Cryptocurrency Licence in Poland

Since November 2021, the activity in the field of turnover of virtual assets becomes a regulated business in Poland. Companies engaged in such activities must undergo state registration in a separate register of cryptocurrency enterprises and obtain an appropriate license. The registration of entrepreneurs in the register is carried out in accordance with the requirements set by the Polish legislation.

The requirements for obtaining a cryptocurrency license and registration in a special registry apply to Polish companies providing the following services:

Exchange of virtual currencies for fiat money (cryptocurrency exchangers, cryptocurrency exchanges)
Exchange of virtual currencies for other virtual currencies
Provision and maintenance of accounts for virtual currencies (cryptocurrency wallets)
Virtual currency exchange services (brokerage services)

The register of cryptocurrency companies will be controlled by the Polish Ministry of Finance. This registry was activated on November 1, 2021. Companies that have carried out activities in the field of virtual currencies in Poland before November 1, have an additional 6 months to adapt the business to the new requirements and pass the licensing procedure.

New crypto companies in Poland, which will be registered after November 1, 2021, must undergo a registration procedure in the registry before starting activities.

THE COST OF CRYPTOCURRENCY LICENSE

9,900 EUR

THE PACKAGE OF «THE COMPANY AND CRYPTO LICENCE IN THE UPPER PART» INCLUDES :

Creation or purchase of a ready-made company in Poland
Preparation of legal documents of the company
Assistance in employment of director/KYC/AML employee and information of the State Social Insurance Fund
Rent a legal address in the business center for 1 year
Overview of the business model and structure of the Cryptocurrency Company
Assistance in opening a bank account for cryptocurrency companies • KYC/AML Procedural Rules and Procedures
Preparation of notifications, forms and supporting documents for submission to the Chamber of Tax Administration of Katowice
Payment of State Fees for Registration of a Company
Payment of State Licensing Fees for Application for a Cryptocurrency License
General consultation (5 hours)

*Creating a company and obtaining a cryptocurrency license can be carried out completely remotely without visiting Poland.

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Requirements for individuals planning cryptocurrency activities in Poland

According to the innovations of the «law on AML», which began to operate from November 1, 2021, there are two basic such requirements.

1. No criminal record.

Executives and beneficial owners of a cryptocurrency company in Poland must prove no criminal record. The persons concerned must submit a certificate issued by the law enforcement authorities of the country of residence. Certificate of no criminal record must be apostilled and be in English (if the certificate of no criminal record is issued in the language of the country of residence, will need to be translated into English by a sworn translator)

2. Competence and reputation.

Those who choose to conduct business in the field of virtual currencies, should have knowledge or experience in this field. When applying for a cryptocurrency license in Poland, it will be necessary to provide CV with confirmation of previous experience in cryptocurrency projects. Also, you can attach to the application any other documents confirming knowledge and experience in the cryptocurrency sphere: certificate of completion of courses in KYC/AML, diploma in higher financial or economic education, white paper/business plan of already launched projects, link by profile in LinkedIn or Facebook with confirmation of the experience of participating in cryptocurrency projects in other countries.

Registration of a crypto company in Poland

In order to register your cryptocurrency project in Poland, it will be necessary to register a company in Poland and the founders will need the following documents:

Giving a power of attorney to the lawyers of our company (in case of remote registration of the company)
A notarized copy of the passport of the director/ founder of the company
Several variants of the desired company name

Key points when registering a company in Poland:

The new company must have its original name.
To register, a business entity should be in the CEIDG (Central Register of Economic Activity) or in the KRS (National Judicial Register).
For different organizational and legal forms of business, the minimum authorized capital and management structure are required.
If you register online, you will need an electronic signature and a trusted profile on the ePUAP Public Service.
Electronic identification will be needed in the future for remote management of activities, including correspondence with public administrative bodies, including the Tax Service and ZUS (Social Insurance Administration).
With more than 5 employees, electronic correspondence with public services is mandatory.
The optimal form of business for foreigners in Poland is a limited liability company (spółka z ograniczoną odpowiedzialnością or Sp. z o.o.). Other forms are not available to all foreigners.
When you register a company, you should correctly determine the activity codes according to the classifier – PKD (Polska Klasyfikacja Działalności). • In the constituent agreement (analogue of the charter) it is possible to specify up to 10 types of activities, which are displayed in the register of enterprises of KRS.
The minimum authorized capital for LLC in Poland is 5000 zlotys (about 1000 euros). The authorized capital of LLC in Poland is considered formed at the moment of signing the foundation agreement (umowa spółki).
Within seven working days of registration, it is necessary to submit information on the final beneficiaries to the special register.
Within twenty-one days of registration, you should send to the tax office at the place of registration the completed form NIP-8, which contains information about the bank account and accounting company.

Stages of obtaining a cryptocurrency license in Poland

Preparation and filing of documents for registration of the company in Poland. The cost of services includes:

preparation of documents for remote registration;
payment of all State fees related to the registration of a legal entity • Preparation of initial declarations to the Revenue Service and the beneficiary register;
Legal address and mailbox rental service for 1 year.

Application for a license, registration of the company in the register of organizations working in the field of cryptocurrency.

The following steps are underway:

Preparation of documents for entering the company into the register of organizations working in the field of cryptocurrency;
Payment of state fees
AML procedure in Polish.

The deadline for the Polish cryptocurrency company’s entry into the register is 14 days from the moment of signing the statement by the director of the company via ePUAP. In case of questions from the registrar or lack of necessary documents, this period may be extended.

Registration of the Polish company in the register of crypto-currency companies

The activities of Polish companies and individuals involved in cryptocurrency are regulated by the Chamber of Tax Administration in Katowice, Poland.

Legal basis of the register of activities in the sphere of virtual currencies:

Articles 129m – 129z of the Act of 1 March 2018 on combating money laundering and the financing of terrorism;
Resolution of the Minister of Finance, Funds and Regional Policy of 25 October 2021 on the appointment of a body of the National Revenue Authority to perform the tasks of the body competent to maintain a register of activities in the field of virtual currencies,
Resolution of the Minister of Finance, Funds and Regional Policy of October 21, 2021 on the application for registration in the register of activities in the sphere of virtual currencies and notification of the suspension of this activity.
Activities in the field of virtual currencies are regulated activities and require registration in the registry.

List of companies and individuals who have received a cryptocurrency licence in Poland on 4.03.2022

The law on the basis of which a cryptocurrency license is issued in Poland

FREQUENTLY ASKED QUESTIONS

What is the legal basis for the operation of the Register of Virtual Currency Activities in Poland?

The Register of Activities in the Sphere of Virtual Currencies operates on the basis of the Law of 1 March 2018 on Counteracting the Legalization of Criminal Proceeds and the Financing of Terrorism (Bulletin of Laws of 2021, art. 1132 with Amendments), Law of 6 March 2018 «On Entrepreneurs» (Bulletin of laws from 2021, pose. 162, as amended)
When can I start cryptocurrency activities on behalf of my Polish company?

You can start your activities in the sphere of virtual currencies after entering the company’s register of activities in the sphere of virtual currencies, in accordance with the provisions of Article. 129 of the Anti Money Laundering and Anti-Terrorism Financing Act: Economic activities related to the provision of services specified in article. 2 item 1 point 12, hereinafter referred to as «activity with virtual currency», is an activity regulated in the sense of the Law of March 6, 2018. «About entrepreneurs» and can be carried out after receiving an entry in the register of activities in the sphere of virtual currencies.
Who should be included in the Register of Currency Activities virtual?

Companies/individuals carrying out so-called «Activities with virtual currencies», which consists in: a) exchange between virtual currencies and FIAT; b) Exchange between virtual currencies; c) Mediation in the aforementioned exchanges; r) Accounting, allowing authorized persons to use virtual currency units, including transactions with them.
How long after the application for inclusion of the Polish company in the register of cryptocurrency companies will be made, appropriate entry ?

The cryptocurrency regulator in Poland enters the register within 14 days of receipt of the application, provided that all necessary documents are in place and that the company’s beneficiaries meet the requirements described above. The application should also be accompanied by a declaration of compliance with the licensing conditions required by law for doing business in the field of virtual currencies and a statement of no criminal record of all participants in the company.
Where can I check if my company is listed in the commercial register of virtual currencies?

Entries in the register of activities in the sphere of virtual currencies, giving the right to Polish companies and individuals to work in the sphere of cryptocurrency, are entered by the Chamber of Tax Administration in Katowice and are available here.
What are the requirements for crypto service providers in Poland?
In accordance with the Polish Anti-Money Laundering Law, institutions must comply with certain regulatory requirements. These obligations of the Polish financial institution can be divided into the following groups:
1. Implementation of an internal procedure to counter the laundering of criminal proceeds and the financing of terrorism - Anti-money laundering policy;
2. Application of financial security measures to clients in certain circumstances - KYC/Client identification procedure;
3. Accountability of the Inspector General of Financial Information in certain situations;
4. Appointment of senior management responsible for fulfilling the obligations set out in the Polish Anti-Money Laundering Act;
5. Implementation of training programmes for personnel covering the implementation of anti-money laundering obligations.
What is meant by the legal requirement of «no criminal record»?
The requirement of no criminal record means that members of the Polish cryptocurrency company were not tried for the following offences:
- against the activities of state and local self-government bodies
- antijustice
- against the credibility of documents
- property fraud
- against illicit economic trafficking and property interests in trade
- Against Money and Securities Transactions
- criminal offence
- Crime committed for the purpose of obtaining material or personal benefit
Which members of the company must have an impeccable reputation?
The requirement of no criminal record applies to natural persons applying for inclusion in the register of persons who are allowed to engage in cryptocurrency activities in Poland, and in the case of other legal entities:
- Partners entrusted with the conduct of the affairs of a partnership or representation of a company or members of management bodies (in the case of legal persons or organizational units other than legal persons);
- Managers of business-related activities in virtual currencies,
- Beneficiaries of a virtual currency company
How can the participants of the Polish cryptocurrency company confirm the knowledge and experience related to cabot in the sphere of virtual currencies?
The condition of proof of knowledge and experience is considered fulfilled in the case of:
1. Training or course on legal or practical issues related to activities in the field of virtual currencies (AML/KYC)
2. To carry out at least one year of activities related to the activities of virtual currencies with the confirmation of the relevant documents. Therefore, a document confirming the experience in the cryptocurrency sphere, will, for example, extract from the TR Records of business activity and information confirming the activity together with documents confirming that the entrepreneur performed for a period of at least a year activity, related to virtual currency activities. They may be these contracts with customers for this period, confirming that the data has been processed for the customer Services. With regard to training and courses, the Act does not specify the permitted categories of courses/instruction. It is important that the scope of the course/training cover legal or practical issues. related to activities in the field of virtual currencies. The certificate of completion/training must confirm that the subject of the course/training is covered by the subject.
Who can apply for registration in the Register of Foreign Exchange Activity virtual on behalf of a commercial company?

An application for entry into the register of transactions with virtual currencies may be submitted by one of the persons who have the right to represent the company specified in the Central Information Center of the National Judicial Register or the person in name of the power of attorney is issued by the company representative. If the application is submitted by proxy, the application must be accompanied by a signed power of attorney with a qualified electronic signature, trusted signature or personal signature. Also attached to the application must be a declaration of compliance required by law to carry out activities in the field of virtual currencies signed with a qualified electronic signature, trusted signature or personal signature of all natural persons, authorized to represent a company applying for registration in the register.
Will I get written information from the Office that the entry in the business register in the virtual currency field has been made?

No. The registering authority will not notify you of entering the registry of activities within the framework of virtual currencies. The application can be found on the Public Information Bulletin website. The Chamber of Tax Administration in Katowice in the tab «Examination of cases».
If you do business in the sphere of virtual currencies without the confirmation of the regulator, are such activities subject to administrative sanctions?

Yes. When working in the sphere of virtual currencies without obtaining the necessary license and entry in the register of activities in the field of virtual currencies, a person conducting such activity can be fined up to 100,000 zlotys
Should I report a change of company data to the registry in virtual currencies?

Yes. The data in the records should be changed by filing electronically for the ePuap, an application to change the record in the registry of activities in the virtual currency sphere. The application must be submitted within 14 days from the date of the data change. The date of amendment may not be the date of the previous date of entry into the registry, nor may it be a date in the future.
Should the regulator be informed about the suspension of activities in the sphere of virtual currencies?

Yes. Notification of suspension of activities in the sphere of virtual currencies should be made by sending an electronic notification on suspension of activities in the sphere of virtual currencies through ePuap. The notification must be made within 14 days from the date of suspension. The notification should indicate the date of suspension of the activities, which cannot be earlier than the date of entry into the registry and cannot be a date from the future.
Can the registering authority remove a legal entity from the register of persons engaged in cryptocurrency activities?

Yes. An authorized body in the field of virtual currencies may exclude from the register a legal person working in the sphere of virtual currencies in the following cases: 1) Upon receipt of information on the removal of a person from the Central Register and information on Economic Activities or the National Judicial Register (happens in case of bankruptcy or liquidation of a legal entity) 2) Where there is: a) the failure of the organization to meet the conditions required by law to perform activities in virtual currency or b) that the subject has submitted the declaration referred to in Art. 129p, para. 2, incompatible with the actual state of affairs. Removal is done by decision of the regulator.