Yes, if you agree it with the customer, for example in your terms and conditions. The payment is booked at fair value on the date received, and VAT and income tax must be dealt with too.
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- kancelaria@aksamec.sk
- +421 904 625 859
- Národná 15, 010 01 Žilina
Accepting Crypto Payments in Business
Accepting Crypto Payments in Business in practice
An online shop adding bitcoin at checkout and a supplier whose partner offers to pay in a stablecoin face similar questions. Crypto-assets are not legal tender in Slovakia, so paying in them is possible only if both sides agree. An ordinary business that simply accepts crypto for its own goods usually does not need a MiCA licence. Processing payments for third parties or running an exchange service is a different matter.
We prepare a regulatory memorandum confirming whether your set-up triggers a licensing requirement. For B2B contracts we draft a clause covering which crypto-asset you accept, the exchange rate used, when payment counts as made and who bears the currency risk. For e-shops we adapt the terms and conditions and check the payment gateway. Accounting and tax treatment is fine-tuned with your accountant or tax adviser.
What we help with
- Assessing whether accepting crypto-assets triggers a MiCA licensing requirement
- Contract clause for B2B payments in crypto-assets
- Terms and conditions and privacy notice for an e-shop accepting crypto
- Checking the regulatory status of a crypto payment gateway
- AML procedures and KYC for business partners
- Coordinating accounting and tax treatment with your accountant
Worth knowing
Payment only by agreement
A crypto-asset is not legal tender. It can be used for payment if the parties agree, either in a B2B contract or in an e-shop's terms and conditions.
VAT and the Hedqvist judgment
In Case C-264/14 Hedqvist of 22 October 2015, the Court of Justice of the EU held that exchanging bitcoin for traditional currency is exempt from VAT. When goods or services are sold for crypto, VAT applies as normal, based on the euro value of the crypto-asset on the date of supply.
Acquisition price of crypto received
Under Section 25b(1)(c) of the Slovak Income Tax Act (No. 595/2003 Coll.), crypto received for goods or services is valued at fair value on the date of receipt. On a later sale, the difference from that value is taxed.
Payment gateways
When selling through a crypto payment gateway, check whether it is authorised as a crypto-asset service provider. Sales to consumers are also subject to Slovak Consumer Protection Act No. 108/2024 Coll.
Common questions
- Under Case C-264/14 Hedqvist, exchanging bitcoin for currency is VAT exempt. Supplying goods or services for crypto is taxed normally, with the taxable amount being the euro value of the crypto on the date the tax point arises.
- When selling ordinary goods to consumers you are usually not an obliged entity under Slovak Act No. 297/2008 Coll. For larger B2B payments we recommend checking the partner, its beneficial owner and the source of funds even beyond the legal minimum.
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This page is for general information, reflects Slovak law at the time of writing and is not a substitute for advice on your particular matter.