Payments and infrastructure

FAQs about crypto-assets

    For consumers thinking of purchasing crypto-assets

  • What are the risks relating to cryptoassets?

    The key risks inherent in cryptoassets and related products highlighted by financial supervisors in the EU include:

    • you may lose the entire amount invested;
    • prices can rise and fall (even to nothing) very quickly;
    • you may fall victim to scams, fraud, operational errors or cyberattacks;
    • if you use cryptoassets as a means of payment, you are not protected as you are when you make a transfer from a payment (current) account;
    • if something goes wrong, you are unlikely to have any rights to protection or compensation.

    Given the growing interest in cryptoassets, Banka Slovenije is making consumers aware of these warnings relating to cryptoassets, while a warning about the risks inherent in cryptoassets has also been given by Slovenia’s Financial Stability Board, which is chaired by Banka Slovenije.

    Regular joint warnings on the risks to consumers from cryptoassets are also issued by EU financial supervisors such as the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA), and the European Insurance and Occupational Pensions Authority (EIOPA).

    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 June 2023 in the Official Journal of the European Union. 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.

  • What should I be particularly careful of when deciding to purchase cryptoassets and related products?

    Before purchasing cryptoassets, you should ask yourself at least the following questions:

    • Can I afford to lose all the money I invest?
    • Am I ready to take on high risks to earn the advertised returns?
    • Do I understand the features of cryptoassets or related products and services?
    • Is the firm/party I am dealing with regulated, where are they established and who supervises them? 
    • Has the firm/party I am dealing with been blacklisted by the relevant national authorities (although not being blacklisted is no guarantee that a firm/party is safe to deal with)?
    • Am I able to effectively protect the devices I use for buying, storing or transferring cryptoassets, including my private keys?
    • What are the fees (commission) I will pay to (i) acquire the cryptoassets and (ii) transfer/sell these units?
    • In which country is the entity with whom I am entering into a contract established, and what is the legislation there (tax arrangements, AML/CFT, etc.)?
    • What/who guarantees that I will be able to convert my units of cryptoassets back into fiat currency (euro, US dollar, etc.), and how? How quickly can I convert cryptoassets into fiat currency?
    • What benefits do I gain by investing? Does the particular cryptoasset scheme even allow for conversion back to fiat currency?
    • What legal recourse do I have if I fall victim to scams or fraud, and will anyone return my money to me in this event?
    • What is the tax treatment of cryptoassets and of trading in them? What are the resulting tax liabilities? Answers to this question can also be found in the clarifications by FARS (in Slovene).

    We suggest that anyone who lacks the information to be able to answer the above questions should reconsider whether a purchase of this type is sensible. Even if a well-informed individual opts for such a purchase, it is recommended that the amount invested should not constitute an excessive exposure, and that they should be aware that it could be lost.

    Holders of cryptoassets who want to use them for making payments are advised to first check whether any fees or commission have to be paid to do so.

    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 June 2023 in the Official Journal of the European Union. 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.