Cryptocurrency has become interesting in Slovenia last year. One acquires cryptocurrencies by mining and since they appeared, they have raised many questions. Most uncertainties are related to the classification of the business activities, which you need to register in your company.
What is cryptocurrency?
The first cryptocurrency was bitcoin. It appeared in 2009 in order to establish a decentralized electronic payment system. Since then other cryptocurrencies have appeared and they represent funds that do not exist in physical form but rather in a digital, intangible form. You can obtain cryptocurrency by purchase (exchange for money) or as a reward for a provided service (mining). The holders keep the cryptocurrency in their digital wallets and can sell it or exchange it for services or goods at any time.
What does mining cryptocurrency mean?
Cryptocurrencies are created by the process of mining. Mining means solving complicated cryptographic algorithms, which require strong computer processors. Miners solve these algorithms and when they find a solution, they form a new block. They add this block to the block chain and save it into the public book of all transactions. Several computers which are connected to a network check and approve these transactions. These computers make sure that you can transfer cryptocurrency from one wallet to another. To be included in a block, most transactions require a commission. The collected commissions belong to the miners.
Trading cryptocurrency and consultation on buying/selling cryptocurrencies
Trading cryptocurrencies consists of buying and/or selling cryptocurrency. You can carry out this business activity for yourself or on behalf of a client. It occurs on special exchange platforms (virtual markets), which act as intermediaries. Trading cryptocurrencies on behalf of a client falls under an activity of brokerage with sales.
Cryptocurrency – how do we classify business activities related to cryptocurrencies?
Everyone, who wants to register a company in Slovenia, has to choose business activities from the Standard Classification (SKD), which the company would provide.
Mining cryptocurrencies as a business activity falls under computing services of data processing. The SKD 2008 classifies it under the business activity of data processing and related activities (SKD code 63.110).
Trading cryptocurrencies requires you to register under the business activity of other non-classified accompanying business activities (SKD code 82.990). The same goes for commissions for the service of exchange regular currencies into virtual ones. Also, services connected to brokerage on exchange platforms, services of virtual wallets and tokens and consultation on buying or selling cryptocurrencies fall under this category.
Register a cryptocurrency company in Slovenia with the help of Data
If you plan on doing business activities connected to cryptocurrency in Slovenia, you can register a company at our One-Stop Shop free of charge.
In addition, we can also assist you to obtain the necessary documents, needed for company registration in advance. We also provide services of virtual office and business address, which you can use as your business seat in Slovenia.
Our legal department can also assist you to understand what is needed to carry out the activity connected to cryptocurrencies according to Slovenian legislation.
If you plan to establish a company in Slovenia and move here, contact us for assistance! Write us an email to: email@example.com. You can also contact us via phone: 00386 1 6006 270 or 00386 40 530 718 (Viber, WhatsApp). You can also follow us on Facebook.