Crypto license in
Poland 2024
Poland has emerged as an advantageous jurisdiction due to its simple cryptocurrency license registration process and favorable taxation environment. Unlike other European jurisdictions, Poland offers a streamlined and efficient approach to obtaining a crypto license, making it an attractive destination for cryptocurrency businesses.
Legalaes provides professional assistance and guidance throughout the process of obtaining a cryptocurrency license in Poland. Our comprehensive service ensures a guaranteed turnkey solution, allowing the entire process to be completed remotely or with physical presence in just four weeks. Additionally, we offer ready-made solutions with valid crypto licenses in Poland for your convenience.
Regulations for Crypto license in Poland
According to directives issued by both the National Bank and the KNF Financial Supervision Authority, individuals or entities engaged in cryptocurrency-related activities and who had registered and commenced operations prior to November 1, 2021, are obligated to enroll in the official register by May 1, 2022. Furthermore, the Polish government initiated the taxation of profits generated from digital assets as of the commencement of 2022.
In a significant development, the declaration of the European Blockchain Partnership (EBP) was formally executed. Subsequently, the Polish government entered into bilateral agreements with representatives of 84 nations to prevent double taxation. These agreements reaffirmed Poland’s standing as an advantageous jurisdiction for cryptocurrency businesses, particularly in terms of taxation.
Regulator: Chamber of Tax Administration
Taxation of cryptocurrency companies in Poland
- Corporate tax: 9% for revenue up to 2 million EUR.
- Tax on dividends: 19%.
- Foreigner company register in Poland is suggested to register with 2 shareholder, this way You will be excluded from insurance tax, otherwise 1 shareholder will pay additional insurance tax monthly.
Types of crypto licensing in Poland
In Poland, there is a single crypto license that can cover various cryptocurrency activities. However, it is necessary to describe each activity and service the business intends to provide when communicating with local regulatory authorities. Registered Virtual Asset Service Providers must operate by following the AML and KYC requirements as outlined in Polish AML Act.
With crypto license in Poland or VASP you can provide following services:
- Exchange of virtual currency to fiat currency
- Exchange of fiat currency to virtual currency
- Exchange of virtual currency to another virtual currency
- Storage of virtual currency on behalf of your clients
- Transfer of virtual currency between wallets
- Storage of fiat currency on behalf of your client for a certain period of time for the subsequent exchange to cryptocurrency
Overview of requirements to obtain crypto license in Poland
- Provide desired company names for registration
- Provide copy of passport and proof of address for future shareholder and director
- Provide non-criminal record for shareholder and director
- Company must have AML/KYC Policies
- Register share capital 5000 PLN
Additional requirements:
- Obtain PESEL and digital signature
- Complete online training about AML/CFT regulations
Estimated time frames to obtain crypto license in Poland
Gathering documents and information from clients side
1-3 days
Company formation
1-2 weeks
Crypto license application and process
2 weeks
Legal services for obtaining Crypto license in Poland
Basic Package
6400EUR initial set up
- Company registration
- Provision of Legal Address for 1 year
- Standard AML/KYC Policy (Anti-Money Laundering/Know Your Customer)
- Registration as licensed VASP (crypto) provider
- Corporate documents
- Communication with regulator authorities
- Legal Support throughout the entire project
This package fulfills the essential regulatory criteria for setting up a licensed VASP company.
Additional services on request
- Accounting services
- Additional corporate account
- Bank account for keeping client’s funds (safeguard)
- Apostilled corporate documents
- Business plan
- AML/CFT Training material
- Legal framework for launching Your Token
Ready-Made solution
11900EUR
- Registered company
- Legal address for 1 year
- No debts, no liabilities – clean company
- Active license
- Corporate documents
- Assistance with transfer of ownership
Eriks Fijalovs
Head of Blockchain and Crypto
Requirements for Crypto licensing in Poland
List of required documents
- Power Of Attorney: Public document authorized by public notary that will allow us as a company to act on behalf of another company or individual to carry certain activities in order to incorporate company (Sp. z o.o.) and obtain a crypto license in Poland.
- AML/KYC/CFT Policy: Anti-Money Laundering (AML), Know Your Customer (KYC) and Countering the Financing of Terrorism (CFT), the process involves a company confirming its clients’ identities, evaluating the potential for illegal intentions in the business relationship, and actively working to identify, prevent, and report any suspicious activities.
- Application Form: Complete and submit application form to KNF Financial Supervision Authority, describing nature of business, primary and secondary activities, including descriptions of how and where activities and business will be carried out with the crypto license in Poland.
- Memorandum and Articles of Association (MAA): Legal Document prepared during company incorporation, which represents charter of the company.
Business premises requirements
- Obtaining a crypto license in Poland does not require a physical office. A legal address is sufficient to start operational activities. However, specific payment gateways or digital banks may request a virtual office or physical office with a lease agreement. Legalaes can assist with this requirement upon request.
Share Capital and Government Fees
- Minimum Share Capital: LLC company have requirement to have minimum share capital of 5000 PLN (~1165 EUR), there is no additional requirements for cryptocurrency companies to rise the capital.
- Government Fees: The registration of a business corporation in the National Court Register incurs court fees of 616 PLN (143 EUR).
Personnel Requirements
- AML Officer: By local regulations, AML officer is not required to be presented in the structure of the company for obtaining crypto license in Poland. However AML Officer is strongly recommended for future bank account openings, to increase chances and adapt company to higher regulation levels.
- Director: Foreigner can be appointed and act as a director in Poland. However, if company is owned by 1 foreign shareholder company will be obliged to pay monthly insurance tax (~300 EUR). Company will exempt from insurance tax if owned by 2 or more foreign shareholders.
Roadmap of obtaining crypto exchange license in Poland
Any virtual currency related business activity in Poland is generally subjected to follow counteracting money laundering and terrorism financing act (Art. 2 section 1 point 12 of the Act of March 1, 2018).
The above-mentioned activity is a regulated activity within the meaning of the provisions of the Act of March 6, 2018, Entrepreneurs’ Law, which means that it can be performed after obtaining an entry in the appropriate registry.
For more detailed road map of the project and commercial offer – get in touch with our Crypto professional.
Eriks Fijalovs
Head of Blockchain and Crypto
Gathering Necessary Documentation
Collaborating with responsible stakeholders to collect all required documents for the company formation process. This includes obtaining a passport and proof of address, preparing a business model description, verifying and reserving the company name with the appropriate legal institutions, and sending a Power of Attorney (PoA) for notarisation and legalisation.
Limited Liability Company (SP. Z.O.O.) Registration as Virtual Asset Service Provider
Forming a Limited Liability Company (SP. Z.O.O.) can be done remotely or with physical presence. This stage involves establishing a Power of Attorney (PoA) to allow us to open the company on your behalf in Poland, translating and notarising the non-criminal record if necessary, and obtaining a PESEL (Polish Tax Number). The company formation process is then launched via a notary, and the company data is entered into the commercial register.
Obtaining a Crypto License in Poland
Providing a brief business description to identify where and how the business will be carried out. Submitting the application for license obtainment. Optionally, hiring and registering an AML Officer if the business activities are more complex to minimise risks and increase the success of bank account opening.
Optional: Crypto-Friendly Corporate Account Opening
Analyzing the company’s business activity to present suitable crypto-friendly bank options. Collecting necessary documentation from both the customer and the company, preparing additional documents if required by the bank (e.g., Legal Opinion, AML policy), and guiding the client through the application and onboarding process. This includes answering any additional questions from the bank and awaiting the account opening.
Advantages of the VASP license in Poland
01
Fast and Easy Set-Up
Project implementation can be completed within 1 month, making it one of the quickest options available.
02
Available ready-made companies
Access to ready-made crypto licensed companies, with or without history, and from different years of incorporation, offering flexibility and convenience.
03
No requirements for local substance
There are no legal requirements for a local director or local office, allowing for greater flexibility in company structure.
04
Clear taxation
Benefit from a clear and transparent understanding of laws regarding the taxation of crypto companies, simplifying compliance and planning.
05
Security
Polish regulators place a strong emphasis on the security of users’ finances and personal data, ensuring a safe operating environment for your business.
Links for legislation related to Crypto business in Poland
Oversees tax administration in Poland, ensuring compliance and enforcement of tax laws to maintain the integrity of the fiscal system.
Katowice tax office is separately regulating virtual currency activities in Poland, administrated as Register of Virtual Currencies.
Provides a digital gateway to various public administrative services in Poland, streamlining access to governmental processes for individuals and businesses.
Establishes a comprehensive legal framework in Poland for the detection, prevention, and reporting of money laundering and terrorist financing, aligning with international standards.
Regulates the market for financial instruments in Poland, defining the supervision and operation of financial market participants to ensure market transparency and investor protection.
Contains provisions relevant to financial crimes, including penalties for money laundering and terrorist financing, setting the legal basis for criminal prosecution in the financial sector.
FAQ about Crypto license in Poland
1. How can I obtain a VASP license in Poland?
To get a VASP license in Poland, you typically need to:
Register a company in Poland, ensuring it meets the legal requirements for providing virtual asset services.
Apply for the VASP license with the Polish Chamber of Tax Administration, which might involve submitting detailed information about your business, including your operational, AML (Anti-Money Laundering), and CFT (Counter-Financing of Terrorism) policies.
Undergo a review process, where the regulatory body assesses your application against Poland’s VASP regulations.
2. What services does a Polish VASP license cover?
A Polish VASP license generally allows you to offer:
Exchange Services: Buying and selling of virtual assets against fiat currencies, other virtual assets, or fiat currencies to virtual assets.
Transfer Services: Facilitating the transfer of virtual assets from one party to another.
Custodian Wallet Services: Providing services to safeguard or control virtual assets on behalf of your clients.
Storage of fiat currency on behalf of your client for a certain period of time for the subsequent exchange to cryptocurrency
3. How long does it take to secure a VASP license in Poland?
The process to secure a VASP license in Poland can vary, typically ranging from 1 to 2 months. This timeframe depends on the completeness of your application, the current workload of the regulatory body, and how quickly you can respond to any queries or requests for additional information.
Fastest option to proceed is with ready-made licensed company.
4. Can foreign individuals apply for a VASP license in Poland?
Yes, foreign individuals can apply for a VASP license in Poland. However, they must establish a Polish company or a branch/representative office in Poland that complies with Polish legal and regulatory requirements. It’s important for foreign applicants to consider local laws regarding foreign ownership and operation.
5. Is it necessary to have a local bank account for a Polish VASP?
While not always explicitly required, having bank account in Poland can facilitate operational processes, such as handling client funds and ensuring compliance with local AML/CFT regulations. It's advisable to establish banking relationships in Poland to support your VASP operations effectively.
6. What are the key compliance obligations for a Polish VASP?
VASPs in Poland are typically required to:
- Implement robust AML/CFT policies and procedures.
- Perform customer due diligence (CDD) and enhanced due diligence (EDD) where necessary.
- Report suspicious transactions to the relevant Polish authorities.
- Keep detailed records of transactions and customer information.
- Ensure the privacy and security of client data in accordance with GDPR and other relevant laws.
Each of our projects receives unique and tailored solutions in accordance with the initial objectives and vision of the shareholders.
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