How to obtain a crypto license in Poland?.
Poland is a desirable location for establishing a company in the virtual currency industry. In fact, Poland has signed bilateral agreements with over 84 other nations to prevent double taxation, which makes it feasible to rank the country as one of the most tax-friendly in the world.
Advantages of obtaining a crypto license in Poland
When considering the process of obtaining a crypto license in Poland, it’s important to note that the country has several advantages for entrepreneurs and investors. These advantages include being a reputable jurisdiction, providing access to the European financial system, instilling trust among partners and customers, and the ability to scale a business. Moreover, crypto registration in Poland covers a wide scope of services such as the exchange of virtual currencies for fiat money or for another virtual currency, provision and maintenance of accounts for virtual currencies (wallets), and mediation (brokerage services) for the exchange of virtual currencies.
Registering a crypto company in Poland is relatively simple and has a short list of required documents. This allows for obtaining a crypto license in just four months. Moreover, Poland is one of the most inexpensive countries in Europe for doing crypto business. This is due to the low requirements of the regulator to the authorized capital, relatively low taxes, and favorable cost of accounting services in Poland.
Requirements for obtaining a crypto license in Poland
There are few requirements for individuals planning cryptocurrency activities in Poland. For instance, there are no requirements for the residency of the founders and director, AML officer of the company. There are also no requirements for having a physical office in Poland. Requirements for tax reporting and auditing are approximately equal to those put forward by other countries of Eastern Europe, such as the Czech Republic or Lithuania.
Stages of crypto-authorization (obtaining a crypto license) in Poland
To obtain a crypto license in Poland, there are four key steps:
- Gathering necessary paperwork: The first step is to get the paperwork ready that will be needed for the subsequent steps. The packet of paperwork is typical and consists of records attesting to the founders’ names and dwelling addresses. You will require a notarized power of attorney from each of the company’s founders to complete the remote registration process and acquire a crypto license. The primary corporate documents for the company are also established at this time. In our experience, this stage requires timely document submission and lasts about 3 weeks.
- PESEL registration and ePUAP application: The second step in obtaining a crypto license is PESEL registration and ePUAP application. It is necessary for further crypto registration. In our practice, it takes about 2 weeks.
- Registering the company and entering it into the register: The registration of a company and subsequent entry of the company into the register constitute the second step in obtaining a crypto license. From the time the registration process begins, this stage also takes about 3 weeks in our practice.
- Submitting the application and supporting documentation: The application and supporting documentation for registering a company in the register of businesses offering crypto services in Poland must be submitted as the last step in the process of obtaining a crypto license in Poland.
After completing the crypto registration, you will receive a fully operational, ready-to-do-business cryptocurrency company for which you only need to open bank accounts or accounts with electronic money institutions.
If you want to get a crypto license in Poland, contact the lawyers of SBSB Fintech Lawyers. Since 2013, we have been working with the FinTech and Crypto areas, so we offer individual solutions to each client, taking into account the business model of his company. Our experts will help you choose the best type of license and prepare a package of documents, legalizing the crypto business in accordance with the laws of Poland and providing full legal support for this process.