License to exchange cryptocurrencies in Poland

Poland’s signing of a bilateral double tax treaty with more than 84 countries around the world has made this country an attractive jurisdiction for doing crypto business in terms of taxation.

Following the November 2021 amendments to the Law on Combating Money Laundering and Terrorist Financing (“AML Law”), virtual currencies became a regulated activity and the commercial register of cryptocurrencies in Poland was activated.

There are 4 main types of licenses for carrying out activities in the field of cryptocurrencies

Exchange of cryptocurrencies for fiat money (exchanges, exchangers)

Allows a firm to exchange digital currency for fiat or vice versa for a fee

Exchange between virtual currencies

Required when exchanging cryptocurrencies with a commission.

Intermediation in the exchange of cryptocurrency for fiat money and one cryptocurrency for another

When providing exchange services as above.

Maintenance and storage of cryptocurrencies

For companies implementing cryptocurrency wallets for storing cryptocurrencies, creating encrypted client keys and storing them.

Basic requirements for the company

Authorized share capital	From PLN 5,000 (EUR 1,093)
Taxation	Subject to corporate tax (capital gains tax) at a rate of 19%, although taxation at a reduced rate of 15% is possible. Income tax when exchanging virtual currency for virtual or fiat currency ranges from 17% to 32% in accordance with the progressive taxation scale.
Requirements for board members and geographical location	At least 1 shareholder (individual or legal entity). 1 director (can be the same shareholder, but only an individual). AML Compliance Officer.
Office availability	Proof of a local office is required.
Minimum document requirements for applying for a license	A detailed resume of the director, members of the board and employees; Certificate of no criminal record for each of the above and evidence of experience or relevant qualifications in the financial industry; Organizational structure of the company; Charter; Detailed business plan describing the activities of the company (preferably with a detailed financial forecast for at least 5 years); AML/KYC internal procedural rules and policies; Confirmation of the contribution of the authorized capital.

Services offered by us within the framework of obtaining a license

LEGAL ADVICE ON THE POSSIBILITY OF OBTAINING A LICENSE, TAXATION, OPENING A BANK ACCOUNT

FULL LEGAL SUPPORT FOR COMPANY REGISTRATION

OPENING ACCOUNT IN PAYMENT SYSTEM OR BANK

FORMING A LEGAL ADDRESS

SEARCH AND HIRING STAFF

ASSISTANCE IN PREPARING DOCUMENTS FOR OBTAINING A LICENSE

COORDINATION WITH THE REGULATOR IN THE PROCESS OF CONSIDERATION OF THE APPLICATION FOR OBTAINING A LICENSE

ACCOUNTING AND LEGAL SUPPORT OF THE COMPANY

Stages of obtaining a license

First of all, it is worth deciding on the direction of your company’s activity, the expected amounts of income and the operations performed in order to correctly calculate all the nuances. From these facts will depend on the size of the initial authorized capital, the amount of the annual fee and additional costs that may arise during the activity.

STAGE 1

REGISTRATION OF A COMPANY, REGISTRATION OF A LEGAL ADDRESS, HIRE EMPLOYEES.

STAGE 2

SELECTION OF THE OPTIMAL FINANCIAL INSTITUTION FOR THE PURPOSE OF OPENING ACCOUNT FOR THE FORMATION OF AUTHORIZED CAPITAL AND OPENING SUCH ACCOUNT.

STAGE 3

PREPARATION OF DOCUMENTS AND OBTAINING A CRYPTOLICENSE.

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