Cryptocurrency In Slovakia: Where To Trade And Its Major Pros And Cons
The biggest perks are that trading crypto in Slovakia is legal if you choose the right exchange. It needs to have a special license which it can receive if it provides a good enough protection system.
The disadvantages are that there aren’t many local exchanges which citizens of Slovakia can use. While worldwide companies work with people in Slovakia, there aren’t many exchanges in the country itself. That’s due to the difficult policies on obtaining a license for an exchange in Slovakia.
The greatest exchange that you can use in Slovakia
Citizens of Slovakia can use some of the best exchanges in the world such as eToro, Coinbase, or Binance. Coinbase is suitable for you if you’re a beginner, while Binance is more of a professional type of exchange. However, fees on Binance are more suitable for trading, while fees on Coinbase for investing.
Taxation and policies on crypto in Slovakia
The hard part for an exchange is that it needs to pass a certain number of criteria to be able to operate in Slovakia. Firstly, it needs to have an official office and staff working there. Also, the exchange needs to meet certain protection levels to receive a license from the Slovakia government.
As for the taxation, it depends on how much you’ve managed to earn with crypto. If the gains are less than $35,000, you have a 19% tax. If the income is higher than that, the tax is 25%. These taxes apply to private individuals earning money with crypto in Slovakia.