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- The tax rate will significantly decrease from the current threshold of up to 25% to 7%.
- Cryptocurrency earnings up to 2,400 euros ($2,600) will be free from taxation.
The National Council of the Slovak Republic, Slovakia’s legislative body, has approved reduced crypto taxes along with other measures affecting the cryptocurrency sector.
An amendment to lower individual income tax on profits from the sale of cryptocurrency held for at least twelve months was passed by a majority in the National Council on June 28.
Significant Advancement for the Sector
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The tax rate will see a substantial reduction from the current levels of either 19% or 25% to 7%. Additionally, earnings up to 2,400 euros ($2,600) received in cryptocurrency will be exempt from taxes. Furthermore, this measure also excludes cryptocurrency profits from the 14% health insurance tax.
A local news source in Slovakia reported that the Ministry of Finance anticipates an annual financial impact of approximately 30 million euros due to this change. A similar amendment, which safeguards citizens’ rights to utilize currency amid discussions of a digital euro, was passed by parliament just weeks prior to this one.
The European Union, of which Slovakia is a member, has been closely monitoring the expansion of the crypto industry in neighboring nations. The EU officially implemented its landmark Markets in Crypto-Assets (MiCA) regulations on May 31. These new rules aim to position Europe as a hub for digital asset trading.
Firms within this sector have praised MiCA since its introduction in 2020 for offering essential regulatory clarity. In contrast, the United States, another significant market, has not yet established as comprehensive regulations for the industry as seen in other regions. Due to the regulatory actions by the U.S. SEC, numerous crypto companies are seeking refuge outside the U.S.
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