Polish rules for licensing crypto businesses

Every year, more and more countries recognize cryptocurrencies and are trying to develop mechanisms for their regulation. In the fall of 2021, Poland was included in the list of such countries. It brought new business opportunities into the country. It is worth noting that various operations using such assets were previously prohibited, but they were not regulated in any way. Today, obtaining a crypto license in Poland means proving that you work honestly and openly, have nothing to hide, and are not a scammer.

Attitude towards crypto assets in Poland

Previously, it was believed that the Polish government did not have time to form its attitude towards the crypto industry, but due to the EU court ruling in 2015, this could not impose a ban on such assets.

Many experts believe that crypto assets are regulated more like commodities, not like currencies, due to the lack of a legal framework.

It is worth noting that several popular exchanges, such as Coinbase, eToro, or Bitpanda, have typically been functioning here for quite a long time. The most successful of these is BitBay. It dares the most minuscule commission.

In November 2021, Poland joined Lithuania, the Czech Republic, and Estonia in introducing rules governing the operation of crypto businesses. The country’s government wanted to avoid fraud in this industry. Indeed, there are many scammers here, so the desire to identify them in time is very fair.

To conduct such a business, you need to obtain a crypto license in Poland. The relevant regulatory authorities will investigate and check the level of your reputation and participation in fraudulent activity. If everything is normal, you will receive permission to conduct your activities.

Stages of obtaining a license

The process of obtaining a crypto license can be divided into several stages:

  1. Company registration;
  2. Receipt of PESEL;
  3. Entering the company into the register of those who work with cryptocurrencies.

This whole process usually takes several weeks. Let’s take a closer look at each of these steps.

Company registration

Both a resident and a non-resident of the country can register a company. Running a crypto business is not enough to have a nominal address. It would be best if you had a full-fledged office where specialists in financial security would work. Also, you must have a website registered in Poland.

You must also open a bank account and deposit the authorized capital in full.

Your company must employ at least one person with experience and education in the financial sector. This specialist will represent your company when dealing with regulatory authorities, provide reports, respond to official requests, and much more. It is essential that this person has an excellent reputation and knows his duties well. If errors are found in the reports, this may be a reason to revoke your license. That is why the choice of such a specialist must be treated very carefully.

Your company should have a prepared business plan, which will outline the main areas of work, what authorized capital you have, and what level of income you plan to reach per year. Also, all possible risks should be worked out in this document.

Getting a PESEL

PESEL is a Polish tax number. It is by it that the system will identify your company in the tax system.

You can submit all documents electronically.

The term for deciding on your appeal is 30 days, but practice shows that this happens much faster.

Entering the company into the register of those who work with cryptocurrencies

To enter your company into the register of those who work with cryptocurrencies, you need to contact ePUAP.

Here you will be provided with a complete list of documents that you need to provide and an invoice for paying the fee. The list often includes:

  • A document that confirms the ownership of the company;
  • Passport of the owner;
  • PESEL.

Suppose the owner of the company is a foreigner. In that case, it is necessary to prepare translations of all documents in advance and provide not only an internal but also an international passport.

Suppose you do not want or cannot come to Warsaw on your own or want to get legal assistance on obtaining a crypto license in Poland. Today some specialists are ready to help you collect the necessary documents and will represent your interests in regulatory bodies. In this case, you need to issue a power of attorney. It is a good solution for those who want to speed up obtaining a work permit as soon as possible.

The most common reason why companies may refuse to obtain a license is a low level of trust. If someone on your team has previously had problems with the law, then you should not count on obtaining a permit. Try to carefully approach the selection of the team and then you will succeed.