MiCA implementation in Slovenia
Manimama Law Firm
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Manimama's experts are well versed in the complexities of cryptocurrency regulation and are committed to sharing their findings with businesses and individuals navigating this dynamic sector.
Indeed, our legal team recently finalized a comprehensive study on the national implementation of the Markets in Crypto-assets Regulation (MiCA) in various EU countries. The legal research not only highlights the differences in how MiCA is adopted at the national level, but also offers standard rules for compliance. Today we offer you an insight into the specifics of obtaining a cryptocurrency license in Slovenia under the new MiCA provisions.
Current requirements (prior to MiCA implementation)
Virtual currency service providers with headquarters or branches in the Republic of Slovenia must register in the Register of Virtual Currency Service Providers, which is maintained and managed by the Office for the Prevention of Money Laundering, before starting to provide virtual currency services.
The request for entry in the register can be submitted in an application form , which must be filled out and:
1. hand-signed and sent to the office by post at the address Cankarjeva cesta 5, 1000 Ljubljana, or
2. sign with a secure electronic signature with a qualified certificate and send to the office’s email address? [email protected] .
An application must contain the following information according to the article 3 of the Rulebook on the register of providers of exchange services between virtual and fiat currencies and providers of custodial wallets:
1. the provider’s company name,
2. address of the provider,
3. provider’s headquarters,
4. provider’s identification number,
5. tax number of the provider,
6. personal name of the provider’s legal representative or business operator,
7. address of the permanent and temporary residence of the legal representative or operator of the provider’s activities,
8. Slovenian Unique Master Citizen Number or the date and place of birth of the provider’s legal representative or provider,
9. the tax number of the legal representative or operator of the provider’s activity,
10. the nationality of the legal representative or operator of the provider’s activities,
11. activity number and name of the provider’s activity classification.
12.? An extract from the criminal record for representatives, owners.
13. description of the way of providing exchange services between virtual and fiat currencies and offering custodial wallets.
14. amount of ownership share or other control method for a legal representative.
Applicants must also pay an administrative fee of 18.10 euros to account no. 01100-1000315637, whereby the office? informs the applicant of the reference number after receiving the request for entry in the register .
According to the article 6 of the Rulebook on the register of providers of exchange services between virtual and fiat currencies and providers of custodial wallets, the certificate of entry in the register is issued to the provider after entry in the register at his request. The certificate states:
– ? ? ? ? company and registered office of the provider,
– ? ? ? ? provider’s registration or tax number,
– ? ? ? ? number and date of the decision on entry into the register,
– ? ? ? ? signature of an authorized person of the office.
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Has the jurisdiction enacted a law/draft law implementing MiCA?
Draft law – ZAKON O IZVAJANJU UREDBE (EU) O TRGIH KRIPTOSREDSTEV.??
The public discussion will last until July 03, 2024.?
On 30 July 2024, the draft law was submitted to the Government for consideration.
This Law shall enter into force on the day following its publication in the Official Gazette of the Republic of Slovenia.
Who is the regulator under the law/draft law implementing MiCA?
Requirements for future CASPs stipulated by the national legislation implementing MiCA, the presence of national peculiarities.
Not determined.
The period of time by which the CASP must comply with the new requirements, as well as the procedure for notifying the regulator of compliance with the new requirements.
Until December 30, 2024.
Is there a transition period before the full implementation of MiCA?
VI. TRANSITIONAL PROVISIONS
Article 18
(transitional provisions for virtual currency service providers)
????(1) In accordance with Article 143(3) of Regulation 2023/1114/EU, transitional provisions for virtual currency service providers shall not apply. Virtual currency service providers must obtain authorization to provide services in accordance with Regulation 2023/1114/EU by December 30, 2024 or cease to provide services authorized under Regulation 2023/1114/EU.
????(2) The simplified procedure referred to in Article 143(6) of Regulation 2023/1114/EU does not apply.
Art. 6. (2) The provisions of the Law regulating the market for financial instruments shall apply mutatis mutandis to the decision-making and supervision of the Agency in certain matters.
(3) The provisions of the Law Regulating Banking Activities and the Law Regulating Payment Services, Electronic Money Services and Payment Systems shall apply mutatis mutandis to the decision-making and supervision of the Bank of Slovenia in certain matters.
Art. 7 (2) The provisions of the Law Governing the Agency and the provisions of the Law Governing the Bank of Slovenia, the Law Governing the Banking Sector and the Law Governing Payment Services, Electronic Money Issuance Services and Payment Systems shall apply mutatis mutandis to the application of supervisory measures by the Agency and the Bank of Slovenia in certain cases and to judicial protection.?
The ability of a CASP from a jurisdiction with a transition period to operate freely in a jurisdiction without a transition period starting from January 1, 2025.
Not regulated.
Liability provided for CASPs that continue to operate at the place of registration without meeting the new requirements.
Section 4 of the Draft Law provides for a provision on punishment. Article 13 provides for various types of offences. For example, a legal entity is liable to a fine of EUR 2,500 to EUR 250,000 if it fails to comply with the conditions for obtaining a cryptocurrency service provider licence in accordance with Article 59 of Regulation 2023/1114/EU.
Other useful information regarding the implementation of MiCA.
On Article 20 (entry into force). The Article provides for the entry into force of the Draft Law. It is proposed to provide for a shorter than usual period for entry into force. Since the Draft Law regulates the implementation of the EU Regulation (competent authorities, amount of fines for violations, etc.), it is advisable that the Draft Law should enter into force as soon as possible. Therefore, the time between publication and entry into force (vacatio legis) is set as the shortest time that is still permissible. Shortening the entry into force will not affect legal certainty, as the content of the EU Regulation to which the supervisory powers and fines provided for in the Draft Law relate is directly applicable.
Manimama Legal & Growth Agency provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.