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  • Business & blockchain

Business & blockchain

24 January 2022

The global adoption of digital currencies has seen an increase in usability of almost 900% in the previous year. However, the innovative efforts of our entrepreneurs often end with a decision on tax residence in another country. The potential of Slovak companies should not remain untapped. Therefore, a new type of service is entering the market.

Blockchain, which is an electronic data network operating independently of any central control, provides its users with an unassailable and highly transparent data storage. Companies use this most secure data network, for example, to manage pharmaceutical information, track shipments or trace food. There are already several companies in Slovakia that apply this technology. An example is the well-known production of Lyra Chocolate - first blockchain chocolates, which was also confirmed by the company's founder Karol Stýblo “We use it within the traceability of products in the food sector. Blockchain technology has helped us to provide a transparent and uncontrollable image of the product within the individual production processes and thus increase customer awareness. It is very important for us that the customer knows what he is really buying and what everything the product went through until it reached the store. "

Tibor Vincze, manager of the consulting department at BDO and an expert in blockchain technology, also pointed out the current situation of using blockchain in Slovakia:

"The Slovak market has considerable potential. We currently have information on approximately 150 companies that have registered business activities in the ORSR. However, it should be noted that only a certain percentage of these companies can really use the potential of blockchain technology and transform it into a successful business model. For example, in Slovak start-ups, only about 10% of companies achieve exponential growth."

The implementation of blockchain applications can significantly help companies and positively influence them in the area of competitiveness. However, it is therefore necessary to orientate oneself in the existing regulation. "The potential of blockchain applications is really enormous. It brings with it significant process optimization and thus space for the creation of new products. The problem is its unclear and, in various respects, even absent regulation. Until the state sets clear rules in this area clearly and predictably, the market will either self-regulate or avoid Slovakia due to the high level of risk. That would clearly be a pity for this promising technology,"  added Peter Gunda, BDO's Managing Partner.

The expansion of the use of blockchain technology could help to increase its real usability. As an example of favorable blockchain legislation, our Managing Partner - Malta: “The attitude of many governments is beginning to change positively. Let's look at Malta, for example, as its clear regulation has managed to attract new investors in this area. We have been working with Malta for a long time to create a new regulation that makes blockchain available to a wide range of entrepreneurs. With the introduction of the Virtual Financial Assets Act, Malta has created a favorable business environment, where many new investors are attracted, for example, by the fact that the government treats digital currency transactions in the same way as ordinary transactions. "


Our services

We are focusing on services that support businesses operating in the blockchain/crypto space.
Our team consists of representatives from each service line (Audit/forensic, tax, accounting, legal, advisory etc.).


Four steps to help you make the most of your blockchain potential for your business:
Starting the blockchain journey with an initial overview of the topic. The one-hour presentation that will guide the client through the highlights of the technology and its potential applications.
Find out more about the basics of blockchain technology and how it could transform the future of the industry. Our experts will help you develop ideas on products and/or processes that the company could put into practice using blockchain. We want the client to leave our workshop with a sound basic understanding of the technology and an overall picture of the various fields of application.
We take a closer look at the blockchain application ideas generated during the workshop, assessing their potential in a detailed analysis. Our aim includes establishing the feasibility of the project and assessing its associated risks.
If the analysis shows that blockchain has the potential to increase the efficiency of the client company’s processes, we will then develop with our technology partners the application for you. From the prototype to an operational platform, BDO will support you through the transformation process, leaving you free to focus on your day-to-day operations.

"The business potential for blockchain applications is multiple and promises an optimization of processes and new products. Keeping this in mind, a holistic perspective of the risks and opportunities
is therefore particularly important, ”
says Tibor Vincze, Business Consulting Manager and Blockchain Technology Specialist.


Types of our services

„BDO Approved“

"From the prototype to an operational platform, BDO will support you through the transformation process, leaving you free to focus on your day-to-day operations."

  • Presentation of the basic attributes of blockchain and cyptoactive technologies and their potential use in practice.
  • Identification of potential for the implementation of products and / or processes that the company could put into practice.
  • Detailed analysis and assessment of identified products and / or processes and their impact on the company's existing business model.
  • Identification and assessment of related risks in relation to local and European legislation as well as tax implications.
  • Identification, description and assessment of economic risks associated with cryptoactive assets in the context of the company's business model (operations and processes of buying and selling cryptoactive assets, profile and assessment of purchased cryptoactive assets).
  • Implementation of selected products and / or processes.
  • Mapping of existing products and / or processes related to blockchain technology or cryptoactive assets.
  • Identification, description and assessment of economic risks associated in the context of the company's business model (operations and processes of buying and selling cryptoactive assets, profile and assessment of purchased cryptoactive assets).
  • Identification and assessment of related risks in relation to local and European legislation as well as tax implications.
  • Description of technical risks related to the holding and custody of cryptoactive assets (compliance, approaches, insurance and evaluation of custody technology).
  • AML risks related to cryptoactive assets (identification of obligated and optional persons).
  • Assessment of the business model of a company whose business is services related to cryptoactive assets or which use them to obtain financing (tokenomics, assessment of coin distribution).
  • Proposal of measures for the elimination of critical points, including implementation.
  • Technological aspect.

Regulatory framework

  • Implementation of MiCA
  • MiCA compliance

Corporate Structuring

  • Design of corporate structure (taking advantage of
    global opportunities in advantageous jurisdictions)
  • Tailored made jurisdiction analyses
  • Implementation of corporate structure
  • Asistance in obtaining appropriate regulatory
    permissions and licenses
  • Designing KYC/AML procedure

Blockchain solutions

  • Transfering business goals into technology roadmaps
  • Workshops - teaching employees about blockchain
  • Identifiyng potential for blockchain solution
    - process optimization
  • Feasibility studies
  • Development of solution


  • Accounting and bookkeeping
  • Tax advisory
  • Cryptocurrency due diligence


  • Blockchain DLT system audits
  • Regulatory risk analysis


Areas of services

"Failure to declare cryptocurrency assets is a tax offene."
We will assist in declaring the aggregated products appropriately. Do you need to know how to define the tax-free capital gains or taxable income from cryptocurrencies? Our tax experts are available to support you in any of your tax topics.
"We can give you advice on all aspects of cryptocurrency accounting."
Our experts in various committees and boards involved in defining new standards represent us. It means you benefit from the very latest knowledge and insights into new guidelines and standards.
"We will ensure compliance with legislative requirements."
We can help you to prepare for legislative change by advising on legal and regulatory requirements, as well as on practical aspects of their implementation from the perspective of operational systems and controls adaptation.