Poland crypto license

The Polish government has a rather progressive view on cryptocurrency operations. This is one of the advantages why today many entrepreneurs are interested in opening a crypto business in Poland.

The main conditions for obtaining Poland crypto license

Poland crypto license will be issued to persons who have passed the preliminary check for no criminal record/bankruptcy (it is necessary to provide a certificate of conviction or that you are not bankrupt). At least 1 year of relevant qualifications and experience in the financial services industry. The cryptocurrency license is mandatory both for individuals registered as sole proprietors and providers of cryptocurrency services, and for managing directors of companies.

Settlement account and crypto license

European banks in most cases do not accept applications for opening bank accounts for crypto-companies. There is also no obligation to have a bank settlement account in Poland. Now there are many solutions for opening accounts in payment institutions for both administrative and operational activities.

How to get a crypto license in Poland?

Since Poland is an EU Member State, both domestic rules and regulations and EU directives apply to the regulation of cryptocurrencies, especially with regard to compliance with AML/CTF provisions. The company must provide apostilled copies of documents of all owners and senior managers. Owners and directors of a company must have an impeccable reputation, which means no criminal record for violations of the law: against the state authorities, justice, economic turnover, trading in securities and money; deliberate financial crimes.The company must pay the authorised capital in the amount of PLN 5000 (100% of the amount to be paid at the time of registration). Identification and verification of customers before establishing a business relationship or when the transaction exceeds a certain amount. The company must prepare reports for the regulatory body, keep records and store customer data.

Receiving steps of Poland crypto license

  • Project analysis, project compliance analysis;
  • Preparation of the charter, constituent agreement (umowa spółki) and powers of attorney;
  • Choosing the correct code of PKD activity (Polska klasyfikacja działalności);
  • Registration of a legal entity;
  • Obtaining an electronic digital signature and PESEL for all participants of the company;
  • Submission of an electronic application for registration in the register of activities in the sphere of virtual currencies (crypto license in Poland).

After registration

It is necessary to appoint an accountant and start keeping accounting and financial records from the first day of registration In Poland, as in many other countries, there is also a register of final beneficiaries. Information about UBO should be submitted within a week of registration. Opening of a settlement account for the company. After the registration of the company in Poland, there are 3 weeks to submit the NIP-8 form with information to the accountant accompanying the company and about the bank account.