Obtaining a cryptocurrency license in Poland
Cryptolicence in Poland is a low-cost licence in the EU. The timeframe for obtaining a licence is up to 12 weeks, depending on the chosen service package. Permission to work with cryptocurrency is granted with no expiry date.
Price until 01.11.2024: from €4 500
Polish cryptocurrency licence covers these types of transactions:
- exchange between virtual currencies and fiat money (EUR to BTC or BTC to USD) and means of payment;
- exchange between virtual currencies (e.g. BTC to ETH);
- brokering the above exchanges;
- top-up of accounts, including their transfer, storage (wallet service).
A company registered as a provider of virtual asset services must have a share capital of zł 5,000.
Advantages:
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What are the requirements for a company to obtain a cryptocurrency licence?
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1
prescribe internal policies (AML/KYC) as well as internal control policies;
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2
designate an employee responsible for fulfilling AML/CTF obligations;
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3
prepare a three-year business plan with full documentation of the technical and software tools to be used for exchange operations;
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4
comply with international sanctions regimes;
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5
founders and directors of the company must confirm their experience in the crypto industry or have completed an appropriate training course;
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6
report suspicious transactions and operations;
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7
have a good business reputation of shareholders and owners, without a criminal record;
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8
apply a risk-based approach to licensed activities and take into account the risks identified in the national risk assessment;
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9
identify customers and monitor established business relationships;
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10
store customer data.
Choose a time convenient for you in the calendar and our expert will advise you on all cryptolicensing issues in Poland
All organisations in Poland, including those with a crypto-licence, are obliged 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.
The regulator of the company is the Generalny Inspector Informacji Finansowej (General Inspector of Financial Information).
The main law regulating commercial activities related to cryptocurrencies in Poland is the Act of 1 March 2018 on Combating Money Laundering and Terrorist Financing (published in the Polish Law Gazette in 2021 under article numbers 1132, 1163 and 1535 - consolidated text).
Relevant sections of the Polish Anti-Money Laundering Act (AML) concerning the regulation of the Polish Cryptocurrency Business Registry can be found in articles 129m-129z.
At all stages, our experts will be there for you and will be in touch with any questions you may have.
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Stages of obtaining a cryptolicence in Poland
We have gone through this procedure many times, so we take the burden off the client as much as possible and accompany them on all matters.
Additional services:
payable separately
- bank account opening;
- confirmation of the source of funds;
- connection and integration to the banking software platform;
- accounting support and reporting.
Cases:
CASE: How to get back the frozen $600k.
A client faced the problem of frozen funds in the account of his international company. The bank where the account was located was in the process of liquidation and froze all the money, starting an audit of its clients.
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CASE: The forgotten $400,000.
Our client decided to completely liquidate his company established about 10 years ago in Latvia. In the process of liquidating the company and communicating with the bank, we learnt that the client had $400,000 in his account for several years, which no one remembered about
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Intelligent Solution Group – it is
Registration services and company support:
- company registration;
- business relocation;
- company renewal.
International tax planning.
Banking services:
- Compliance, KYC, SOF in the bank;
- bank account opening;
- opening of accounts in non-banks (payment systems);
- confirmation of the source of funds;
- withdrawal from frozen accounts.
Licensing:
Accounting services and audit for international companies.
Succession and inheritance issues for wealthy families.
