Eternity Law International News Cryptoexchange in Poland 2023

Cryptoexchange in Poland 2023

August 15, 2023

Poland, a land at the forefront of technological advancements in Europe, has witnessed a remarkable surge in interest and adoption of crypto in recent years. As the digital currency revolution continues to unfold, Poland has emerged as a significant player in the global crypto landscape. In 2023, the cryptocurrency license in Poland is expected to experience robust growth.

Benefits of Poland Crypto License

Cryptoexchanges offer several benefits to individuals and crypto business in Poland, contributing to the growth and adoption of crypto. Here are some key advantages:

  • Access to a Diverse Range of Digital Assets: Cryptoexchanges in Poland provide access to a diverse range of digital assets beyond just Bitcoin and Ethereum. Traders can explore and invest in various crypto, including altcoins and emerging tokens, allowing for greater portfolio diversification and potential investment opportunities.
  • Enhanced Liquidity: Crypto license in Poland facilitate high liquidity in the market, allowing traders to buy and sell crypto quickly and at competitive prices. 
  • Trading Tools and Features: Cryptoexchanges in Poland offer a range of trading tools and features to enhance the trading experience. These include real-time price charts, order types (such as market orders, limit orders, and stop orders), trading indicators, and customizable interfaces
  • Security Measures: Established cryptoexchanges in Poland prioritize security measures to protect users’ funds and personal info. They employ robust security protocols, including two-factor authentication (2FA), cold storage of funds, encryption, and regular security audits.
  • Regulatory Conformity: Cryptoexchanges operating in Poland adhere to regulatory guidelines and conformity demands, ensuring a safer and more transparent trading environment. This conformity helps protect users’ rights and promotes trust in the crypto market.

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Requirements for individuals 

  • Age Requirement: Users typically need to be of a certain age, often 18 or 21 years old, to use a cryptos exchange legally.
  • Identity Verification: To comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, users may be required to submit identification documents, such as a passport or driver’s license, along with proof of address.
  • Enrollment Process: Users will need to create an account on the crypto interchange platform and provide necessary information during the enrollment procedure.
  • Bank Account Verification: Some exchanges might require users to link their bank accounts to facilitate deposits and withdrawals.
  • Tax Identification Number (TIN): Users might need to provide their tax identification number or other tax-related information for reporting purposes.
  • Conformity with AML/CFT Regulation: Users may have to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, which could include reporting large transactions or suspicious activities.
  • Risk Warnings and Disclaimers: Exchanges might present risk warnings and disclaimers to users regarding the volatile nature of cryptos and the potential financial risks involved.
  • Conformity with Regulatory Changes: Users may need to stay informed about any changes in crypto-related regulations in Poland and adjust their usage accordingly.

Requirements for obtaining a license

  • Legal Entity: You need to establish a legal entity in Poland, such as a company (usually a limited liability company).
  • Registration: Register your company with the relevant authorities, including the National Court Register (KRS).
  • AML/CFT Compliance: Cryptocurrency exchanges are considered entities subject to anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. You must implement comprehensive AML and CFT procedures, including customer identification, transaction monitoring, and reporting suspicious activities.
  • Fit and Proper Criteria: The individuals who are responsible for the management and operation of the exchange must meet the “fit and proper” criteria, demonstrating their competence, integrity, and financial soundness.
  • Physical Presence: Some countries require crypto exchanges to have a physical presence in the country. This might involve having a registered office or a physical office where compliance and customer service activities can be conducted.
  • Capital Requirements: You might need to maintain a certain level of capital as a financial safeguard, ensuring your ability to cover potential losses or liabilities.
  • Technology and Security: Demonstrating a robust technology infrastructure and security measures to safeguard user data and assets is crucial. This includes implementing strong cybersecurity measures, encryption, and cold storage of cryptocurrencies.
  • Insurance: Some countries might require you to have insurance coverage to protect against potential breaches or hacking incidents.
  • Licensing Application: Submit a licensing application to the appropriate regulatory authority. In Poland, this could be the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF). The application process typically involves providing detailed information about your business, financials, compliance procedures, and more.
  • Ongoing Reporting: If your application is approved and you obtain a license, you would likely be required to submit regular reports to the regulatory authority, detailing your operations, financial status, and compliance efforts.

How do I get a crypto license in Poland?

Obtaining a crypto license in Poland requires conformity with regulatory demands established by the country’s financial authorities. Here process that can provide you obtain cryptolicense in Poland:

  • Research and Understand Regulatory Requirements.
  • Consult Legal Professionals.
  • Prepare Documentation.
  • Establish a Legal Entity.
  • Apply for the Relevant License.
  • Ongoing Conformity and Reporting.

Is crypto regulated in Poland?

In 2019, Poland’s Financial Supervision Authority (KNF) issued a statement indicating that cryptos are not considered legal tender and do not have the status of a regulated financial instrument. This means that cryptos are not subject to the same adjustments as traditional currencies or monetary assets.

However, it is important to recognize that certain actions related to crypto may fall under existing monetary adjustments in country. For example, crypto interchanges may need to comply with adjustments governing payment services or operate as monetary establishments, depending on the specific services they provide.

How long does it take to obtain a cryptocurrency license in Poland?

The time it takes to obtain a license in Poland can vary depending on several factors, including the complexity of your business model, the completeness of your application, the specific regulatory demands, and the efficiency of the regulatory authorities involved. The licensing process can involve multiple stages, such as document preparation, application submission, review, and potential revisions or additional requests from the regulatory authorities.

What favors can I offer with a crypto license in Poland?

Here are some potential favors that may require licensing or conformity in Poland:

  • Cryptoasset Exchange Services.
  • Crypto Wallet Services.
  • Crypto Brokerage Favors: if you plan to act as an intermediary between buyers and sellers of cryptocurrency. 
  • Initial Coin Offerings (ICOs): if you intend to conduct an ICO or token sale, it is important to consider the legal and regulatory implications.

Are there any extra fees associated with obtaining a crypto license in Poland?

In general, when applying for licenses or authorizations in the financial sector in Poland, there are typically fees involved. These fees may cover the administrative costs connected with reviewing and processing license applications, conducting background checks, and ongoing supervision. The exact fee amounts and payment structures can depend on the specific license or authorization being sought and are subject to change based on regulator updates.

It is advisable to consult with our lawyers and professionals experienced in Polish monetary adjustments to acquire detailed information regarding the specific fees and payment demands associated with obtaining licenses for crypto-related actions in Poland. We will be able to provide accurate and current info based on the latest regulator guidelines and requirements.

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