In October 2024, the National Assembly of the Republic of Slovenia adopted the Law on the Implementation of the EU Regulation on Crypto-Asset Markets, which transposes European legislation into the Slovenian legal system. The law, published in the Official Gazette on November 8, 2024, entered into force on November 23, 2024. With this law, Slovenia ensures the legal framework for the implementation of the EU MiCA Regulation (Markets in Crypto-Assets Regulation), which will enter into full force on December 30, 2024.
The aim of the MiCA Regulation is to enhance security and transparency in the crypto-asset market, primarily by protecting investors. It focuses on establishing a comprehensive framework for crypto-asset issuers and service providers, including regulations to prevent money laundering. The regulation covers specific rules for crypto-assets and related services that are not yet addressed by existing EU financial services legislation.
The law designates the competent authorities for supervision and the issuance of licenses for crypto-asset service providers and issuers of various types of crypto-assets, such as electronic money tokens and asset-referenced tokens. These authorities are the Securities Market Agency (Agencija za trg vrednostnih papirjev) and the Bank of Slovenia (Banka Slovenije), which will also serve as the single point of contact for cooperation with other EU member states and European supervisory bodies, such as the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA). The law also establishes procedures for supervision, the imposition of supervisory measures and penalties for violations.
This law and regulation will strengthen the legislative framework for crypto-asset operations in the EU and Slovenia, with the goal of increasing the trust of investors and the stability of digital financial systems.
