Obtaining a cryptocurrency license in Poland
In 2021, Poland adopted new regulations for the regulation of virtual currency transactions and wallet service providers. Cryptocurrency license holders are displayed in a special register controlled by the Ministry of Finance.
An international cryptocurrency license in the EU is necessary for cryptocurrency exchanges and trading platforms, wallet providers and payment systems, crypto funds and investment platforms, issuers of tokens and tokenized assets. A ready cryptocurrency exchange license in Poland is also important for blockchain technology companies.
A cryptocurrency license enables them to officially provide exchange and storage services for virtual assets, as well as to issue their own tokens to support ICOs, list coins on exchanges and attract investments. The license confirms that the company is verified, meets the standards of the regulator, and complies with the requirements of current legislation, in particular tax and law enforcement authorities.
Extended requirements for obtaining a crypto license in Poland
Poland is part of the EU and clearly follows the international FATF and AML/KYC regulations, therefore a number of steps are required to obtain a license:
- register a closed or open limited liability company (SP z.o.o, SA) with a "physical" presence;
- open a bank account and deposit a minimum authorized capital of zł 5,000 (about $1,200);
- prepare a business plan for three years with full documentation of technical and software tools that will be used for exchange operations.
Also to the founders of the company and director to obtain a crypto license in Poland, there are a number of requirements.
First of all, it is the absence of a criminal record for tax crimes, forgery of documents and money, attacks against property, as well as crimes against the state, local government and justice.
Another important requirement is proven competence in the cryptocurrency industry and high reputational standards. The founders and director of the company must prove experience in the cryptocurrency industry, or complete a relevant training course.
Taxes and reporting of crypto companies in Poland
All organizations in Poland, including those with a crypto license, are required to submit annual reports to the National Court Register (KRS, Krajowy Rejestr Sądowy). A certain system of fines is attached for the lack of reporting, and the founders and the head of the company are responsible for it. In Poland, companies and individuals are obliged to pay the following taxes:
- Corporate Income Tax (CIT - Corporate Income Tax) is 9% if the company's turnover in the current year does not exceed EUR 2 million, and 19% if the turnover exceeds this amount;
- VAT (Value Added Tax) has a basic rate of 23%;
- Personal Income Tax (PIT - Personal Income Tax) depends on the form of taxation and income in the financial year and can be 17%, 19% or 32%;
- Dividend Tax (Dividend Tax) is 19% for residents, and for non-residents rates are applied in accordance with existing tax treaties between countries;
- Withholding Tax can range from 0% to 20%.
It is important to note that when employees are officially employed by a company, the employer is required to withhold social insurance, health insurance and pension contributions, totaling approximately 64% of the salary.
Stages of obtaining a crypto-license in Poland:
- obtaining electronic signatures (for each of the founders/directors), Polish identification number (PESEL). You will also need to pay the rent of the legal address and mailbox for 1 year and all state fees;
- preparation of the package of registration documents. This stage may include work with constituent documents, contracts, which will require translation and apostilization;
- registration of the company, obtaining a tax number;
- selecting a bank for the client's tasks, opening a corporate account in a bank or payment system;
- when the company is ready, we start preparing the documents necessary to obtain a crypto license, develop policies and regulations for AML/KYC compliance, apply for a license;
- after reviewing the company's application and successfully passing the regulator's inspections, the cryptocurrency license is issued;
- after passing all the necessary registration measures and starting work, the company has the responsibility to maintain the company's accounting for further reporting to the tax authorities. In this process, our specialists are ready to support the client and prepare and submit reports to the tax authorities in a timely manner.
Why is it important to seek legal advice?
The EU combines a high degree of economic freedom and security with complex tax and economic legislation, highly regulated business processes and bureaucracy. For this kind of work it is worth engaging a specialist. Intelligent Solution Group offers turnkey services for obtaining a crypto license in Poland.
If you are interested in obtaining a license in Poland - we will be happy to advise you. Give us a request and our specialist will send you a commercial proposal and answer all your questions.