Looking to acquire a Poland crypto license? Benefit from Poland's straightforward regulatory environment, and business-friendly policies, in less than 4 weeks setup time.
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POLAND CRYPTO LICENSE: OUR TEAM HERE TO AQUIRING YOUR LICENSE.
Consulting24 has swiftly risen to prominence as a top consultancy firm in various countries, including Poland, the UK, Malta, Canada, Singapore, Estonia, Lithuania, and Dubai. This distinction is attributed to the scale of its operations and its notable achievement in successfully obtaining more than 500 crypto exchange licenses.
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POLAND CRYPTO LICENSE EXPLAINED
In Poland, as per the directives of the National Bank and the KNF Financial Supervision Authority, all cryptocurrency businesses operational before November 1, 2021, are required to register by May 1, 2022. Additionally, the Polish government has been contemplating the taxation of profits from digital assets since early 2022. The signing of the European Blockchain Partnership (EBP) declaration and bilateral agreements with 84 countries to avoid double taxation has bolstered Poland's position as a tax-friendly jurisdiction for crypto businesses.
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For compliance with Polish legislation, virtual asset service providers (VASPs) must register as a limited liability company (Sp. z o.o.) within the trade register. This involves a share capital payment of PLN 5000 (around EUR 1100), the submission of AML procedural rules, and appointing an AML officer. These measures enable companies to engage in activities like the exchange of virtual currencies with fiat money (e.g., EUR to BTC), exchange between virtual currencies (e.g., BTC to ETH), and custody services, which include maintaining private keys on behalf of third parties.
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Crypto companies in Poland are required to adhere to European regulatory standards as outlined in AMLD. This includes maintaining the impeccable reputation of company owners and directors, regular KYC verifications of customers, monitoring and reporting of suspicious and non-standard transactions, and compliance reporting to regulatory authorities.
For more information about acquiring a crypto license in Poland, feel free to send a request.
TYPES OF CRYPTOCURRENCY LICENSE IN POLAND CRYPTO
Under the Polish Act on Counteracting Money Laundering and Terrorist Financing, Virtual Asset Service Providers (VASPs) are categorized as Obliged Entities. This law differentiates between various types of services that VASPs can provide and sets distinct obligations based on the nature of their activities. Additionally, it mandates that these entities obtain the necessary license by registering in the cryptocurrency business registry.
CRYPTO EXCHANGE
This service involves exchanging virtual assets or buying virtual assets using fiat currencies provided by the service. Typically, the service provider presents a list of accepted assets, permitting exchanges only between themselves and their customers. Customers can either exchange one type of virtual asset for another or buy virtual assets by depositing fiat currency into the service provider's account. Companies offering these asset exchange services may or may not permit transfers to third parties. This means that customers might be restricted to using their acquired virtual assets solely for investment purposes, without the ability to transfer value to others.
CUSTODIAL WALLET SERVICE
The Custodian Wallet Service, often a key component of a Poland crypto license, entails the secure storage of a customer's virtual assets within a corporate-owned electronic system. Typically provided directly by the service provider or through third-party infrastructure solutions, this service usually involves the service provider retaining the wallet's private key securely, while only the public key is made accessible to the customer. For customers holding a Poland crypto license and using these services, executing transfers to third parties requires the service provider's assistance, which can be requested via direct methods, mobile applications, or specialized widgets.
INTERMEDIATION IN VIRTUAL ASSET EXCHANGE
Intermediation in virtual asset exchange is a key service within the cryptocurrency sector, especially under regulations like those in Poland where a crypto license is required. This service involves two main types of exchanges:
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Direct Exchange Intermediation: Facilitates straightforward exchanges between different virtual assets or between virtual assets and fiat currencies. This includes converting one cryptocurrency to another or facilitating the purchase of cryptocurrencies with fiat money.
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Indirect Exchange Intermediation: Involves more complex transactions, possibly including multi-stage processes or derivative products. This type of intermediation may handle transactions that require sequential conversions or involve financial instruments based on cryptocurrencies.
For businesses engaged in these services in jurisdictions like Poland, compliance with relevant legal frameworks, including obtaining a crypto license, is crucial to ensure operational legitimacy and adherence to regulatory standards.
REQUIREMENTS FOR POLAND CRYPTO LICENSE
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Development of Internal Policies: Establish Anti-Money Laundering (AML) and Know Your Customer (KYC) policies, along with internal control procedures.
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AML/CTF Obligations Officer Appointment: Designate a qualified employee responsible for fulfilling obligations under the Act on Counteracting Money Laundering and Terrorist Financing.
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Customer Identification and Monitoring Procedures: Set up procedures for initiating and monitoring business relationships and for identifying customers who use the company's services.
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International Sanctions Compliance: Implement procedures to comply with international sanctions.
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Infrastructure for Secure Data Storage: Establish necessary infrastructure to ensure the safe storage of customer data.
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Suspicious Transaction Reporting Procedures: Outline procedures for reporting suspicious transactions and other related operations.
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Reputation and Criminal Record Checks: Verify that the company's shareholders and senior management have good business reputations and clean criminal records.
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Risk-Based Approach Implementation: Adopt a risk-based approach in licensed virtual asset-related activities, considering risks identified through relevant assessments.
DUTIES OF VIRTUAL ASSET SERVICE PROVIDERS (VASPS) IN POLAND
In Poland, while the laws don't directly regulate virtual assets, they do govern entities involved with them, such as Virtual Asset Service Providers (VASPs). The responsibilities of a Polish VASP vary based on the services and types of virtual currencies offered. Key obligations include:
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Activity Compliance: VASPs must strictly adhere to the activities they are registered for and take appropriate measures based on the virtual currency type they handle.
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Penalties for Non-Compliance: Non-adherence to these regulations can lead to fines up to PLN 100,000 and additional administrative penalties, depending on the violation's gravity.
​​In addition to these service-specific requirements, Polish VASPs are universally obligated to:
​ 3. Prevent Illicit Use: Implement safeguards against the illegal use of their services.
4. Client Data Recording: Maintain records of their clients' personal information.
5. Enhanced Scrutiny for Large Transfers: Apply extra checks for transfers exceeding €1,000.
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Failure to meet these obligations can attract administrative penalties, including fines up to €5 million or 10% of the annual turnover.​
TAXATION OF CRYPTO COMPANIES AND TRANSACTIONS IN POLAND: AN OVERVIEW
The taxation framework for crypto companies and transactions in Poland offers a beneficial environment for businesses engaging in this sector. Here's a breakdown of the key tax rates and classifications:
Tax Classification for Virtual Assets
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Personal Income Tax: Profits from virtual assets for private individuals are taxed as income from cash capital, subject to a progressive rate between 18% to 32%.
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Business Profits: For businesses, profits from virtual assets are classified as capital gains, with tax rates of 15% or 19%, depending on the company's size.
This tax structure reflects the Polish legal system's approach to virtual assets, not recognizing them as currency units or payment instruments but still ensuring their profitable integration into the market.
OTHER POLAND CRYPTO ASSETS
Overview of Polish Crypto Regulation: The Polish legal framework currently does not have a comprehensive system regulating crypto-related activities. Virtual currencies are not recognized as traditional money in Poland, and activities from mining to buying and selling these assets are not prohibited by law.
2020 Statement by the Polish Financial Services Authority: In 2020, the Polish Financial Services Authority issued a statement categorizing virtual currencies into three distinct types:
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Payment Tokens: Also known as Currency Tokens or Exchange Tokens, these are required to have an Issuer and must represent a fixed value in fiat currency, aligning with the electronic currency definition in the Payment Services Act.
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Utility Tokens: Designed for specific functional purposes, these tokens grant owners access to certain features exclusive to the token holders.
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Security Tokens: Viewed under Polish law from various angles, these are considered for regulation under both the Act on Trading in Financial Instruments and the Act on Alternative Investment Fund Management. Security tokens potentially offer rights akin to traditional securities or participation in the company's investment-related activities.
Importance of Token Classification for Licensing: Proper identification of a token's category is crucial when applying for a license, as it determines the obligations your company will face. Our legal experts can assist in accurately classifying your project's tokens to ensure compliance with the relevant regulatory obligations.
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RELEVANT LEGAL REGULATIONS FOR CRYPTO BUSINESSES
In Poland, crypto-related activities are governed by a set of specific legal acts. These are crucial for ensuring compliance and understanding the regulatory landscape:
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Comprehensive Regulatory Frameworks:
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Act on Counteracting Money Laundering and Terrorist Financing: Establishes the AML/CTF frameworks and sanctions, outlining responsibilities for virtual currency entities.
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Act on Financial Market Supervision: Sets the regulatory standards for financial service providers, ensuring market integrity.
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Specific Financial Regulations:
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Act on Financial Instruments: Governs the provision and management of financial instruments by Polish companies.
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Act on Investment Funds and Management of Alternative Investment Funds: Details rules for investment funds, including alternatives, highlighting management and operational norms.
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Payment and Criminal Regulations:
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Payment Services Act and Amendments: Focuses on entities offering payment solutions, including regulations for e-money institutions.
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Polish Penal Code: Addresses legal repercussions for financial crimes like money laundering and terrorist financing.
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Corporate and International Compliance:
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Cooperative Law: Provides a legal framework for the formation and functioning of companies within Poland.
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UN and EU Sanctions (Including Resolutions and Regulations): Enforces international sanctions, ensuring compliance with global standards.
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This amalgamation of various legal acts forms the backbone of the regulatory environment for crypto businesses in Poland, covering everything from AML/CTF obligations to the specific nuances of financial and corporate operations.