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Poland has a unique regulatory landscape for cryptocurrencies. While they aren't considered part of the country's financial market, authorities do oversee activities related to providing payment services, such as cryptocurrency exchanges.

Poland has emerged as an attractive destination for cryptocurrency businesses, particularly due to its favorable tax regime. The country has signed bilateral tax treaties with 84 nations, aiming to prevent double taxation and bolster its appeal as a crypto-friendly jurisdiction. While there's currently no dedicated licensing authority for cryptocurrency exchanges and custodians in Poland, businesses operating in this space are required to adhere to specific legal requirements. To function as a Virtual Asset Service Provider (VASP), companies must:

1. Register a Limited Liability Company (Sp. z o.o.): This involves registering with the trade register as a VASP, paying a share capital of PLN 5000 (approximately EUR 1200), and appointing an AML officer.

2. Comply with AML Regulations: This includes submitting Anti-Money Laundering (AML) procedural rules and conducting regular customer verification (KYC).

Once these requirements are met, companies can engage in various cryptocurrency activities, such as:

1. Exchanging virtual currencies for fiat money: For instance, converting EUR to BTC or BTC to USD.

2. Exchanging one virtual currency for another: For example, trading BTC for ETH.

3. Providing custody services: Safekeeping private keys on behalf of clients.

Crypto businesses in Poland are expected to adhere to European regulatory standards, including:

1.Maintaining a positive reputation: Ensuring the company's owners and directors have a clean track record.

2. Conducting thorough customer verification: Implementing robust KYC procedures.

3. Monitoring for suspicious activity: Reporting any unusual or potentially illicit transactions to regulatory authorities.

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Types of Crypto Licenses in Poland

Since October 31, 2021, all cryptocurrency-related operations have become subject to regulation. Consequently, the law now imposes additional responsibilities on businesses, requiring them to obtain appropriate licenses by registering with the cryptocurrency business register through the e-PUAP system under the Tax Administration Chamber in Katowice. Moreover, according to Article 2.1 of the Polish Act on Combating Money Laundering and Terrorist Financing, Polish regulations classify Virtual Asset Service Providers as Obliged Entities. The law distinguishes between the types of services these providers can offer and imposes different requirements based on the activities they conduct. It also mandates that they secure the necessary licenses by registering with the cryptocurrency business register.

Exchange Services

Exchange between virtual currencies and payment methods.

Exchange Services

Conversion between different virtual currencies.

Exchange Services

Facilitation of the exchanges mentioned above.

Exchange Services

Maintaining accounts to allow authorized users to manage virtual currency units, including their exchange activities (custodial wallet services).

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1-2 weeks

Duration

Advantages of Crypto Licenses in Poland

This nation stands out as one of the most dynamic in Europe, having various perks that set it apart from other countries. These benefits will likely play a key role in the final decision, and here are a few examples:

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1

Client and Investor Trust

Holding a cryptocurrency license in Poland serves as a testament to a company's expertise, reliability, and professionalism. Many clients prefer to work with licensed entities, as it offers them reassurance and confidence that their investments are secure and safeguarded by the legal framework.

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2

Expansion Opportunities

The crypto license in Poland enables businesses to venture into new markets and forge partnerships. Due to Poland’s reputable cryptocurrency regulations, licensed firms often enjoy benefits when engaging with international clients and partners.

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3

Legal Security and Stability

Poland’s robust business protections and stable legal framework instill confidence in license holders regarding the legality of their operations, safeguarding their rights and interests. This environment allows companies to operate and grow with assurance.

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4

Clear Taxation Framework

A cryptocurrency license in Poland gives businesses a comprehensive overview of their tax responsibilities concerning cryptocurrencies. This clarity helps companies to strategically manage their finances and avoid unexpected fines or penalties, which is increasingly crucial in the unpredictable crypto landscape.

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5

Access to Diverse Digital Assets

Licensed crypto exchanges in Poland offer access to a wide range of digital assets, including altcoins and innovative tokens beyond just Bitcoin and Ethereum. This fosters portfolio diversification and opens up investment opportunities.

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Focus on Security

Polish crypto exchanges prioritize the security of users' funds and personal information. They implement stringent security measures, including two-factor authentication (2FA), to ensure that both funds and sensitive data are adequately protected.

Requirements for a Crypto license
in Poland

Here are the key requirements that a Polish company must meet to operate within the cryptocurrency sector:

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  • Development of internal policies, including AML/KYC guidelines, and internal control measures.
  • Designation of a qualified individual responsible for complying with AML/CTF duties as outlined in the Act on Counteracting Money Laundering and Terrorist Financing.
  • Establishment of procedures to initiate and oversee business relationships, and to identify customers using the company’s services.
  • Adoption of procedures to comply with international sanctions.
  • Setting up the infrastructure required for secure storage of customer data.
  • Defining procedures for reporting suspicious transactions and other related activities.
  • Ensuring that the company's shareholders and top management have a good business standing and no criminal history.
  • Applying a risk-based approach to virtual asset activities, considering risks identified through relevant risk assessments.

Procedure for obtaining a crypto license in Poland

After 7-9 weeks, the company will be fully registered as a Virtual Asset Service Provider. An additional 3-4 weeks
will be needed for full operational status, including the opening of a corporate bank account.

Company Registration Timeline and Steps:

1. Document Collection to Initiate the Process:  1 week

Outcome: Gather essential information from the client, provide an initial document package for executing a power of attorney (PoA), and clarify the project’s scope and budget.

  • Project analysis.

  • Collect required documents for KYC purposes and business description.

  • Prepare power of attorney for notarization and legalization.

  • Confirm the business name.

  • Gather information about shareholders and director’s criminal record.

  • Receive documents at our office in Poland.

Outcome: Company is registered in the Commercial Register with the chosen name and is ready to register its cryptocurrency-related activities with the Tax Administration Chamber.

  • Sworn translation of PoA and criminal record certificate into Polish.

  • Notarial deed execution for company registration.

  • Company data entry into the commercial and business registers.

  • Preparation for obtaining a Polish Tax Number (PESEL).

Outcome: The company is now registered to operate in the cryptocurrency sector and is ready for business.

  • Collect additional details about the client's business (risk appetite, target customers, business type, etc.) and draft AML/KYC policies specific to the company’s crypto activities.

  • Submit applications and required documents to Polish authorities, with ongoing communication throughout the registration process.

  • Hire and train an AML officer, ensuring they comply with Polish law and understand their regulatory obligations.

  • Appoint a qualified AML Officer.

  • Translate internal company documents into Polish.

Outcome: The company is fully operational, with a corporate bank account and compliance with tax authorities and supervisory bodies as a Virtual Asset Service Provider.

  • Analyze and compare the most suitable banks/EMIs, matching the risk appetite of the client to that of the bank based on the AML policies.

  • Collect necessary documents from the client (fund flow, source of wealth, account purpose, key partners, company website, utility bills, etc.).

  • Begin the onboarding process with 2-3 crypto-friendly EMIs simultaneously.

  • Guide the client through the account opening process.

  • Develop accounting procedures for the client’s crypto business.

  • Integrate an accountant and provide an initial consultation on crypto accounting practices.

Service packages for registration of Crypto
license in Poland

Choose the best package of services for obtaining a Crypto
license in Poland (Polish VASP)

Full Package

€ 8000

  • Full Turnkey Company Formation;
  • Registering as Polish VASP within the Regulator;
  • Address of Registration for one year;
  • Obtaining Polish Trusted Profile (“EPUAP”);
  • Individual AML/KYC Policy;
Individual Package

€ 8000

  • Full Turnkey Company Formation;
  • Registering as Polish VASP within the Regulator;
  • Address of Registration for one year;
  • Obtaining Polish Trusted Profile (“EPUAP”);
  • Individual AML/KYC Policy;
Essential Package

€ 8000

  • Full Turnkey Company Formation;
  • Registering as Polish VASP within the Regulator;
  • Address of Registration for one year;
  • Obtaining Polish Trusted Profile (“EPUAP”);
  • Individual AML/KYC Policy;

Find more information about the
Poland Crypto license

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Taxation of Crypto companies and Crypto
transactions in Poland

Similar to the evolving legal framework for virtual assets in Poland, the taxation system also offers advantages for businesses entering this field. The Polish legal structure does not recognize virtual assets as currency or a payment method. Instead, profits from these assets are categorized either under personal income tax (as cash capital income) or business income (as capital gains). Both categories benefit from a progressive tax rate: individuals are taxed between 18% and 32%, while businesses are subject to rates of 15% or 19%, depending on their size.

As of March 2023, Polish companies are subject to the following tax rates:

  • Corporate Income Tax (CIT): 19%
  • Taxes on profits (BT) – 19%;
  • Capital Gains Taxes (WCL) – 19%;
  • Value Added Tax (VAT) – the basic rate of 23%;
  • Social Security (SVP) – 19.48% to 22.14% (of gross salary);
  • Health insurance (SA) – 9%.

Key points for legitimate operations within Polish tax regulations include:

  • Income from exchanging cryptocurrency for fiat currency is classified as capital income.
  • The exchange of one cryptocurrency for another does not generate income.
  • Costs incurred during crypto-to-crypto exchanges are not recognized as expenses.
  • Services that facilitate crypto-to-fiat or fiat-to-crypto exchanges are exempt from VAT.
  • In annual tax filings, income from cryptocurrency exchanges must be reported, and the applicable income tax calculated.

In 2024, tax rates remain largely consistent, although there are new guidelines for cryptocurrency businesses due to changes in the Corporate Income Tax Act:

  • Companies can now enjoy tax benefits on asset sales and exemptions from capital gains, even with minimal shares (less than 5%) or when operating in special economic zones.

  • New rules apply to transactions with entities registered in tax havens, with higher documentation thresholds. For financial transactions, the limit is PLN 2.5 million (about €532,000), and for non-financial transactions, it is PLN 500,000 (about €106,500).

  • The Polish cryptocurrency tax system will align with OECD recommendations, aiming to introduce uniform international standards for cryptocurrency tax reporting and prevent inconsistent practices across countries.

Any Questions

Frequently Asked Questions

Yes, cryptocurrency activities are permitted in Poland. Companies engaging in these activities must adhere to regulations, including registering with the Polish Financial Supervision Authority (KNF) and implementing anti-money laundering (AML) protocols. With the upcoming implementation of the EU's Crypto Asset Regulation Act (MiCA), stricter rules will soon apply to crypto businesses.
To register as a virtual asset service provider (VASP) in Poland, a business must follow these steps:

  • Establish a physical office in Poland

  • Provide documentation for owners, directors, and senior managers proving good character and no criminal record

  • Meet the minimum capital requirements

  • Set up risk management procedures and create AML/KYC policies

  • Verify and identify clients before establishing business relationships or when transactions exceed certain thresholds

  • Submit regular reports on activities to the regulatory authority.

According to Section 129r (3) of the AML Act, the relevant authority must register the entity in the virtual currency activities register within 14 days of receiving the application. However, the total time to acquire a license can vary, especially if you are setting up a new entity. Preparing documents and submitting the application should take no more than a single business day.
Operating a cryptocurrency exchange or providing custody services without registering as a VASP in Poland can result in fines of up to PLN 100,000. This is considered an administrative offense. If a registered VASP fails to meet its obligations, the penalty could rise to €5 million or 10% of the company’s turnover, depending on the circumstances.
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