Cryptocurrency in Poland is a legal and common form of digital asset. Regulated on the basis of legislation that establishes rules and requirements for companies and individuals. The former can make money in this area, while the latter can use cryptocurrencies as investments or making payments.
Poland recognizes tokens as a medium of exchange. Below we will consider the intricacies of regulation for Poland crypto license, the features of obtaining a license and mining. Let’s look at ways to buy digital assets and show where and how they can be spent.
In Poland, cryptocurrencies are not legal tender, but their use is not prohibited.
In 2018, Poland passed legislation that obliges cryptocurrency exchanges and other providers to register with the National Bank and comply with security standards. Also, legal entities must conduct an audit for compliance with the Anti-Money Laundering and Customer Control standards, which are established by the National Bank.
In 2021, the Polish government tightened the regulation of cryptocurrency transactions by introducing new requirements for service providers, such as mandatory registration and strict security measures. There are also new tax rules that establish that income received from cryptocurrency transactions must be declared on a tax return.
In November 2021, a law was passed according to which cryptocurrency companies must undergo state registration and receive a number in a separate register. After the introduction of the law, the scope of responsibility of such companies expanded.
Despite such measures, there is still uncertainty and ambiguity in Poland regarding the legal status of cryptocurrencies and digital asset transactions. The regulation is aimed at protecting the rights of investors and combating financial crimes.
How to get a license
To obtain a permit and conduct activities in the cryptocurrency market, a number of procedures are required:
- Register a company and obtain the appropriate certificate.
- Register on the cryptocurrency market with https://www.fintecharbor.com/. It is required to apply for registration of the National Register of Cryptocurrency Market Operators (Narodowy Rejestr Operatorów Rynku Kryptowalut). Detailed information is available on the official website.
- Provide documentation. The list includes copies of constituent documents, information about the company and managers, information about anti-money laundering measures, customer protection obligations and other papers indicated on the registry website.
- Satisfy financial requirements. To obtain a license, it is required to provide evidence of the financial stability of the company, including profit and loss statements, balance sheets and other papers.
- Make sure you work according to the rules. It is necessary to provide information about the technical infrastructure and the security system in order to guarantee the protection of customer data.
- Obtain regulatory approval. As soon as an application for registration is submitted, the authorized body will check and may request additional information. If the requirements are met, the authorized body will issue a license in the cryptocurrency market.
The process of obtaining a license takes up to 3-6 months. Requirements and procedures may change over time, so it is important to check the information on the registry’s official website.
Basic requirements for applicants:
- no criminal record;
- the presence of the necessary competence, the passage of courses or the implementation of activities within 12 months;
- original name;
- registration with CEIDG and KRS;
- the presence of an electronic signature;
- correspondence, if the company has 5 or more employees;
- determination of activity codes taking into account the PKD classifier;
- minimum capital from PLN 5,000;
- opening a bank account;
- submission of information about beneficiaries to the register (in case of refusal of such work, a fine of up to PLN 1 million);
- dispatch within 21 days of NIP-8 with bank account and accounting data.
