Obtaining a crypto license in Poland

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.

The legality of cryptocurrency business in Poland

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.

Requirements for companies engaged in crypto activities in Poland

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.

Cryptolicense in Poland

 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.

The process of creating a company for cryptocurrency business in Poland

Getting a crypto license is a rather complicated process requiring much knowledge and skills. So, you need to go through several complex steps:

  • Creation of a business model and development of services that you will provide;
  • Search for investments;
  • Software development;
  • Testing;
  • Solving legal issues.

Each of these moments is of great importance. Employees of our company specialize in assistance in resolving legal issues – company registration and assistance in obtaining a license.

Work Permit Process

Obtaining a cryptolicense is a fairly complex process that involves several necessary steps:

  • Company registration;
  • Receipt of PESEL;
  • Obtaining registration.

Each of these points is of great importance, so it is worth discussing them in more detail.

How to register a company entirely remotely?

 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.

Getting a PESEL

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.

Licensing

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.

Taxation for cryptocurrency companies in Poland

bitcoin

The amount of taxes in this jurisdiction depends on the size of your organization. The list of mandatory taxes to pay includes the following:

  • CIT (9% for small firms and 19% for large ones);
  • VAT (23%);
  • PIT (17%, 19%, or 32%);
  • Dividend TAX (19% for residents and fees for non-residents vary by country);
  • Withholding Tax (0 – 20%).

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.

Obligations for crypto companies in Poland

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.

Sanctions for breach of crypto business obligations

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:

  • You do not start work within six months of receiving your permit;
  • You will no longer comply with the requirements of government regulators;
  • The information in the reports is incorrect.

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.

Conclusion

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. 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.

FAQ

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.