CASP license in Poland

Categorizations of permits within Poland

VASP Licensing Variations Across Poland

Acquiring a crypto license in Poland follows a unified procedure, though minor adjustments may occur based on the specific operations the company intends to undertake. While the license encompasses a wide range of permissible activities, applicants are obligated to clearly outline their planned services and operations during the application process.

Essentially, obtaining a Polish crypto license signifies that your company has been officially approved by regulators as meeting the anti-money laundering and know-your-customer (AML/KYC) standards outlined in Poland’s 2018 AML Act.

In Poland, a legally authorized cryptocurrency enterprise is capable of:

• Offer secure storage solutions for digital currencies.

• Offer a platform facilitating the conversion of fiat currency into cryptocurrency and vice versa.

• Offer a platform for swapping different cryptocurrencies for one another.

• Emit a digital token or cryptocurrency, ensuring compliance with regulations and classification as a legitimate virtual asset, distinct from securities or financial instruments.

• For additional particulars on specific actions, please schedule a consultation.

A comprehensive guide outlining the procedures for acquiring a VASP license in Poland.

Acquiring a cryptocurrency license in Poland: A comprehensive guide

Securing a cryptocurrency license in Poland follows a clear and consistent procedure, designed to be completed within a relatively short timeframe. This four-stage process, which can be accomplished in as little as two months, involves document preparation, company formation, license application, and the establishment of a corporate bank account.

Let’s break it down step by step:

Phase I: week

SECURING NECESSARY CLIENT MATERIALS TO INITIATE THE PROJECT

Obtaining the necessary documents for your Polish crypto license application is a relatively simple process, with a concise and clear list required for the corporate services provider handling your company’s establishment and registration in Poland.

Prioritizing transparency is crucial, focusing on revealing the participants’ identities and showcasing their competence in handling crypto operations securely.

• Verification documents from all participants (such as passports, residency confirmations, or driver’s licenses);

• In certain situations, a background check may be required, specifically a certificate verifying the absence of criminal convictions from the applicant’s current residence.

• A resume or any document showcasing expertise in handling crypto-related ventures;

• Anti-money laundering guidelines and practices, adhering to the requirements set forth by the 2018 AML Act.

Phase II: Spanning 1 to 2 weeks

Establishing a Limited Liability Company in Poland

Establishing a cryptocurrency company in Poland commences with the legal structure of a limited liability entity, known in Polish as a “sp.z.o.o.” This designation signifies “spółka z ograniczoną odpowiedzialnością,” translating to “company with limited liability.”

• Registering with the Polish company registry will mark the beginning of a crypto company’s journey in Poland.

• Due to the use of electronic signatures, the process of forming a company no longer necessitates notarization or Apostille certification for documents;

• Instead of requiring a physical deposit, the declared share capital suffices. Polish cryptocurrency businesses are mandated to register a share capital minimum of 5,000 PLN, which equates to roughly 1,200 euros in the current year.

• A Polish cryptocurrency company’s certified corporate documents can be delivered via postal service or electronically as a scan.

• To operate, the company must have a registered address in Poland, an address we furnish to all our customers as part of our standard offering.

Phase III: Lasting approximately six to eight weeks.

OBTAINING A CRYPTOCURRENCY LICENSE IN POLAND

To operate as a VASP in Poland, entities must register with the Tax Administration Chamber, a division of the Polish Ministry of Finance, located in Katowice. This registration process involves a comprehensive application package exceeding 40 documents, encompassing details about the VASP’s personnel, legal structure, and a thorough outline of their AML Act compliance systems, protocols, and practices. Our firm offers a complete, ready-to-submit solution for our clients navigating this process.

• The applicant can specify their intention to utilize a reputable KYC software solution, either through a contractual arrangement or by developing their own in-house system.

• It’s crucial to establish guidelines and protocols for tracking and documenting financial transactions.

• Equally crucial is showcasing the process by which client risk is evaluated and the procedures for conducting due diligence, or heightened due diligence, at the outset of a professional partnership.

Candidates must prove their capabilities through a background screening and showcase their familiarity with cryptocurrency, either through prior experience or demonstrated knowledge.

PHASE IV: Spanning 2 to 5 weeks

Establishing Business Accounts for Both Business and Consumer Clienteles

Obtaining a crypto license offers significant advantages beyond simply adhering to legal requirements as a VASP. It serves as a powerful testament to a company’s credibility, fostering trust with both individuals and organizations. This enhanced reputation extends to banking institutions, increasing the likelihood of securing corporate accounts for managing company finances and client payment processing.

• Poland is exploring the option of offering corporate bank accounts specifically designed for cryptocurrency businesses.

• Furthermore, users are also given the option to establish payment processing accounts.

• In Poland, obtaining a VASP status is highly recommended for individuals seeking to utilize banking services.