The crypto industry is growing, and so many people are involved here today. If initially, cryptocurrencies seemed like a gamble, they have proven that they can be an excellent tool for generating additional income. Poland crypto license is a good solution for any crypto company that wants to operate legally in the EU. This jurisdiction does not impose complex requirements for applicants and allows anonymous transactions, making it very attractive for most crypto organizations.
Every country resident can use crypto assets for additional income and payment for goods or services. Every crypto company that wants to operate in this jurisdiction legally must undergo a licensing process. Those companies that started their work before entering the Register are at risk of significant fines and licensing problems in the future. So, every company that receives income from crypto assets is required to obtain a crypto license in Poland.
In Poland, crypto organizations can operate if they obtain a work permit. Government agencies set it as a rule – you must check all customers. You must not provide services to clients involved in fraud, money laundering, or financial terrorism. Suppose government authorities suspect you of money laundering or financial terrorism. In that case, you will lose your license, and it will be extremely difficult or impossible for you to get it again in the future.
Obtaining a cryptolicense in this jurisdiction does not involve the collection of a large number of documents. So, the company’s owner needs to make a copy of the passport and notarize it. It is also necessary to prepare papers on the activities of the company. We advise you to come up with several variations of the name to make it unique. If you decide to obtain a license with the help of our specialists, you need to issue a power of attorney. In this case, they will be able to help you collect the necessary papers on your behalf and will represent your interests in government agencies.
Today, a large number of companies use cryptocurrency in Poland. Each such organization must register in the Register of Virtual Currencies. After you register, you will receive a license. The list of companies that are required to obtain a license includes:
For example, other companies that use cryptocurrencies to pay for goods and services do not need to obtain a license. However, if you will make a profit from the exchange or storage of crypto assets, you must obtain a work permit. What kind of services you provide will determine which license you are required to obtain. If your company registers after the start of work, this is waiting for a hefty fine. Before licensing, you must ensure that the organization meets all requirements. If you have any questions about whether you need to obtain a crypto license and how to do it, don’t hesitate to get in touch with our specialists for help. They will study the activities of your company and conduct a full consultation.
If you want to get a work permit, you must be sure that you meet the requirements of state regulators. The government of this country does not set complex requirements for such organizations. The first thing they pay attention to here is the lack of a criminal record of the owner and the presence of a similar work experience. The level of trust and professionalism is of great importance here. So, the company’s owner must have a similar work experience of at least 1 year. In addition, you should have a realistic business plan that describes the company’s features (business model, what services you will use, financing, and costs). Before you start the company, you must create the software that will be used to provide the services. Your organization must be registered in this jurisdiction and have an account in a local bank.
This account must contain the entire authorized capital (PLN 5,000, which corresponds to approximately EUR 1,000). As you can see, the requirements for authorized capital are minimal, so both large corporations and small startups can register here. Also, your company must have a PESEL – a unique tax number – and have collected all the necessary documents. Another point that Poland’s cryptocurrency regulation draws attention to is its compliance with the KYC/AML policy. So, you need to carry out mandatory verification of each user. In addition, you must have accurate tools to prevent fraud, money laundering, and financial terrorism from customers and company employees. You should contact our specialists to ensure that your company meets all the requirements. They will analyze your organization’s activities and give recommendations on how to improve your company.
As a rule, registration of a company takes an average of 2 months. So, it will take a few days to register a company, a month to receive PESEL, and 2 weeks to enter the company in the register. If all the documents are in order, obtaining a license will take a little time. However, this process may take a little longer if the authorities have questions. Obtaining a cryptolicense is a fairly complex process that involves several necessary steps:
Each of these points is of great importance, so it is worth discussing them in more detail.
So, you must prepare registration documents and get 2 electronic signatures. You also need to pay state fees and prepare your first tax return. We advise you to choose several company names at once. Government agencies will check their uniqueness, and if it turns out that there is already a company with the same name, you should have a backup plan. You must also have a leased mailbox for at least one year. Registering your company in this jurisdiction takes only a few days if all documents are in order. You do not need to travel to Warsaw if you own a foreign company. You can submit documents remotely or ask the specialists of our company to do it for you. In the second case, you need to issue a power of attorney.
As mentioned, PESEL is a unique tax number that individuals and legal entities must receive. For this document, you need to provide a certified copy of the passport of the owner of the company. You need to translate this document under an apostille if you are a foreigner. If you want to submit documents remotely, you need to additionally order a courier delivery of a document confirming the receipt of a PESEL tax number to the client. It takes about a month to complete this document, but this process often takes less time.
After you have gone through all the preparatory stages, collected the necessary documents, and checked the readiness of your company to obtain a work permit, you can proceed with licensing. So, you need to collect the necessary documents, pay the fees and go through the AML procedure in Polish. The regulators have 2 weeks to review your application and place you on the Register. But, if they have any questions, the process of obtaining a license can be a little longer since you will have to demolish changes in the documentation or the work of the company. Once your organization has been entered into the register, you can start working. If you start functioning before registration, you will face a fine and problems obtaining a license.
The amount of taxes in this jurisdiction depends on the size of your organization. The list of mandatory taxes to pay includes the following:
As you can see, it can be challenging to understand taxation on your own, so we advise you to seek advice from our specialists.
They will be able to roughly calculate how much taxes your company should pay, depending on the size, the form of taxation that suits you, and other indicators. It is advisable to do this before obtaining a license, as you may choose another jurisdiction for yourself where tax is more loyal.
All organizations must submit a report on their activities annually and undergo a thorough audit in the tax office. You must also submit an anti-money laundering report to the Inspector General of Financial Information. Once a month and once a quarter, you must submit a VAT report. Also, if you have a large company (more than 50 employees, annual income is more than 5 million euros), you must undergo a certified audit.
Crypto organizations must submit reports on their activities. So, once a year, you must submit complete information on the company’s activities and conduct an audit. Also, your organization is required to provide an anti-money laundering report. Also, once a month, you must submit a VAT report, based on which taxation will be calculated. In addition, large corporations (organizations with more than 50 employees and an annual turnover of more than 2.5 million euros) must undergo a certified audit yearly. In this verification process, government agencies want to check how your company successfully fights against fraud, money laundering, financial terrorism, pays taxes, and so on.
If you decide to stop your company’s operation and implement financial institutions, you need to notify the government authorities. Changes to the registry will be made within 2 weeks from the date of application. You can also suspend operations if government authorities are unhappy with your work, for example, if they suspect you of money laundering and if your company’s activities do not comply with the documents you provide during the work process.
If your company violates its obligations (by failing to provide reports or intentionally making mistakes), then government authorities can stop your company and revoke your license. It is worth saying that the license in this jurisdiction is issued on a perpetual basis, but you can lose this if:
If you decide to stop your activity on your own, you can contact the state authorities, and they will revoke the license within 2 weeks.
If you want to simplify the process of obtaining a crypto license, you should contact the specialists of our company. It has a large team of lawyers who specialize in helping to obtain crypto licenses in different jurisdictions. The list of our services includes:
We provide services for obtaining a crypto license and in the following jurisdictions:
Crypto license Poland
You can issue a power of attorney for our specialists, and your participation in obtaining a work permit will be minimal. However, it would be best if you were prepared for long-term cooperation. Preparing all the documents and checking the company’s readiness can take a long time if you have to make changes.
Obtaining a crypto license is a rather complicated process, so you must be prepared because it is pretty expensive. You must pay state fees twice and put money into the account as authorized capital. The cost of cooperation with our company depends on what services you need. You can contact our manager, who will calculate the exact cost of services.
Poland is a very popular jurisdiction for obtaining a crypto license. It does not impose complex requirements for applicants, and getting a permit takes only 2 months.
Obtaining a crypto license is crucial for every organization. The specialists of our company have extensive experience in this industry, and they know well what to look for when registering a company and how to speed up the process of obtaining a license.
If you want to simplify this process as much as possible, contact our specialists for help. They will prepare the necessary documents, check the readiness of your organization to obtain a license, and represent your interests in government agencies.
Yes, if you have a work permit. All organizations that profit from the exchange or storage of crypto assets are subject to licensing.
Yes, you must obtain a license if you provide cryptocurrency exchange or trading services to your clients.
Any crypto company that has received a work permit can legally operate in this jurisdiction.
Yes, crypto organizations are taxed. We have described the amount of tax in more detail above.
Senior Partner, Lawyer
Senior Partner, Lawyer