Does Poland grant a license for crypto activities?
The shortest way of answering this question would be “no”. Unlike some of the European countries, this jurisdiction doesn’t necessitate crypto businesses to apply for a license. In other words, there’s no such thing as a crypto license in Poland. Some might say that this puts Poland in a precarious situation with regard to the crypto economy, but the fact of the matter is that this European country still enjoys heightened interest from crypto start-ups and established businesses alike. This is largely due to Poland’s crypto-friendly stance. Even if there’s a license to be obtained, there are still many crypto-friendly regulations that make Poland a very tempting destination for those looking to do business in this space.
How do I get a crypto license in Poland?
If you want to do business in the cryptocurrency sector, you will have to register your business in accordance with its main business activity, i.e. a virtual asset service provider. In order to complete the process of registering your company, you will have to do the following:
- Register a physical address in the country;
- Send in the required paperwork related to the business itself and key personnel as well;
- Put the authorized capital of the company in the corporate bank account;
- Formulate AML and KYC policies and establish clear-cut rules for assessment and management of the risks.
When doing business in the country, you will also have to keep and verify the IDs of the clients and submit reports to the apt regulatory bodies.
Is it necessary to contact the local tax authority in crypto activities on behalf of a Polish company?
Every company working in Poland has to pay taxes. Even if you’re a foreigner, you stil have to pay taxes. In fact, your taxation situation might be more intricate and complex due to the presence or lack of double taxation agreements between the jurisdiction of your origin country and the destination country. You will have to set up an account and submit reports to Krajowy Rejestr Sądowy (aka National Court Register).
What are the activities of the crypto license in Poland?
The range of business activities that can be carried out by companies operating in the cryptocurrency sector is pretty varied. Here are the key ones:
- Exchanging cryptocurrency for conventional currencies, including US dollars, euros, pounds, etc.
- Exchanging cryptocurrency for another cryptocurrency
- Providing intermediary services in the field of crypto exchange
- Support accounts belonging to the clients
Can non-residents of Poland own a crypto company?
It’s fully possible for a non-resident to register a cryptocurrency business. In fact, the ability to do so was one of the things that made Poland such a popular crypto jurisdiction in the first place. There are many people out there that are perfectly willing to engage in cryptocurrency activities within a favorable, crypto-friendly environment.
Can non-residents of Poland be part of the board of a Polish crypto company?
There are no nationality or citizenship requirements for people to become part of the board of a Polish cryptocurrency company. Non-residents can freely appoint themselves as members of the board. That, once again, proves that this jurisdiction provides favorable conditions to people that are ready to do business in crypto.
Is it necessary to have a banking account to obtain a licence?
It’s definitely necessary to have a corporate account in order to run your company. Even if some of the other jurisdictions have laxer requirements when it comes to banking, Poland mandates that you have a business account with a local banking institution where you can move the funds. That’s the account into which you’ll be asked to deposit the entirety of the authorized capital. Most budding crypto business owners just deposit the minimal amount required because they want to optimize their cash flow in the long run without being pressured into keeping all the money in one place.
What is the minimum authorized capital for a virtual currency service provider?
Currently, the minimum amount of authorized capital for a virtual currency service provider is roughly EUR 1,055. This number is higher than what you get in some of the other European jurisdictions, but Poland in general is far from the cheapest option on the market. This jurisdiction is better suited for people who value reputation and professionalism, because it’s unlikely that they’ll encounter any kind of issues. This jurisdiction is well-known for its efficient regulation and generous tax incentives, so it’s well worth it to prepare more money to be deposited into your bank account.
For how long is a crypto-license issued?
There is no crypto license to be issued. Poland is one of the rare European countries that doesn’t have its own license in the field of cryptocurrencies. Therefore, you are not obligated to apply for one. You don’t have to receive accreditation or anything like that. There is no timeframe for how long the license will be valid since there’s no license in the first place.
Is it possible to deposit authorized capital in cryptocurrency?
There is no such opportunity. Even if Poland remains one of the most crypto-friendly countries out there, it still does not permit the deposits of capital in cryptocurrency. This country’s enthusiasm has its own limitations and it’s perfectly fine to work with fiat money as well. The same goes for other jurisdictions, as well – there are not too many countries that are ready to accept this important deposit in the form of cryptos.
Why should you get a crypto license in Poland?
There exists a certain level of success associated with people who operate out of Poland. It’s a very prestigious jurisdiction that is well-known across the globe. A crypto project registered in Poland is instantly more trustworthy and recognizable by the crypto community and as such, it can ensure wider exposure for your company. That’s certainly a positive factor, but the big advantage of being able to quickly create a crypto company in Poland is one of the biggest selling points. Speed and prestige are two of the things that this jurisdiction can offer. Furthermore, there are advantageous tax terms and many other features that allow you to dramatically improve and simplify your business.