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Crypto License in Poland

Inteliumlaw » Everything You Need to Know About Crypto Licenses » Crypto License in Poland

Poland has become a highly favorable jurisdiction for starting a cryptocurrency business. The country offers a relatively stable regulatory environment with gradual changes in the crypto space. Compared to other European countries with stricter regulations, Poland's licensing conditions for cryptocurrency businesses are more flexible and cost-effective, as there are no stringent requirements for additional onsite personnel to comply with regulations. To operate legally as a Virtual Assets Service Provider (VASP) in Poland, businesses must register accordingly. Throughout this article, the terms "crypto license in Poland" and "entry in register of VASP" are used interchangeably.

Benefits of Poland Crypto License

Obtaining a crypto license in Poland offers various advantages for blockchain and cryptocurrency businesses. Here are the key benefits:

  1. Client and Investor Trust
    • Holding a crypto license in Poland serves as a mark of competence, reliability, and professionalism for a VASP. Clients prefer to collaborate with licensed companies, providing them with peace of mind and confidence that their investments are secure and protected under Polish jurisdiction.
  2. Opportunities for Expansion
    • A crypto license in Poland allows companies to explore new markets and form partnerships. Poland’s respected cryptocurrency regulations provide licensed companies with advantages when dealing with international partners and clients.
  3. Legal Assurance
    • Poland’s business protection and jurisdictional stability offer license holders confidence in the legality of their operations and protection of their business rights and interests. This ensures they can operate and expand within a secure legal framework.
  4. Transparent Taxation
    • A cryptocurrency license in Poland provides businesses with clear guidelines regarding their tax obligations. This transparency enables companies to plan their finances strategically and avoid unexpected fines or penalties, which is crucial in a volatile cryptocurrency market.
  5. Security
    • Crypto businesses in Poland prioritize securing users’ funds and sensitive data. They invest long-term in implementing robust security measures like two-factor authentication and data encryption to ensure that funds and personal data are well protected.

Cost of Obtaining a Crypto License in Poland

Before Poland authorities fully develop and adopt the Act on Crypto Assets or the Markets in Crypto Assets Regulation (MiCA), the costs for launching a crypto business within Poland are among the lowest in the European Union.

Preregistration Costs

Preparation actions for company incorporation are crucial, including the creation of founding documentation, relevant identification documents, and robust AML/CFT mechanisms. These operations may require funds depending on the service provider you choose.

Registration Costs

The company can be incorporated through the S24 portal or National Court Register. Registering via S24 portal costs PLN 250 (approximately EUR 58), while the National Court Register costs PLN 500 (approximately EUR 116). Limited liability companies must have a minimum share capital of PLN 5000 (approximately EUR 1163). Additionally, registering as a VASP requires a fee of PLN 616 (approximately EUR 143). Overall, the estimated costs for company incorporation range from PLN 5866 to PLN 6116 (approximately EUR 1364 to EUR 1423), excluding professional fees.

Operational Costs

After obtaining a crypto license, businesses should allocate additional funds to maintain their AML/CFT mechanisms and ensure compliance with future MiCA and Polish regulations. Additional costs may arise from submitting annual financial statements and, under certain circumstances, conducting annual audits.

Process for Obtaining a Poland Crypto License

  1. Business Planning
    • Define the type of crypto activities, determine the entity form, and estimate startup costs. Prepare founding documentation and identification documents, certified and legalized as required.
  2. Company Registration
    • Establish a legal entity in Poland, typically a limited liability company (Sp.z.o.o.), through the S24 Portal or Court Registers Portal. Obtain necessary tax IDs and report beneficial ownership.
  3. Register as a VASP
    • Submit required documents to the Chamber of Tax Administration in Katowice for VASP registration.
  4. Develop AML/CFT Systems
    • Implement comprehensive AML/CFT policies before commencing operations.

Requirements for a Poland Crypto License

The regulatory framework is primarily based  Act of 1 March 2018 on counteracting money laundering and financing of terrorism. In the near future will be regulated by the MiCA and Act on Crypto assets (the latter is currently under development by the Ministry of Finance).

Necessary Documentation

  • Application for VASP registration.
  • Declarations of legal compliance and no criminal record.
  • Proof of stamp duty payment.

Eligibility Criteria

  • No criminal record for individuals or governing bodies.
  • Knowledge or experience in virtual currency services.
  • Implemented AML/CFT mechanisms.

Compliance Obligations

Ongoing investments in a robust AML/CFT system are required, with continuous improvements to meet evolving regulations.

Types of Crypto Licenses Available in Poland

Poland VASP license covers:

  • Exchange between virtual currencies and means of payment.
  • Exchange between virtual currencies.
  • Intermediation in exchanges.
  • Operating virtual currency accounts.

Our Comprehensive Services

InteliumLaw offers end-to-end support for establishing and operating crypto businesses in Poland. Contact us at [email protected] for professional assistance.

Crypto Company Formation in Poland

Steps for Registering a Company

  1. Prepare necessary documents for registration, including partnership agreements, relevant resolutions, and proof of share payments.
  2. Submit registration application via S24 Portal or Court Registers Portal.
  3. Complete post-application requirements, including reporting beneficial ownership and paying registration tax.

Corporate Structure Requirements

A Sp.z.o.o. must have a shareholders’ meeting and management board, with optional supervisory bodies if certain criteria are met.

Legal and Tax Considerations

  • Minimum share capital: PLN 5000 (approx. EUR 1162).
  • Corporate income tax: 19% (9% for revenues under PLN 2 million).
  • 19% withholding tax on dividends for non-residents, potentially reduced by tax treaties.

Regulatory Environment and Compliance

A Sp.z.o.o. must have a shareholders’ meeting and management board, with optional supervisory bodies if certain criteria are met.

Legal and Tax Considerations

  • Minimum share capital: PLN 5000 (approx. EUR 1162).
  • Corporate income tax: 19% (9% for revenues under PLN 2 million).
  • 19% withholding tax on dividends for non-residents, potentially reduced by tax treaties.

Conclusion

Obtaining a VASP license in Poland is one of the most straightforward ways to conduct crypto business in the EU, enhancing credibility and fostering financial growth.

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