Crypto Licensing in Poland

Benefits of Acquiring a Crypto License in Poland

Legal Assurance and Security

In Poland, the robust framework for business protection and the stability of legal jurisdiction offer businesses a solid foundation of confidence. Holding a crypto license in Poland assures companies of their operational legality and safeguards their business rights and interests. This environment fosters growth and expansion with assured legal backing.

Clarity in Tax Obligations

A cryptocurrency license in Poland demystifies the taxation landscape for digital assets, providing businesses with a transparent overview of their tax responsibilities. This clarity is crucial in navigating the financial planning landscape, helping businesses to mitigate the risk of unexpected fines in the dynamic cryptocurrency market.

Enhanced Access to Digital Markets

Licensed Polish crypto exchanges unlock access to a broad spectrum of digital assets beyond Bitcoin and Ethereum, including altcoins and emerging tokens. This access facilitates portfolio diversification and opens up new investment avenues.

Prioritized Security Measures

Security is a paramount concern for crypto exchanges in Poland, which implement rigorous protocols to safeguard user assets and data. Measures such as two-factor authentication (2FA) ensure robust protection against unauthorized access.

Types of Crypto License in Poland

The Polish Anti-Money Laundering and Counter-Terrorism Financing Act distinguishes between various service offerings by Virtual Asset Service Providers, outlining specific registration requirements for the following services:

• Crypto asset to fiat exchanges
• Crypto asset exchanges
• Crypto intermediation services
• Custodian wallet services for digital currency management and transactions

Essential Requirements for Crypto Licensing

To operate within the Polish crypto sector, companies must adhere to stringent criteria, including:

1. Establishment of comprehensive internal policies for AML/KYC and control
2. Appointment of a dedicated AML Officer
3. Development of customer identification and business monitoring procedures
4. Implementation of international sanctions compliance procedures
5. Preparation procedures for secure customers’ data storage 
6. Procedures for suspicious transaction reporting
7. Ensuring that shareholders and key persons have a good business reputation and clear criminal record 
8. Adoption of a risk-based approach to virtual asset activities operations

Detailed Guide to Obtaining a Crypto License in Poland

Phase 1: Preliminary Documentation and Analysis

Duration: 1 week

Outcome: successful preparation for licensing process

Key Actions: 

• Collecting initial information from the client to understand the scope and requirements of the project.
• Providing a comprehensive list of documents needed for power of attorney (PoA) execution, offering a clear view of project scope and financial planning.
• Conducting an in-depth analysis of the proposed cryptocurrency venture, including KYC document collection and business model description.
• Preparing and legalizing the power of attorney, ensuring all legal bases are covered for representing the client’s interests in Poland.
• Verifying the availability and compliance of the proposed business name, avoiding potential legal conflicts.
• Gathering detailed information about shareholders and conducting background checks to ensure the directors have no criminal records, supporting the integrity of the business.

Phase 2: Registration of a Limited Liability Company (Sp. z o.o. or SA)

Duration: 3 to 4 weeks

Outcome: Successful registration of the company in the Commercial Register, marking the company’s formal establishment and readiness for crypto activity registration.

Key Actions:

• Translation and sworn verification of the power of attorney and criminal records into Polish to meet local requirements.
• Execution of a notarial deed for company registration, a crucial legal step in establishing the business entity.
• Submission and confirmation of company data in both the commercial and business registers, officially recognizing the company within the Polish legal system.
• Preparation for obtaining a Polish Tax Identification Number (PESEL), essential for financial and operational activities within Poland.

Phase 3: Crypto Licensing Process

Duration: 2 to 3 weeks

Outcome: The company is officially registered for cryptocurrency activities, fully compliant with Polish regulations.

Key Actions:

• Detailed collection of information about the client’s business intentions, including risk assessment, customer geographical location, and the nature of the crypto operations.
• Development and submission of AML/KYC policies tailored to the specific needs of the client’s crypto operations, ensuring compliance with Polish regulations.
• Efficient communication with Polish Authorities throughout the registration process, facilitating a smooth and informed pathway to licensing.
• Hiring and comprehensive training of an AML officer tailored to the company’s specific operations, ensuring regulatory compliance and operational integrity.
• Translation of all internal company documents into Polish to meet local legal requirements.

Phase 4: Corporate Account Opening and Accounting Integration

Duration: 2 to 3 weeks

Outcome: The company achieves operational readiness with an open corporate account and meets all regulatory and tax obligations.

Key Actions:

• Evaluating and selecting Banks/EMIs that align with the client’s business model and risk profile, informed by the previously prepared AML policies.
• Gathering and submitting necessary documents for account opening, including financial flow charts, source of wealth declarations, and descriptions of business partnerships.
• Initiating the account opening process with multiple crypto-friendly EMIs to ensure the best fit for the client’s business needs.
• Assisting the client throughout the account opening process, ensuring clear communication and compliance with banking requirements.
• Developing crypto-specific accounting rules for the client’s operations, integrating an accountant for ongoing financial management and advice on crypto transactions and tax obligations.

Additional Services Related to Obtaining Crypto License in Poland 

1. Establishment of organizational structure – assistance identifying the appropriate legal structure, incorporation of holding companies in tax efficient jurisdictions, transferring companies shares, designing ownership structure, etc.;
2. Tax advisory – guidance and advice regarding tax obligations and liabilities, minimizing tax liabilities from cross-border activities, creating a tax planning strategy, etc.;
3. Preparation of internal documentation – preparation of tailor made AML / CTF Policy with Annexes, Terms & Conditions, Privacy Policy, Cyber Security Policy, etc.;
4. Assistance in hiring employees – guidance and support to employers who are looking to hire new staff. Such service includes potential employees background / knowledge check, interviewing, establishment of employment policies and procedures, etc.;
5. Assistance in creating partnerships – support and advisory in various potential partnerships and collaborations with other entities in terms of additional services (e. g., IT, KYC, banking service providers) or additional financing (e. g., organizing meetings with VC, agnel investors, preparation of pitch deck, etc.);
6. Legal support in other crypto related projects – assistance in token offering legal support (ICO/STO/IEO), private placement rounds, preparation of legal opinions, analysis of business models, etc.

For more please see our Services page.

Summary of Crypto license in Poland 

Project time frames	Up to 1 – 2 months
State fee for application	€ 0
Required share capital	€ 1,200
Corporate income tax	19%
Annual supervision fee	€ 0
Local staff member	AML Officer
Physical office	Required
Accounting audit	Required
Bank account options	European EMIs