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Frequently asked questions

NB
The questions and answers published on the website relate solely to areas under Banka Slovenije’s remit and are mainly for illustrative purposes. A proper assessment related to a specific business model is only possible after a detailed examination of the actual implementation of a solution or of contractual relations based on contracts signed by all stakeholders.

1. Do we need to register with Banka Slovenije if we provide “virtual currency services” as these are defined by the Prevention of Money Laundering and Terrorist Financing Act?

Legal and natural persons that transact business in Slovenia in relation to the provision of “virtual currency services” (the term used in the Prevention of Money Laundering and Terrorist Financing Act (Uradni list RS, Nos 48/22 and 145/22, ZPPDFT-2) for cryptoassets) are required to take the measures prescribed to detect and prevent money laundering and terrorist financing in accordance with the ZPPDFT-2.

“Virtual currency services” comprise the following services when provided by a legal or natural person during the pursuit of their business activities or professional activities for a third party:

  1. exchange between fiat and virtual currencies;
  2. exchange between one or more types of virtual currency;
  3. transfer of virtual currencies between different accounts or addresses;
  4. storage or management of virtual currencies, including the provision of services to safeguard private cryptographic keys on behalf of their customers, and to hold, store and transfer virtual currencies;
  5. services in connection with the issuance or sale of virtual currencies.

Providers of “virtual currency services” who are established or have a branch in Slovenia are additionally required to be entered in the register of virtual currency service providers maintained by the Office for Money Laundering Prevention before starting to provide the service. More information on registration is available on the Office’s website.

Further information and resources regarding registration:

In addition to the ZPPDFT-2, a provider is also required to pay due regard in its operations to the Act Regulating Restrictive Measures Introduced or Implemented by the Republic of Slovenia in Accordance with Legal Acts and Decisions Adopted by International Organisations (ZOUPAMO), which can lay down certain prohibitions such as the entry into a business relationship or the performance of transactions with persons or entities against which international restrictive measures have been issued by the UN Security Council or the European Union.

We should also point out that the Markets in Crypto-Assets Regulation (MiCAR), which establishes uniform requirements for public offerings and admission to trading on a platform for the trading of asset-referenced tokens, e-money tokens and cryptoassets that are neither asset-referenced nor e-money tokens, and sets out the requirements for cryptoasset service providers, was published in the Official Journal of the European Union in June 2023. Title III (Asset-referenced tokens) and Title IV (E-money tokens) of the Regulation shall be applied from 30 June 2024, and the remaining provisions from 30 December 2024.

2. Our company is developing a solution that will enable users to check their balance on different payment accounts in one place (account information service provider, AISP). As we need to register this service with Banka Slovenije, we would like to know what the registration process involves.

The provision of payment services in Slovenia is governed by the Payment Services, Electronic Money Issuance Services and Payment Systems Act (ZPlaSSIED). Article 20 of the ZPlaSSIED defines those payment service providers entitled to provide payment services in the territory of Slovenia, while Article 5 lists the services they may provide.

In order to provide an account information service (and that service alone), you must submit a request to register the service with Banka Slovenije. Article 78 of the ZPlaSSIED regulates the legal position of account information service providers in detail, and sets out the requirements applying to service provision. According to the second paragraph of Article 78 of the ZPlaSSIED, an entity that intends to provide an account information service must enclose with their registration request confirmation that they have taken out professional liability insurance and, in accordance with the first paragraph of the same article, the information referred to in points 1 to 3, 6 to 9, 11, 12 and 16 of the first paragraph of Article 35 of the ZPlaSSIED.

We also highlight the guidelines issued by the European Banking Authority (EBA) Guidelines under the fifth paragraph of Article 5 of Directive (EU) 2015/2366 on the information to be provided for the authorisation of payment institutions and electronic money institutions and for the registration of account information service providers (Guidelines on information), the application of which is mandated by the Regulation on the content of the request for the granting of an authorisation to provide payment services as a payment institution, to provide electronic money issuance services as an electronic money institution and to acquire a qualifying holding in a payment institution or an electronic money institution (Regulation). According to the second paragraph of Article 3 of the Regulation, section 4.2 of the Guidelines on information sets out in more detail the information that must be provided with the registration request – specifically, the information that is required from applicants for registration for the provision only of the services referred to in point 8 of the first paragraph of Article 5 of the ZPlaSSIED. A registration request is filed with Banka Slovenije on the prescribed form, which is an appendix to the Regulation. It can also be accessed via the following link: Request for registration as an account information service provider

The fee for deciding on requests and the annual supervisory fee are set out by the Regulation on the amounts of Banka Slovenije’s annual fees for supervision and fees in connection with decision-making procedures under the Payment Services, Electronic Money Issuance Services and Payment Systems Act.

The ZPlaSSIED lays down a three-month instructive deadline by which Banka Slovenije shall decide whether to enter an account information service provider in the register. That period starts from the day a complete request is received.

Links to the relevant regulations relating to the registration of account information service providers can be found on the Banka Slovenije website.

3. We are planning to obtain authorisation as a payment institution (PI) or electronic money institution (EMI). Where can we obtain additional information on the relevant regulations and the process of obtaining those authorisations?

The provision of payment services in Slovenia is governed by the Payment Services, Electronic Money Issuance Services and Payment Systems Act (ZPlaSSIED). Article 20 of the ZPlaSSIED lists the payment service providers that may provide payment services in Slovenia. These include payment institutions and electronic money institutions. The ZPlaSSIED regulates the conditions for the founding, operation, supervision and termination of payment services by payment institutions and the issuance of electronic money by an electronic money institution.

We also highlight the guidelines issued by the European Banking Authority (EBA) Guidelines under Directive (EU) 2015/2366 on the information to be provided for the authorisation of payment institutions and electronic money institutions and for the registration of account information service providers (Guidelines on information), the application of which is mandated by the Regulation on the content of the request for the granting of an authorisation to provide payment services as a payment institution, to provide electronic money issuance services as an electronic money institution and to acquire a qualifying holding in a payment institution or an electronic money institution (Regulation). The Regulation gives details regarding the form and content of requests as set out in the Guidelines on information, as well as the information and documentation to be enclosed in the request for authorisation as a payment institution or electronic money institution and authorisation to acquire a qualifying holding in a payment institution or an electronic money institution under the Payment Services, Electronic Money Issuance Services and Payment Systems Act. These requests are filed with Banka Slovenije on the prescribed forms, which are appendices to the Regulation. They can also be accessed via the following links:

The fee for deciding on requests for authorisation and the annual supervisory fee are set out by the Regulation on the amounts of Banka Slovenije’s annual fees for supervision and fees in connection with decision-making procedures under the Payment Services, Electronic Money Issuance Services and Payment Systems Act.

The ZPlaSSIED lays down a three-month instructive deadline by which Banka Slovenije shall decide whether to issue authorisation to provide payment services as a payment institution or to issue electronic money as an electronic money institution. That period starts from the day a complete request is received.

Further information on the above can be found on the Payment services and electronic money page of the Banka Slovenije website. Links to regulations relevant to the acquisition of authorisations can be found on the Payments and infrastructure page.

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