Because of the growing popularity of virtual currencies, Poland has emerged as a favorable jurisdiction in terms of bitcoin taxation and rapid legalization. Together with our local partners, COINsiglieri offers professional assistance in the remote acquisition of a Poland crypto license with a turnkey contract assurance in less than 3 weeks and a ready-made solution.
There is currently no authority in Poland that issues licenses for cryptocurrency exchange and custody. To be compliant with Polish legislation as a virtual asset service provider (VASP), a limited liability company (Sp. z o.o.) must be registered in the trade register as VASP, a share capital of PLN 5000 (approximately EUR 1100) must be paid, AML procedural rules must be submitted, and an AML officer in charge must be appointed.
Representatives of Polish cryptocurrency companies must have knowledge or experience related to activities in this field. If requested by the regulatory authority, proof of this requirement should be provided.
As an outcome, compared to most other European countries for crypto enterprises, Poland will comply to MiCA Directive in 2024-2025.
Exchange between virtual currencies and means of payment. VASP companies have the authorization to provide exchange services between various forms of virtual assets with fiat currency.
Examples: Euro/BTC or ETH/USD.
But also Intermediation in the exchanges referred to above
A crypto license in Poland allows its holder to provide services for exchanging crypto to crypto, which means their customers can buy or sell available utility tokens in exchange for other tokens.
The VASP license also allows its operator to act as a custodian, and store crypto assets on behalf of its clients in custodian wallets, which means that the operator may open a wallet for a customer while keeping the private keys.
Virtual Assets Service Providers may organize ICOs, in which an offer to buy the VASP's cryptocurrency is issued for the first time. It is vital to note that during an ICO, the VASP company may only issue utility tokens.
VASPs have an option to apply stacking as a secondary technique for generating passive revenue from cryptocurrencies. Many blockchains employ Proof-of-Stake and related consensus techniques. This is a profitable alternative to traditional crypto keeping and is equivalent to crypto bank deposits.
Polish companies must pay the following tax rates as of March 2023:
Yes, it is required to have a registered local office in Poland, and an AML Officer.
Conducting virtual currency exchange or custody business in Poland without a relevant registration of Polish VASP within the local registry is punishable by a fine of up to PLN 100,000. Such violations constitutes an administrative offense. If a Polish VASP fails to meet their duties, the maximum penalty levied under certain conditions might be €5 million or 10% of turnover.
According to the new regulation, a share capital of 1100 Euro (5000 PLN), paid only in fiat.
Realistic term for a new, from scratch company, is 5 - 6months.
But, we sometimes have ready-made solutions that can take no more than 2-4 weeks. Just ask us about what we have available.