What do we know about crypto regulation in Poland?

Every year more and more people appear in Poland who use blockchain technologies (trading, mining, etc.). As a result, the government was forced to develop crypto regulations in Poland. It is one of the few countries that issues crypto licenses and allows crypto companies to work here legally.

Register of virtual currencies in this jurisdiction

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:

  • Exchanges (those that exchange crypto for fiat and those that exchange crypto for crypto);
  • Crypto wallets;
  • Providing brokerage services.

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.

Company Requirements

Poland’s cryptocurrency regulation does not set complex requirements for crypto organizations. The owner and shareholders of the company must have no previous criminal record and an excellent reputation.

In addition, the company’s owners must have specialized education, work experience in this area (at least a year), and sufficient competence to manage such a company.

In addition, you must comply with the KYC/AML policy. This jurisdiction is one of the few that allows you to make anonymous transactions. Previously, the size of such transactions was 15,000 euros, but recently a decision was made to reduce this to 1,000 euros.

Many countries, including Estonia and Lithuania, have introduced a complete ban on anonymous transactions, so it is worth waiting for Poland to join them in the future, but for now, it is possible to make anonymous transactions in a limited number here.

Registration process

Creating a company is a fairly complex process involving developing a business model, creation of software and, of course, solving legal processes. To get a cryptocurrency license in Poland, you need to go through several necessary steps:

  • Register a company in this jurisdiction;
  • Get PESEL;
  • Entering the company into the register.

Each of these stages is important, so it is worth discussing them in more detail.

How to become a legal entity?

You can register a company remotely, and you need to prepare a small package of documents. So, you must create a unique company name, prepare 2 digital signatures and pay fees.

You also need to rent an office for 1 year and prepare the first report and a list of beneficiaries for the tax office.

Get PESEL

It is a unique tax number that individuals and legal entities must have. You can get it remotely. To do this, you must provide a translation of a certified copy of the director’s passport. If you are a foreigner, you need to make an apostille translation.

You also need to arrange for courier delivery of a document confirming the receipt of a PESEL tax number to the client. Each Polish crypto company must wait a month to receive its unique number.

Obtaining a license

It is the last stage that you have to overcome. You must prepare documents, pay another fee, and pass the AML check in Polish.

The crypto regulations have 2 weeks to check your company’s readiness for obtaining a license and compliance with the requirements. 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.

Features of crypto regulation

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.

Documents

Obtaining a cryptolicense in this jurisdiction does not involve the collection of a large number of documents.

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.

Taxation

Every crypto company is required to pay taxes. It is worth saying that the amount of taxation depends on the size of your company:

  • CIT – if sales in the current year do not exceed the equivalent of 2 million euros – 9%; if sales are higher – 19%;
  • VAT – 23%;
  • PIT – 17%, 19%, 32%, depending on the form of taxation and the amount of profit;
  • Dividend TAX – 19% for residents; for non-residents, the tax depends on your country;
  • Withholding Tax – 0% – 20%.

As you can see, the amount of taxes depends on the specifics of your company’s activities. We advise you to get advice in advance so that you can understand exactly how much taxes you will have to pay.

Reporting Requirements

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.

Suspension of operations

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.

How long does it take to get a work permit?

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.

Our services

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:

  • Consultation;
  • Assistance in paperwork;
  • Checking the company’s readiness for registration.

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.

Price

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.

In the end

Obtaining a crypto license is crucial for every organization, so entrusting this process to professionals is better. 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.

FAQ

Yes, every crypto organization is required to pay taxes.

Yes, you can buy, sell and exchange crypto assets in this jurisdiction.

Binance is not banned in Poland, but government authorities warn residents of the country that this may be associated with many risks.