Government Approves New Crypto-Asset Law

On Thursday, the Slovenian government approved a draft law aimed at implementing the European Union's regulation on crypto-assets markets. This initiative seeks to integrate EU regulations into the national legal framework, enhancing the safety and transparency of digital financial systems. The Ministry of Finance emphasized that the primary objective of the regulation is to protect investors by increasing transparency and establishing a robust framework for issuers and service providers, including adherence to anti-money laundering protocols. The new regulation outlines specific rules governing crypto-assets and related services that are not currently addressed by existing EU financial services legislation. It applies to both individuals and entities involved in the issuance, public offerings, and trading of crypto-assets, as well as those providing related services within the EU. The draft law designates the Securities Market Agency and the Bank of Slovenia as the competent authorities responsible for issuing licenses, revoking them, and supervising crypto-related service providers. Additionally, the government will establish single points of contact to facilitate cooperation with other EU member states and relevant authorities, such as the European Securities and Markets Authority and the European Banking Authority. The draft law also details the supervisory methods, measures, and procedures for addressing offenses related to crypto-assets. Furthermore, the government plans to transpose a second regulation concerning information accompanying transfers of funds and certain crypto-assets into Slovenian law. This proposal is currently undergoing inter-ministerial coordination, marking a significant step in Slovenia's regulatory approach to the evolving crypto market.