Thus far Slovenia cryptocurrency regulation seems to be non-existent. The country’s officials have deemed that it is not illegal to own or use Bitcoin or other cryptocurrencies. Even better, there are no capital gains taxes levied on cryptocurrencies. This makes this country extremely attractive for investors if they’re willing to relocate.
However, it should be noted that mining carries a tax burden, as does conducting business using cryptocurrencies as a method of payment. Interested parties will need to research the appropriate taxation amounts for conducting business in the country as these are not crypto specific.
While it seems that the country is quite welcoming to the crypto community, investors may need to be cautious here. The country has instituted a watchdog so to speak who is in charge of the “financial stability board. This board is in charge of “protecting” the country’s financial system, and it’s led by the governor of the nation’s central bank. This conflict of interest could be bad news for cryptocurrencies and ICOs within the nation as he does not seem too keen on them.
A bank here was forced to stop selling cryptocurrencies at its ATMs, because they are not considered a financial instrument. Further legislation that follows this trend may follow. As of now, however, they score a very high rating due to the lack of any real legislation. However, investors should be wary that this could change very quickly, and they should be prepared for it.
Is Bitcoin legal in Slovenia?
The finance ministry has stated that Bitcoin is neither a currency or an asset. That leaves some questions as to what exactly they consider it to be, but in any case, the legality of Bitcoin in Slovenia is in good standing. While investors enjoy no tax on their transactions, this is not the case for businesses, and the headaches involved with accepting it may make it difficult to find any vendors willing to take crypto.
The bank has not been particularly friendly towards these assets, viewing them as a volatile asset prone to manipulation and illegal activity. While there was a shut down of an ATM owned by a small bank for selling cryptocurrencies, it’s unclear whether retail investors will have any issues with their bank accounts here when buying or selling cryptos.