In 2014, the Polish authorities refused to recognize Bitcoin as a currency but stipulated that contracts based on its basic index were full-fledged financial instruments, subject to general rules. Cryptocurrencies, although not legally defined, are not equated with fiat money, but are legally circulated in the country. Mining, sales and purchase of crypto instruments are recognized as a non-prohibited type of activity.
To be engaged in a digital exchange business, entrepreneurs need to be registered with government agencies and be licensed. Since 2017, the public statistical office of the state has equated cryptocurrency trading, exchange crypto business, and mining to financial intermediation. Firms can officially run the business but are required to obtain licenses for a cryptocurrency (its code is PKD 64.19.Z – Other financial intermediation). If the platform is created for the exchange transactions between individuals, it is not equated to exchangers or brokers. It does not require a separate license for the cryptocurrency exchange.
How to license a cryptocurrency business in Poland?
Poland is a part of the European space, and along with national regulations, EU rules are also taken into account when licensing. The country is a part of the Schengen zone, the fulfillment of the European Union Directive requirements will be necessary to enter the European market. Therefore, in order to issue a license for the cryptocurrencies exchange “with the prospect”, you will need:
- to register a Polish company with a “physical” office (to have a nominal address is not enough) – closed and open limited liability companies, SP zoo and SA will suit to non-residents depending on the scope and amount of anticipated transactions;
- to open a bank account and contribute a share capital – at the time of registration they pay 100%;
- to hire staff members and directors who have experience and education in the financial field;
- to prepare a business plan for several years in advance, documentation on hardware and software used for exchange operations;
- draw up policies for implementing AML / KYC standards, internal registers, control regulations, etc.
In one word – it is necessary to ensure a transparent framework for the company’s activity to make the local regulators confident about its good standing and operation. The process may be a bit bureaucratized but it is possible to be realized well. There are also lots of local peculiarities that have to be taken into consideration. For instance, state bodies oblige crypto entrepreneurs and holders to declare crypto-related gains separately from other gains. This is made for making the local framework more transparent.
Support of Aotopay at all stages of work
Aotopay consulting company will help with the registration of the exchange business and obtaining a license for cryptocurrency for it. We will support you legally, organizationally, provide advice, find a scheme of work, and an appropriate taxation model. Experts will check the package of documentation for registration and licensing, draw up policies and regulations. With us, you will deploy a cryptocurrency business in a promising country legally, quickly, and without a bureaucracy. Reach us shortly for getting more explicit suggestions and solutions for your current business goal.
