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Crypto License in Poland

If you want to get a cryptocurrency license in Poland, you need to know that from the end of October 2021, customer identification will be required for transactions exceeding €1,000. Before that, the threshold was €15,000.

In 2014, Polish authorities refused to recognize Bitcoin as a currency, but said that contracts based on its underlying index are mature financial instruments subject to common rules. Cryptocurrencies, while not having a legal definition, are not equivalent to legal tender but are legally traded in the country. Mining, buying and selling cryptocurrencies are considered non-prohibited activities.

Since November 2021, virtual asset turnover has become a regulated business in Poland. Companies engaged in such activities must be registered in the state's separate register of cryptocurrency businesses and obtain appropriate licenses. Entrepreneurs' registration in the register is carried out in accordance with the requirements established by Polish legislation.

Thus, due to the popularity of virtual currencies (whose physical feature is the Bitcoin ATM), Poland has become a jurisdiction where cryptocurrency business (mining, selling and buying crypto assets) is regulated and controlled by the state authorities.

Polish Cryptocurrency License

Cost of a Cryptocurrency License in Poland

Polish Company and Crypto License Packages	7,900 EUR

Polish Company and Crypto License Packages

7,900 EUR

Contains the following items:

Creating or buying an existing company in Poland
Prepare the company's legal documents
Assist with hiring directors/KYC/AML staff and provide information to the National Social Insurance Fund
Lease of a legal address in a business centre for 1 year
Reviewing the business models and structures of cryptocurrency companies
KYC/AML Program Rules and Procedures
Preparation of notifications, forms and supporting documents for submission to the Katowice Tax Administration
Pay the state fees for company registration
Pay the state licensing fee for applying for a cryptocurrency license
General consultation (5 hours)

Crypto Project Legal Services

1,500 EUR

General Provisions

The Polish financial market is generally controlled by the Polish Financial Supervision Authority, which is responsible for ensuring the efficient operation and development of the market and participates in the drafting of laws and regulations established for the supervision of financial markets.

Cryptocurrency business is currently a separately regulated area, governed by the Tax Administration, which maintains a crypto activity register called the Virtual Currency Register.

Converting cryptocurrencies into fiat currencies (cryptocurrency exchange machines, cryptocurrency exchanges)
Exchange virtual currency for other virtual currency
Providing and maintaining virtual currency accounts (cryptocurrency wallets)
Virtual currency exchange services (brokerage services)

The registration of cryptocurrency companies will be controlled by the Polish Ministry of Finance. The registry is available on November 1, 2021. Companies that were active in the field of virtual currencies in Poland before November 1, 2021, have an additional 6 months to adapt their business to the new requirements and go through the licensing procedure.

New cryptocurrency companies registered after November 1, 2021 must register in the registry before starting activities.

Cryptocurrency companies operating in Poland have received support from a number of institutions:

The Chamber of Blockchain and New Technologies, which represents the interests of the industry, in accordance with applicable Polish law;
Innovation hubs, where supervisory authorities consult with fintechs and a virtual sandbox is provided to support the development of new fintech startups.

advantage

Cryptocurrency licensing process

Cryptocurrency Licence in Poland

Poland is part of the European region and, in addition to national regulations, EU regulations are taken into account when issuing licenses. The country is part of the Schengen area and needs to meet the requirements of EU directives to enter the European market. Therefore, to be issued a cryptocurrency trading license "with foresight", you will need to:

Polish company registration requires a "real" office (a nominal legal address is not enough) - Non-residents are suitable for limited liability closed and open companies, SP zoos and SA

Open a bank account and deposit the registered capital – 100% is paid upon registration

Recruit employees and directors with financial expertise and educational background

Prepare a business plan several years in advance, as well as documentation of the technical and software tools used for trading operations.

Formulate AML/KYC compliance policies, internal registration, control regulations, etc.

Poland

capital

population

currency

gross domestic product

Warsaw

38,036,118

PLN

$19,023

Stages of obtaining a cryptocurrency license in Poland

Preparation and submission of documents for company registration in Poland:

Remote preparation of registration documents
Pay government fees associated with legal entity registration
Prepare preliminary declarations to be submitted to the Tax Office and the Registry of Beneficiaries
Lease of a legal address and mailbox for 1 year

Get Polish tax number PESEL

You need a Polish tax number to submit an electronic application through the ePUAP government service platform.

The program includes:

A certified copy of the director’s passport translated into Polish (if the document is certified by a foreign notary public instead of the Polish Consulate).
The courier sends the document to the customer confirming receipt of the PESEL tax number.

The deadline for obtaining PESEL is 30 days from the date the client submits the original documents and translations.

Apply for a license and register your company in the list of organizations working in the field of cryptocurrency:

The following steps need to be performed:

Preparation of documents for inclusion in the roster of organizations working in the cryptocurrency field
Pay government fees
Conducting AML procedures in Polish

The deadline for including Polish cryptocurrencies in the registry is 14 days from the date of signing the declaration of the company directors through ePUAP. It may be extended in case of problems in the system or missing important documents.

Cryptocurrency Regulation in Poland

Trial period	Up to 2 months	Annual supervision fee	None
Application national fee	133 €	Local staff	None
Required Equity	1,077 €	Actual office location	None
Corporate income tax	15%	Accounting audit	None

Register a Polish company in the Cryptocurrency Company Registry

As stated, companies do not need to obtain a cryptocurrency license in Poland to conduct legal cryptocurrency activities, but rather need to register with the appropriate national commercial registry.

The activities of Polish companies and individuals involved in cryptocurrencies are regulated by the Polish Tax Administration in Katowice.

Legal basis for registration of activities in the field of virtual currency:

Articles 129-129z of the Act of 1 March 2018 on the fight against money laundering and the financing of terrorism.
Resolution of the Minister of Finance, Funds and Regional Policy of October 25, 2021, appointing the State Tax Administration as the body responsible for maintaining the Register of Activities in the Field of Virtual Currency.
Resolution of the Minister of Finance, Funds and Regional Policy of October 21, 2021 on the submission of an application for registration in the Register of Activities in the Field of Virtual Currency and notification of the suspension of this activity.
Virtual currency activities are regulated and require registration in a registry.

List of companies and individuals that have obtained Polish cryptocurrency licenses

The legal basis for issuing cryptocurrency licenses in Poland.

Taxation of companies in Poland

There are no special crypto taxes, but crypto companies operating in Poland are liable to pay various pre-existing taxes depending on their legal structure, and there are cases where tax savings can be made, considering that Poland has double taxation treaties with more than 80 countries.

More information about taxes here.

Additionally, lawyers from provide legal support to crypto projects and help adapt to MICA regulations.

Unleashing the Potential of the Polish Crypto Market: A Guide to Crypto Exchange Licensing in 2024

Poland is at the forefront of a promising cryptocurrency industry, with growing interest in blockchain technology and a favorable regulatory stance. This guide explores the process of obtaining a cryptocurrency exchange license in Poland, detailing the regulatory framework, application process, and the advantages of establishing a licensed operation in this dynamic market.

Poland’s Regulatory Environment for Cryptocurrency Licensing

In Poland, the regulation of cryptocurrencies is managed by the Polish Financial Supervision Authority (KNF), which ensures that all crypto-related activities comply with national and EU financial regulations. A Cryptocurrency exchange license in Poland allows entities to legally trade and exchange cryptocurrencies, which is a key step in operating in the Polish market.

Types of Cryptocurrency Licenses in Poland

The Polish regulatory framework provides for several types of cryptocurrency licenses, each of which meets different operational needs:

Cryptocurrency exchange license in Poland: For platforms that provide trading services between cryptocurrencies and fiat currencies.
Cryptocurrency Broker License in Poland: Allows companies to act as intermediaries in cryptocurrency transactions.
Cryptocurrency exchange license in Poland: Applicable to businesses that directly engage in the buying and selling of digital assets.
VASP Cryptocurrency License in Poland: for providers of various cryptocurrency services, including but not limited to exchanges and wallet services.

Requirements and qualifications for obtaining a cryptocurrency license

Applicants must meet strict criteria, including robust AML and KYC protocols, good financial standing, and a proven business model. Documentation such as business plans, financial projections, and security protocols are critical for approval.

Cost implications of cryptocurrency licensing

The cost of a cryptocurrency exchange license in Poland can vary, depending on the scope of business activities and the specific license type. Although Poland is known for potentially lower costs compared to other EU countries, it is vital that businesses factor these costs into their financial planning.

Benefits of Getting a Cryptocurrency License in Poland

Holding a cryptocurrency license in Poland can open many doors, including increased credibility with clients and investors, compliance with European regulations, and access to the vast market within the EU.

Poland’s cryptocurrency investment environment

Poland offers a vibrant environment for cryptocurrency investments, with competitive licensing costs (often regarded as the cheapest cryptocurrency license in Poland) and a tech-savvy population. This environment is conducive to growth and innovation in the crypto industry.

Market entry strategy

For those looking for a more convenient way to enter the market, purchasing an existing Polish cryptocurrency exchange license for sale may be helpful. This option requires due diligence to ensure that the license meets the specific needs of the business and complies with all regulatory requirements.

Conclusion: As the Polish government continues to refine its approach to cryptocurrency regulation, obtaining a Polish cryptocurrency exchange license is an invaluable step for businesses looking to capitalize on opportunities in this emerging market. With the right preparation and understanding of the legal landscape, companies can effectively navigate this exciting space.

If you want to inquire about Crypto License in Poland more information, please contact our professional consultants at Rengang Yongsheng, and we will provide you with free consultation services. [Click to contact a professional consultant for company registration] 24-hour professional consultant:852-92984213（Hongkong/WhatsApp）

Does Poland grant licenses for cryptocurrency activities?

Unlike most EU countries, Poland does not have formal regulations for cryptocurrency licenses. However, cryptocurrency companies must complete a special registration process to do business in the country.
How to Get a Cryptocurrency License in Poland

In order to register as a virtual asset service provider in Poland, the company must complete the following processes:

Register a physical address (office) in Poland
Submit copies of documents on behalf of the company's owners, directors and senior managers. They should reflect an impeccable reputation and be free of any illegal or unlawful conduct.
Deposit the minimum authorized capital
Establish an AML/KYC policy and set clear risk management rules
Identify and verify the client before establishing a business relationship (or when the transaction exceeds a certain amount)
Do Polish companies conducting crypto activities need to contact local tax authorities?

Yes. Every company operating in the country registers with the National Court Register (KRS, or Krajowy Rejestr Sądowy
What activities are covered by Poland's cryptocurrency licenses?

The range of business activities that cryptocurrency companies can offer in Poland is wide and is officially defined as "activities in the field of virtual currencies". These include:

Exchange between virtual currencies and legal tender
Exchange between virtual currencies
Intermediation in the exchanges mentioned in points a or b
Support for user accounts in electronic form
How long does it take to get a license in Poland?

Once the applicant has submitted all application documents and reports, a decision on whether to register the company as an official cryptocurrency service provider should be made within 14 days. However, the process of establishing and registering a cryptocurrency company in Poland may take about 2 months in total (possibly delayed due to missing information or other interruptions)
Can non-Polish residents own a cryptocurrency company?

Yes. Non-residents can successfully establish a cryptocurrency company in Poland
Do I need to have a bank account to obtain a license?

Yes. A bank account is a necessary functional requirement for a company operating in Poland. The account must also be used to deposit the minimum capital requirement
What is the minimum authorized capital for a virtual currency service provider?

The minimum authorized capital for registering a cryptocurrency company in Poland is 5,000 PLN (about 1,100 EUR)
Is it possible to deposit the authorized capital in cryptocurrencies?

No, applicants can only deposit the required amount in fiat currency
How to pay the registered capital of a cryptocurrency company

The applicant must deposit it into the bank account of the relevant cryptocurrency company. The full amount must be deposited in fiat currency
When do you need to deposit funds to open a company in Poland and obtain a cryptocurrency license?

This step must be completed before submitting an application to set up a company in Poland. It is a necessary condition for successful registration
Why You Should Get a Cryptocurrency License in Poland

There are several reasons why establishing and registering a cryptocurrency company in Poland is a strategic move. First of all, Poland is a huge domestic market that allows businesses to instantly reach a very wide audience. Moreover, the time required to open a cryptocurrency business in Poland is short compared to the estimated waiting time in other EU member states. It is also relatively simple in terms of the procedure itself, with fewer requirements than the crypto licensing procedures in many other EU member states. Finally, Poland has signed bilateral agreements for the avoidance of double taxation with more than 84 countries. This situation provides huge tax advantages for international companies that intend to open a branch in Poland
Are Polish Cryptocurrency Companies Audited?

Cryptocurrency companies are not currently part of the financial market under Polish law. Therefore, the activities of cryptocurrency companies in the country are not currently subject to specific financial supervision. Nevertheless, Polish authorities may audit the payment services provided by cryptocurrency companies, especially their virtual currency exchanges.
Can directors of cryptocurrency companies be non-Polish residents?

Yes. However, annual board and management meetings are still required.
What measures has Poland taken to prevent money laundering and the financing of terrorism?

All VASPs registered in Poland are subject to several specific post-registration obligations under Polish law. In particular, they must:

Identify and assess the money laundering and terrorist financing risks arising from their business activities and put in place appropriate financial security measures
Keep records of user transactions
Keep a register of actions taken under the AML/CTF Act to prevent money laundering and terrorist financing
What difficulties may you encounter in obtaining a cryptocurrency license in Poland

Although providing virtual asset services as a business activity is generally legal and permitted in Poland, the crypto asset market is unregulated. As a result, crypto companies may fall into a gray area of crypto legislation.
Where can I open a bank account for a Polish cryptocurrency company

Under Polish law, cryptocurrency companies do not necessarily have to have a traditional bank account. Alternatively, companies can choose to open an account with a virtual bank or payment system.