Slovakia was a receptive country for ICOs, mostly due to the lack of regulation of them. It did warn citizens against them, but given the lack of regulation they still were easy to begin. It will remain to be seen how they deal with EU regulations but their past lack of regulation bodes well.
Slovakia is located in Europe (EU): The countries of the European Union hold a patchwork of individual attitudes towards cryptocurrency regulation, but all of them also fall under the jurisdiction of the EU Commission.
Cryptocurrency trading in Slovakia
Cryptocurrencies are were not initially regulated in Slovakia, until recent EU announcements, though officials warned against them.
But in January the EU came out with new directives on cryptocurrencies, asserting that “gaps still exist in the oversight of the many financial means used by terrorists, from cash and trade in cultural artefacts to virtual currencies and anonymous pre-paid cards. This proposal seeks to address those gaps while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens and businesses, so balancing the need to increase security with the need to protect fundamental rights, including data protection, and economic freedoms.”
Mostly focused on ending anonymity among the crypto community, and preventing nefarious individuals from buying, funding, or selling orgs or resources. It does include the sharing of company and individual information with public entities at times, and affects exchanges and wallets.
Regulation of ICOs in Slovakia
ICOs were warned against, but not regulated prior to the recent EU regulations that will affect them as well.
Cryptocurrency markets in Slovakia
Slovakia’s lack of regulation allowed for start-ups to develop there, and there are ATMs and some merchants that accept cryptocurrencies.
IBC’s planning and strategy team can provide expert advice on ICOs in different jurisdictions. If you’re thinking of holding an ICO in COUNTRY and you’d like more information, contact us here.
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