CRYPTO LICENSE IN POLAND (EU)
Poland, a nation at the forefront of technological advancements, has adopted a progressive stance towards cryptocurrencies and blockchain technology. While the country doesn’t issue explicit crypto license, it has established a comprehensive regulatory framework for Virtual Asset Service Providers (VASPs) to ensure compliance and safeguard investor interests. Securing a crypto license in Poland empowers businesses to operate within the confines of Polish law, fostering trust and credibility among clients.
The virtual asset market in Poland has no comprehensive regulation, since, in the understanding of Polish legislation, cryptocurrency is not part of the financial market and is therefore not subject to specific financial supervision.
Thus, Polish financial authorities supervise activities involving the provision of payment services, which means, for example, virtual currency exchange offices. However, there is no direct oversight of activities related to the issuance and trading of cryptocurrencies and, more broadly, crypto assets.
Since November 2021, Poland has introduced state regulation of entrepreneurship in the field of cryptocurrencies. By introducing amendments to the anti-money laundering law, the government aims to prevent the use of virtual currency for criminal activities and improve the level of protection for consumers of the services of cryptocurrency companies. At the same time, the changes introduced establish relatively simple rules for licensing and regulation of cryptocurrency in Poland, as well as simple taxation.
Updated On: 09-01-2024
Chapter Outline
Who Needs a Crypto License in Poland?
Any entity providing cryptocurrency services in Poland, such as cryptocurrency exchanges, brokers, and wallet providers, is required to obtain a crypto license. This includes businesses that facilitate the exchange of fiat currencies for cryptocurrencies, provide cryptocurrency custody services, or offer cryptocurrency trading platforms.
Poland is an attractive jurisdiction for starting a business in the field of cryptocurrency, which demonstrates loyal regulation of business activity with virtual assets, both from the regulation of such activities and from taxation requirements. The Al-Watania Investment team of experts constantly studies current changes and innovations in this area in order to offer you the most effective solutions, including on company incorporation, as well as taxation of business and transactions with virtual assets.
What Are the Advantages of Obtaining a Cryptocurrency Licence in the European Union (poland)?
Poland is one of the few countries that has relatively simple rules for regulating the crypto industry. Virtual assets can be used to pay for goods and services if your counterparties agree to this. Moreover, you can use cryptocurrencies for trading or mining.
Al-Watania Investment offers the fastest and most secure cryptocurrency licence in the European Union. Unlike other cryptocurrency licensing countries, Estonia and Lithuania, in Poland you will not encounter complex formalities and tedious requirements.
It is important to understand that a crypto licence in Poland is officially called “Polish crypto-authorization”, which means an entry in the state register of companies conducting virtual business, which is maintained by the Chamber of Tax Administration. Completing this procedure will allow your company to carry out the following types of business activities:
- Eexchange between virtual currencies and means of payment;
- Eexchange between virtual currencies;
- Eact as an intermediary in the exchange of virtual currencies, as well as between virtual currencies and means of payment;
- Emaintain accounts that give clients the right to use virtual currency units, including carrying out their exchange transactions.
What are the advantages of obtaining a licence to trade cryptocurrency in Poland:
- Eno minimum capital requirements;
- Eno requirements for a local director or physical office;
- Ea fairly quick licensing procedure, which takes about two weeks;
- Esimple requirements for companies interested in conducting commercial activities in the field of transactions with virtual currency, which include the absence of a criminal record and the necessary professional qualifications (completion of appropriate training or work experience in the crypto industry for at least 1 year);
- Ethe possibility of remote crypto licensing process.
Obtaining a crypto-authorization in Poland without legal support can be quite problematic, since the first step for foreign investors and entrepreneurs is incorporating or purchasing a company in Poland. You can always turn to us for help, since Al-Watania Investment experts have extensive experience in opening companies in Poland and assist in obtaining licences worldwide, including in Poland.
What Scope of Services Does Our Crypto Licensing Offer in Poland Include?
Al-Watania Investment provides support to investors and entrepreneurs who intend to conduct commercial activities in the field of virtual currency in Poland. We ensure that our clients comply with all conditions and obligations regarding cryptocurrencies established by Polish law.
Our services for obtaining a crypto licence in Poland include the following activities:
- Eexchange between cryptocurrencies and fiat money;
- Eexchange between cryptocurrencies directly;
- Ebrokerage services on the exchange mentioned above;
- Eservicing cryptocurrency wallets and payment accounts necessary to perform the above actions.
At the same time, our crypto authorization offer for investors and entrepreneurs includes not only full legal support in licensing your activities in the field of virtual assets, but also the incorporation of a new company in Poland or purchase of a ready-made company in Poland that meets the requirements for activities in the crypto industry.
You can also contact Al-Watania Investment for additional services that can help you start your business in Poland even faster and more efficiently:
- EAssistance in opening a bank account with a local bank in Poland.
- EAssistance in opening a bank account with a foreign bank and EMI (FIAT gateways).
- EReady-made company in Poland (our offer includes ready-made and reliable companies with a transparent reputation, ready for a quick start to your business activity).
To provide a transparent basis for your company’s activities in the field of virtual currencies, so that local regulators are confident in your integrity and work, you can seek legal support from Al-Watania Investment. We will support you in all areas — legally, organizationally, by means of advice — and will select the most effective work scheme and tax model suitable for your unique situation.
Is It Legal to Do Cryptocurrency Business in Poland?
There is no specific provision in Polish legislation that prohibits investors and entrepreneurs from engaging in cryptocurrency or virtual currency-related activities. Thus, we can conclude that such activities are generally permitted by law.
However, the crypto industry is a regulated area, so entrepreneurship in the field of cryptocurrencies can only be carried out after the entrepreneur is included in the register of activities in the field of virtual currencies, which is a type of obtaining a crypto licence in Poland.
It is important to note that EU law also does not establish any general prohibition in relation to virtual assets, as confirmed by the decision of the Court of Justice of the European Union of 22 October 2015 (C-264/14). According to this court decision, cryptocurrency performs the function of a means of payment and transactions with units of virtual currency constitute the provision of paid services exempt from value added tax (VAT).
If you are interested in conducting business activities in the field of virtual currency transactions or intend to start a business in the field of virtual currencies in Poland, you may need professional legal advice from the experts at Al-Watania Investment. We will support your registration or crypto licensing in accordance with Polish legislation to ensure your safe and effective activities in the field of virtual currencies.
Malgorzata Maria Niedziolka
CEO and founder of Al-Watania Investment
Expert in the field of cooperate, commercial and immigration law, private equity and venture capital investments, as well as the purchase and sale of real estate in Poland.
Many years of experience in reputable law and consulting firms in Poland and abroad, as well as work in the public administration system in Poland, allow her to confidently and effectively navigate the over-regulated local legal system, providing high-quality legal services to a wide range of people, including foreign investors and international corporations.
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