slovenia

Buying cryptocurrencies: When the Securities Market Agency supervise the service?

Firstly, if you want to sell cryptocurrencies also to foreign legal entities, you have to register a company. You will also have to register appropriate business activities (buying cryptocurrencies for a foreign account). There may be some confusion about this. Therefore, we recommend that you carry out the process at Data VEM Point, where business consultants will help you to select the appropriate activities.

The Statistical Office of the Republic of Slovenia (SORS) has classified the activity of  mining cryptocurrencies as a business activity under the code 63.110 – Data processing and related activities. However, if you offer services as buying cryptocurrencies for a foreign account, registration of this activity will not be enough.

Buying cryptocurrencies for foreign accounts

At the SORS, they told us that the services as buying cryptocurrencies for a foreign account classify under Securities and Stock Exchange Securities activity (66,120).

You can not register activity with the code 66.120 without the permission of the Bank of Slovenia and the Broker brokerage permit.

A broker can only carry out his business if he acquires a brokerage permit. The Securities Market Agency (ATVP) can issue it.

In order to obtain a license, an individual must pass a proficiency test and meet the required conditions. Once you successfully pass the test, you can submit the application to the ATVP. In addition to proof of compliance, he/she must provide a personal document and a receipt for the fee paid. The price is 200 euros.

At the ATVP, they explained that crypto-belonging is not considered as security. However, they can be presented as stock market goods only if they are considered a raw material or a financial instrument, which is not a security as well. “Under the supervision of the ATVP, only activities that would be linked to crypto-belongings that would have the nature of a financial instrument would fall, and the performance of which would present an investment service or business.”

In this case, the entrepreneur would have to obtain a permit from the ATVP. So far, no one has asked for permission to carry out invresional services and deals with cryptocurrencies.

When do cryptocurrencies present a financial instrument?

Whether the activity falls under the supervision of the ATVP, or when a crypto-belonging presents a financial instrument, it depends on the content of the asset. In accordance with the Financial Instruments Market Act (ZTFI), financial instruments are divided into transferable securities, money-type instruments, units of collective investment undertakings and derivative financial instruments.

As explained at the ATVP, cryptocurrencies can be a financial instrument. However, they do not present a security or dematerialized security.

Contact us!

Finally, if you have more questions, contact us! Write us an email to: data@data.si. You can also call us to: +386 1 6006 270 or +386 40 530 718 (Viber, WhatsApp).

You can register your company for free at our offices. We also offer legal, tax and business consulting!

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