Eternity Law International News Crypto License in Poland

Crypto License in Poland

Published:
June 24, 2023

Crypto-currencies have taken a strong place in the modern world, attracting more and more investors to get involved in crypto-activities. Poland is quite forward-looking towards crypto and is doing its best to open its market to expand the scope of the blockchain. In jurisdiction, there’s separate regulations for crypto-currencies, which guarantees officiality of services offered by firms and helps clients to trust the suppliers.

Our company has vast expertise in the crypto sphere. Our specialists are aware of the nuances of regulation of crypto exchange Poland and in other jurisdictions, and are ready to put their knowledge into practice to help you successfully license your crypto business. We provide comprehensive advice on any related issues, in particular, on the issuance and use of crypto-currency debit cards, getting permission for crypto-transactions, and so on.

Crypto license in Poland: crypto-license requirements

To be eligible to be involved in crypto-activities and officially provide this kind of service, businessmen need to fully meet the normative points below.

  1. Managers and owners of local cryptocurrency firms need to prove absence of penal records in next-mentioned fields: tax, criminal activities against state bodies, justice and governments, documents reliability, illegal monetary means circulation and cash flows.
  2. Persons who decide to run business in virtual means turnover need to possess professional background or expertise in such area, confirmed by relevant document.

If we talk about regulatory standards and rules relating to commercial structures directly, it is worth noting presence of next-mentioned.

  1. Registration of Polish firm.
  2. Organizations need to provide apostilled copies of documented data of all owners and managers.
  3. Authorized capital in the amount of PLN 5,000.
  4. Availability of effective and ready-to-implement AML/KYC policies, risk control and monitoring rules.
  5. Preparation of reports for the regulatory body.

Our experts will help you at every stage of the establishment of the company and getting cryptocurrency license in Poland. We will take care of all the most difficult aspects of this process, in particular, opening a bank account, preparing proper and correct documentation and recruiting personnel. Turning to us, you will forget about all the difficulties and challenges haunting you at the beginning of your commercial journey.

Types of cryptocurrency licenses 

In this jurisdiction, interested capital holders are offered four available types of crypto-permissions.

  1. Crypto to real monetary means exchanging operations (exchanges fall under this category).
  2. Operations for cryptocurrencies exchanging operations among themselves with a certain fee for providers of such services. Providers also charge a commission in the presence of the previous type of permit.
  3. Act as an intermediary in exchange of cryptocurrency for fiat and between crypto-currencies.
  4. Storage and maintenance of clients’ crypto-currency funds. It includes the introduction and distribution of crypto wallets, encrypted user keys, and so on.

Privileges crypto licensed document in Poland gives

Poland is quite progressive in its attitude towards any crypto asset. The authorities and the regulatory body of the jurisdiction are doing their best to convey to the public the prospects and huge potential of crypto. This becomes an attractive factor for entrepreneurs who are just developing in this direction setting up Poland crypto exchange, or who have already passed a long commercial path.

  1. Poland is a member of the EU, which provides unique opportunities for business-structures to enter the European market. Absence of customs barriers and currency control when working with EU countries.
  2. Favorable jurisdiction for crypto-business in terms of taxation.
  3. Development and comprehensive support of virtual currency and blockchain niche.
  4. Relatively simple procedural rules for getting a license.

Register of firms engaged in crypto-activities

In accordance with local laws, entrepreneurship in crypto-field is fully-controlled activity and can be carried out after being entered in register of firms working with virtual money. Requirements for mandatory registration apply to crypto-companies providing next-mentioned services:

  • crypto-currencies and fiat exchanging operations (exchangers, crypto-exchanges);
  • crypto-currencies exchanging operations between themselves;
  • opening and maintenance of wallets;
  • mediation (brokerage services) for crypto-exchange.

Thus, local government is trying to prevent use of crypto-currencies as a means of payment to financially support any illegal activity and increase protection of users of virtual means. That’s why special register was created. Any individual or organization that provides crypto-currency services, but is not entered in the registry, has to pay a fine.

Documents for crypto-company registration in Poland

For getting cryptocurrency exchange license Poland to run crypto-activities, it is necessary to prepare and submit next-mentioned list of documents.

  1. Passport copies of heads, board members and employees.
  2. Confirmation of no penal records for each of the above and evidence of expertise or relevant professional background in financial industry;
  3. Organizational structure of enterprise.
  4. Statute.
  5. AML/KYC internal procedural rules and policies.

Our experts give you comprehensive professional support in preparation and execution of documentation. We’ll help you do it correctly and as soon as possible in order to facilitate the speedy launch of your commercial structure and its integration into the local market.

Procedure for getting a crypto-license in Poland

Process for cryptolicensing in jurisdiction is as follows. It is worth noting that in each case the process lasts an individual amount of time. In addition, compared to several EU countries allowing crypto-businesses and giving crypto-companies a green light, Poland sets most loyal procedure for getting permission.

  1. Establishment of a firm, which is carried out in parallel with registration of a corporate address and hiring employees.
  2. The choice of a banking institution in order to open an account for the formation of authorized capital.
  3. Account opening, which is also acceptable in the payment system.
  4. Preparation of documentation and verification for compliance with all standards put forward by the regulator.
  5. Sending application and documentation.

Taxation of crypto-companies in Poland

Since crypto-companies are subject to business regulations, they need to pay all taxes. After the official hiring of employees, the employer is obliged to make the following payments: for social insurance, as well as for the Pension Fund.

  1. Corporate tax is 9%. This rate applies if income volume in current year-period doesn’t exceed 2-million-euros-equivalent. Otherwise, if specified equivalent is exceeded, the rate will be equal to 19%.
  2. The base VAT-rate is 23%.
  3. Personal income rate will be 17% -32%. This rate directly depends on the amount of profit received.

How much does a Polish crypto-license cost?

Poland can be attributed to number of countries where crypto-currency deals are regulated at the legislative level. Obtaining a crypto permit in a jurisdiction is a process that requires the attention of specialists, which are our experts. The cost of obtaining a permit is calculated individually in each case, as it depends on many factors, in particular, the service provided by the firm, the initial budget and the desired profit.

We will help you optimize costs as much as possible by calculating your costs. At the same time, we will not hide certain nuances from you, since our principle of work is honesty and transparency in relations with clients in order to achieve effective results.

What is a cryptocurrency exchange in Poland?

A cryptocurrency exchange is an official regulated space through which you can exchange cryptocurrencies between each other. In addition, it is possible to exchange cryptocurrencies for fiat on crypto exchanges. In order to be able to operate as a crypto exchange, you need to obtain cryptocurrency license in Poland from the local regulator.

Is cryptocurrency regulated in Poland?

Cryptocurrencies in this jurisdiction are regulated by the Polish Financial Supervision Authority (KNF). The regulator controls and strictly monitors the activities of all business structures that work with crypto funds. In addition, crypto firms must get cryptocurrency exchange license Poland and comply with the points set out in the generally accepted European Directives drawn up regarding the prevention of illicit circulation of funds and terrorist operations.

Which bank in Poland supports cryptocurrency?

In Poland it is allowed to carry out trading operations with cryptocurrencies. Some of the banking institutions that are most crypto-friendly and popular among investors are Bank Millennium and PKO Bank Polski. Businesses may operate crypto-means only possessing Poland crypto exchange license.

How is Poland using blockchain?

Crypto assets in Poland can be used to make payments, as well as to pay for goods and services. They are allowed to be exchanged for fiat and among themselves, and stored in banking institutions in the form of deposits. Crypto-activities are permitted only for firms with cryptocurrency license in Poland.

You could be interested

Registration of Ukrainian citizenship for adopted persons

Based on Article 11, specified in the Ukrainian legislation “About Citizenship”, all children who live in Ukraine have the right to obtain Ukrainian citizenship on such conditions as: Children who are foreigners or do not have any citizenship, subject to adoption, can become residents of Ukraine if to stick to certain conditions. One person from...

PAS 99 Integration

Integrated management system is already an inalienable part of modern commercial sphere; it makes it possible to organize clearly administration of your firm, all production stages and guarantees great benefits without unnecessary financial costs. IMS is based on three main regulatory documents: PAS 99, ND No. 006.00-134 and GOST R 53893-2010. It should still be...

What is an NFT utility?

Typically realized during an ICO, utility tokens offer token holders many privileged services and aren’t treated to be investments as they feature speculative nature and act more like promotional instruments for the issuing company. Let’s find out what is NFT utility and how it differs from traditional NFT. NFT utility: what is it? Commonly associated...

Crypto license in El Salvador

El Salvador is a small country in Central America, but it has already managed to attract the attention of many players in the crypto market. The fact is that for more than 4 years, not only the USD but also Bitcoin is considered the official settlement coin here. This is the only state where crypto-currency...

BEPS Issues for Entrepreneurs

BEPS PROBLEMS FOR ENTREPRENEURS. WHAT YOU NEED TO KNOW BEPS issues for entrepreneurs are a hot topic. OECD – The Organization for Economic Co-operation and Development deals with the erosion of the tax base and the withdrawal of net profits from countries with high tax rates. BEPS – The basic strategy for tax evasion is...

What obligations does FINTRAC have?

The Canadian Financial Transactions and Reporting Analysis Center (FINTRAC) is the financial intelligence unit in Canada. The center’s mission is to assist in the detection, prevention and deterrence of activities related to the illegal circulation of funds and the financing of terrorist operations. FINTRAC makes a unique contribution to safeguarding the safety of Canadians and...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Washington

1629 K St. Suite 300 N.W.

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7