Frequently Asked Questions About Obtaining a Crypto License in Poland

Cryptocurrencies are growing in popularity due to fintech’s rapid growth and widespread use of blockchain technology. Business owners are growing increasingly interested in trading virtual currency.

In this regard, Poland provides a conducive climate for corporate growth, with cheap expenses and a manageable amount of bureaucracy. Let’s answer on top concerns people have while trying to get a Poland crypto license.

How does one go about getting a cryptocurrency license?

Trading, exchanging, and brokering virtual currencies as well as running electronic cryptocurrency wallets are all regulated professions in Poland. To legally function as a virtual asset service provider (VASP), a company owner must apply to the virtual currency operations registry. You need to register, but not a license. However, for the sake of brevity and consistency throughout the paper, we shall use the VASP license interchangeably from here on out.

The Katowice Tax Administration Chamber’s Director, acting on behalf of the Minister of Public Finance, maintains the central registry of all business dealings using virtual currencies. It includes information like:

  • Information on the termination or suspension of virtual currency operations, 
  • basic data about the entity (name/company, NIP and/or KRS no.), 
  • the services supplied,
  • the date of admission into the register.

If you need to get a crypto license in Poland quickly and without stress, or you need other fintech services, for example, you want a BVI company set up, you can turn to Fintech Harbor Consulting for help.

In order to get a Bitcoin trading license in Poland, what paperwork do you need to submit?

In Poland, a crypto license may be obtained with a relatively short list of supporting documentation.

An electronic application including the following is required:

1. A certification that you have the necessary professional skills to work with cryptocurrency:

Under penalty of law for making false claims, the true beneficiaries and directors (if a corporation) swear in this affidavit that they are knowledgeable of or have worked with digital currencies. All of the aforementioned may be shown with either evidence of continuous work in the area of virtual currency for at least one year or a completion certificate from an appropriate educational program.

2. A promise to never have a criminal history

Real beneficiaries and, where relevant, members of the board of directors should make such a declaration. In essence, a National Criminal Register Certificate is unnecessary. However, a certificate of no criminal history from the National Criminal Register might be invaluable in the case of an audit.

The entrepreneur must supply basic paperwork in terms of RODO and AML, in addition to papers expressly related to the process of applying for a cryptocurrency license.

How long does it typically take to get a cryptocurrency license?

To comply with Article 129r(3) of the AML Law, the relevant authority must add the applicant to the register of operations in the area of virtual currencies within 14 days of receiving the application.

Whether you want to operate your Bitcoin business under an existing corporation or as a separate organization can affect how quickly you are able to get your license. The whole application procedure, including obtaining and filling out paperwork, should take one working day.

To what extent does a cryptocurrency license in Poland set you back?

The cost of obtaining the cryptocurrency license is minimal. Payment of PLN 616 is required to submit an application for inclusion in the registry of virtual currencies. Additionally, a charge of PLN 17 is required to get a certificate of entry in the registration.

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