Crypto license in Poland

Poland is now a recognized traditional financial jurisdiction for the licensing of payments and electronic money in Europe. Also having the authorization of the cryptocurrency and cryptocurrency wallet operator, Poland is one of the few member states of the European Union and the European Economic Area (EU/EEA) offering a license for transactions with virtual currency.

The main advantage of crypto license in Poland

Running a regulated crypto business in Poland and obtaining a crypto license in Poland is easier than in any other jurisdiction, but it is worth remembering that full compliance with all legal regulations and acts is required. The government’s policy makes it safe to say that Poland will continue to develop and support the direction of blockchain and crypto-business.

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Types of Crypto License and Registration in Poland

There are two types of authorization of crypto license in Poland:
  • cryptocurrency exchange operator - is a company or branch of another company that exchanges the cryptocurrency belonging to clients for commission fee.
  • cryptocurrency wallet operator - is a company or branch of another company that manages wallets for cryptocurrency customers.

The activities of cryptocurrency exchange operators and wallet operators for cryptocurrency storage should be separated from licensed traditional financial activities (payment institutions, electronic money institutions, etc.). However, licensed financial institutions can service fiat payments to cryptocurrency companies and their clients, creating an effective fiat payment mechanism associated with cryptocurrency.

Basic requirements for obtaining crypto license in Poland

Registered legal entities (companies) in Poland may apply for the registration of crypto activities. The Registrar of Legal Entities must be notified of the activities related to cryptocurrency, as well as of the measures taken to counteract the legalization of proceeds of crime. Cryptocurrency and cryptocurrency wallets are controlled by the Financial Crimes Investigation Unit - FIU. Board members as well as ultimate beneficial owners (UBO) of the company need to meet the requirements of impeccable reputation. General requirements for legal entities engaged in activities related to cryptocurrency: identification and verification of clients; keeping of client’s records and data; appointment of the Manager responsible for compliance with the requirement to prevent the legalization of proceeds of crime and implementation of internal control policies and procedures.

Registration of initial placement of coins

Separate requirements for countering the legalization of proceeds of crime, rules for identification of customers, as well as other reporting requirements are established for companies engaged in the initial placement of coins, attracting funding through the public distribution of virtual coins to investors. Registered legal entities (companies) in Poland have the right to register the initial placement of coins and carry out public distribution of tokens, successfully offering virtual coins to investors in all EU countries.