Looks like an old school dust cap. Hit it with some PB Blaster or similar penetrating lubricant first, then stick a screwdriver in the slot and unscrew it, but take it easy the threads damage easily. If it resists let it soak awhile and try again, if the cap is a dissimilar metal to the crank sometimes there's some galvanic corrosion. After it's out, clean the threads really well before using a crank removing tool on it.
There's a chance that's one that just pops off, can't tell though.