Poland crypto license

The potential of cryptocurrencies as a global tool for making payments and financial transactions is recognized by an increasing number of experts, so exchange services using not only traditional fiat, but also digital currencies, perspective and represent a new word in international business. However, to operate legally, Poland crypto license is required. It is a permission to conduct transactions with digital funds, convert them into fiat currencies, accept money from third parties and perform other prescribed actions.

Advantages of crypto license in Poland

Poland is one of the most favorable countries for innovative digital business, including mining, crypto exchange and electronic money transactions. Poland is seen as a platform for blockchain startups, ICOs. Polish authorities consider crypto-funds to be a combination of numbers obtained by mathematical calculation, and do not apply to them the Law on Countering the Legalization of Criminal Proceeds. However, the government has announced its intention to apply anti-money laundering rules to cryptocurrency exchanges and cryptocurrency holders. The national regulator of the FCA licenses the business of exchange of non-piate currencies of the authorities. They actively explore blockchain technology, accept payment crypto-solutions as an inevitable future, and even provide blockchain-startups government support.

Features of crypto license in Poland

The license for the exchange of cryptocurrencies in the country is issued (exchanges, exchangers, etc.), although the legislative regulation of the digital business is still in the formative stage. Virtual currencies do not fit into existing financial regulatory regimes and are not regulated by financial instruments, securities, payment service providers and electronic money providers. Profits earned from crypto-currency transactions are subject to the standard capital gains tax (VAT).

Basic requirements for obtaining crypto license in Poland

Registration of a company as a provider of relevant financial services – different States have their requirements to the legal form permitted for such activities, the size of the authorized capital, residence of founders, directors and beneficiaries, the number of shareholders and other nuances. Providing the regulator with a set of documentation on the registered company (founding contracts, statutes and so on), as well as confirmation of compliance with the rules on the handling of digital assets – the cryptocurrency license is issued to companies, Who have provided instructions and regulations on internal controls, policies to counter the laundering of criminal funds, descriptions of technical devices and other documents. Opening an account in the bank, introduction of measures to prevent information leakage and specific national requirements – separate accounting of fiat and digital currencies, provision of certificates on the legality of business shareholders.

Necessary documents for obtaining crypto license in Poland

Minimum document requirements for applying for a license. A detailed summary of the director, board members and staff. Certificate of no criminal record for each of the above and evidence of experience or relevant qualifications in the financial industry. Organization of the company. Statutes. A detailed business plan describing the company’s activities (preferably with a detailed financial forecast for a minimum of 5 years). AML/KYC internal procedural rules and policies and confirmation of deposit of the authorised capital.