Crypto license in Poland

Interest in blockchain projects is growing, so the search for a crypto-friendly jurisdiction remains relevant for investors. The experts at SBSB Fintech Lawyers recommend considering a crypto license in Poland as a registration option since the country creates comfortable conditions for the implementation and successful development of various crypto projects. Our experts will help you through the authorization process and provide comprehensive legal support.

Regulation of Polish Cryptocurrency Industry

Poland regulates and promotes the development of the growing crypto market, creating a favorable environment for investors and safe conditions for users of crypto platforms. Trading and mining cryptocurrencies in the country are considered separate types of activities.

The laws of the Republic of Poland on combating money laundering and terrorist financing, on financial market supervision, as well as the 4th and 5th EU Directives are the main Poland cryptocurrency laws regulating various aspects of crypto company activities.

Polish Financial Supervision Authority permits individuals and legal entities to provide services related to virtual currencies after the authorization procedure. Essentially, a cryptocurrency license in this jurisdiction is a permit, considered analogous to a crypto license. The provider must undergo a registration procedure. After that, the institution is entered into the cryptocurrency enterprises registry, which is overseen by the Ministry of Finance.

Types of Activities Covered by the Polish Cryptocurrency License

The functionality of Poland crypto license allows companies to provide clients with the following services:

• exchange of virtual currencies;
• exchange of virtual currencies and fiat money;
• creation and maintenance of custodial cryptocurrency wallets;
• brokerage in the exchange of virtual or virtual and fiat currencies.

Submit your application, and SBSB lawyers will help you register your company under Polish law and launch your crypto project!

Advantages of Crypto License Poland

Poland is considered a progressive state that creates favorable conditions for investors and entrepreneurs. The jurisdiction has several advantages:

• scalability. Crypto authorization allows companies to operate in the large Polish market and eventually reach audiences in other European countries and sign agreements with international partners;
• relatively simple registration procedure. Compared to other jurisdictions, authorization in Poland takes less time;
• fast issuance of a cryptocurrency license. The registration process can be done remotely, and the issuance of a permit takes 2–2,5 months;
• loyal regulator requirements. In Poland, there are no strict requirements for the presence of a physical office (a legal address is sufficient), lower accounting service costs, and low administrative costs, requiring less investment to start work.

Note that key positions in the company (CEO, AML officer) can be held by foreign citizens. There is no residency requirement. All this makes Poland an attractive place for conducting crypto business.

How to Obtain Cryptocurrency License in Poland 

To undergo the registration procedure and enter the company in the registry, you must comply with Poland cryptocurrency regulations and go through certain stages:

• prepare a package of documents, including a charter. Internal documents must be in Polish;
• register a legal entity;
• obtain a Polish tax identification number PESEL and submit an electronic application through the ePUAP platform (everything can be done remotely);
• register a limited liability company (Sp. z oo);
• submit an application to register the company in the trade register as a virtual asset service provider (VASP).

Among the mandatory conditions, the organization’s directors must have education and work experience in crypto. From the first day of registration, the institution must keep accounting records and financial statements.

After registration, you will need to open a current account, pay the share capital and state fees, develop AML policies and KYC procedures, rules for risk control and monitoring, hire a qualified AML responsible employee. SBSB lawyers are familiar with the Polish market and the peculiarities of regulating the crypto sector, so our experts will help you go through the registration process as easily and smoothly as possible. We will handle communication with regulators and resolve all legal issues.

Cost of Obtaining Cryptocurrency Licenses in Poland

If you are interested in the exact cost of your project, leave a request! Our specialists will contact you and analyze the company’s business model. The price depends on the scope of services, from preparing all the necessary documents to opening bank accounts, connecting merchant accounts, and other factors.

Trust the experts at SBSB Fintech Lawyers to obtain your crypto license!

Since 2013, SBSB Fintech Lawyers has been providing comprehensive legal support to fintech and crypto projects. Our team of experienced lawyers offers clients individual solutions in accordance with the legislation of the chosen jurisdiction and the specifics of the company’s business model. Contact us, and we will advise you on all your questions and provide support at all stages of the company registration and licensing procedure.