CMS Expert Guide to Crypto Regulation in Slovenia

Disclaimer: This chapter was last updated 18 August 2026 and does not reflect any subsequent developments. The information provided is intended for general informational purposes and should not be construed as legal advice.

MiCAR is directly applicable in Slovenia. Slovenia also adopted ZIUTK, which supplements MiCAR (see under previous question). 

ATVP has adopted all relevant ESMA and EBA guidelines issued under MiCAR (the list is available here: https://www.a-tvp.si/en/mica-regulation-guidelines/). ATVP has also published an annotated version of MiCAR (e-MiCA – available here: https://www.a-tvp.si/zakon/e-mica/), which provides article-by-article commentary and links to relevant ESMA and EBA guidance and Q&As. ATVP has also published the application form for the CASP licensing process (available here: https://www.a-tvp.si/obrazci/trg-kriptosredstev/).

Direct sales of tokens by issuers: YES, where MiCAR applies

Public offers and admission to trading of crypto-assets are regulated under MiCAR unless an exemption applies. The applicable requirements depend on the classification of the crypto-asset (ART, EMT or other crypto-assets).

Exchange (buy/sell): YES

Exchange of crypto-assets for funds or other crypto-assets constitutes a crypto-asset service under MiCAR and requires authorisation.

Custody (hold): YES

Custody and administration of crypto-assets on behalf of clients is a regulated crypto-asset service requiring MiCAR authorisation.

Borrowing/lending: it depends on the business model

Crypto-asset lending and borrowing are not regulated as standalone crypto-asset services under MiCAR, nor does ZIUTK introduce a separate national licensing regime for such activities. However, depending on how the service is structured, it may involve one or more other regulated crypto-asset services under MiCAR (for example, custody and administration of crypto-assets on behalf of clients, exchange of crypto-assets for funds or other crypto-assets, execution of orders or portfolio management), in which case MiCAR authorisation may be required. Other elements of the business model may also fall within the scope of other EU or Slovenian financial services legislation depending on their legal characteristics.

Yield/staking services: it depends on the business model

Neither MiCAR nor ZIUTK regulates staking or crypto yield products as standalone regulated activities. However, ESMA has clarified that where an intermediary provides staking services to clients for a consideration – by staking the clients' crypto-assets on their behalf – this constitutes the provision of custody and administration of crypto-assets on behalf of clients within the meaning of MiCAR, since the service provider holds the crypto-assets or the private keys giving access to them in custody. Providers offering staking-as-a-service must therefore obtain MiCAR authorisation for custody and administration services and must comply at all times with the corresponding requirements under MiCAR, including concluding client agreements, segregating client assets, minimising the risk of loss and accepting liability for any loss of crypto-assets attributable to them. More broadly, where a staking or yield service involves other regulated crypto-asset services (for example portfolio management), MiCAR authorisation may also be required. The legal assessment therefore depends on the precise contractual and operational structure of the product.

Staking on proof of stake consensus mechanisms: it depends on the manner in which the service is provided

Self-staking of a person's own crypto-assets through a proof-of-stake blockchain is not, in itself, a regulated crypto-asset service under MiCAR. Where a third party provides delegated or custodial staking services as part of a commercial business, the activity should be analysed to determine whether it involves one or more regulated crypto-asset services requiring MiCAR authorisation, such as custody and administration of crypto-assets or portfolio management. Neither MiCAR nor ZIUTK creates a separate licensing regime specifically for staking services. 

NFTs: it depends

Under MiCAR, crypto-assets that are unique and non-fungible (NFTs) are generally excluded from regulation. However, where NFTs form part of a large series or collection, or otherwise exhibit fungible characteristics, they may be subject to MiCAR. Competent authorities apply a substance-over-form approach, so crypto-assets that are designated as NFTs but are de facto fungible may nonetheless fall within MiCAR's scope. ZIUTK does not establish a separate regulatory regime for NFTs.

Offshore businesses may not actively solicit clients in Slovenia without obtaining authorisation as a CASP under MiCAR.

However, an offshore business without a MiCAR licence may provide crypto-asset services to a client established or situated in Slovenia under the reverse solicitation exemption, but only if the client requests the relevant crypto-asset service at its own exclusive initiative.

Reverse solicitation exemption is interpreted narrowly, in particular: (i) the client must initiate the service request entirely on their own exclusive initiative, without any prior solicitation, marketing or promotion by the offshore business (or any person acting on their behalf), (ii) the exemption applies only to the specific crypto-asset service expressly requested by the client, and (iii) it cannot be relied upon to market or provide additional crypto-asset services to that client. ESMA has issued guidelines (adopted by ATVP) emphasising that the reverse solicitation exemption is exceptional and should be interpreted restrictively.

The timeframe for establishing a company in general takes a couple of weeks, but may take longer in case of beneficial owners from other countries or more complex documentation. 

The process for obtaining authorisation from the ATVP depends on the completeness and complexity of the application and any requests for additional information during the review process.

MiCAR sets out a harmonised authorisation process across the EU. Competent authorities are required to assess the completeness of a licence application within 25 working days of receipt. Once complete, the competent authority must assess the application within 40 working days. During the assessment period and no later than on the 20^th working day of that period, competent authorities may request further information. This will suspend the 40 working day period, but the suspension cannot exceed 20 working days.

The exact time to prepare an application and address any follow-up queries may vary. In practice, the overall process from preparation to authorisation is expected to take six months to one year. The actual duration will depend on the completeness and quality of the application, the complexity of the proposed business model and corporate structure and whether the competent authority requires additional information or changes during the review process.

The overall cost of obtaining a MiCAR licence in Slovenia will depend on the type and number of crypto-asset services for which authorisation is sought, as well as the costs of legal, regulatory and other professional advisers.

A fee of EUR 14,100 is payable to the ATVP for the licence application. In addition, further fees apply depending on the crypto-asset services covered by the application. For custody and administration of crypto-assets on behalf of clients and for the operation of a trading platform, an additional fee of EUR 2,820 applies per service. For other crypto-asset services, an additional fee of EUR 1,880 applies per service, subject to an overall cap of EUR 5,640.

Additional costs may arise in connection with legal, regulatory, compliance and corporate structuring advice, depending on the complexity of the proposed business model and application. IT and cybersecurity costs, including compliance with DORA requirements, should also be taken into account. Once licensed, ongoing costs for maintaining regulatory compliance and supervisory reporting will apply. Where a new Slovenian company needs to be incorporated, additional incorporation costs (including notarial, translation and legal advisory costs) may also be incurred. 

There is no publicly available data that would allow the likelihood of obtaining a MiCAR licence in Slovenia to be reliably expressed as a percentage.

The success of an application will depend on, among other things, compliance with the MiCAR authorisation requirements, the fitness and propriety of members of the management body, the suitability of shareholders, governance arrangements, prudential requirements, the programme of operations, the overall completeness and quality of the application and the applicant's compliance with AML/CTF requirements, including robust internal controls and risk assessment procedures.

Applicants should also take into account practical issues, including that when establishing a company a bank account needs to be opened. However, Slovenian banks are usually very cautious when opening bank accounts for companies intending to set up a crypto-asset business. In order to avoid unnecessary delays, we advise checking this matter with the respective bank before initiating any other activities. 

Apart from MiCAR, ZIUTK, AML/CFT requirements and generally applicable legislation (including DORA where applicable, corporate, employment, tax and data protection rules), Slovenia does not currently impose any significant additional crypto-specific compliance requirements beyond those mandated by EU law.