Poland crypto license

The main types of licenses for activities in Poland

Exchange of cryptocurrencies for fiat money (exchanges, exchangers). Allows the company to exchange digital currency for fiat or vice versa for a certain fee. Exchange between virtual currencies. Required when exchanging cryptocurrency with commission. Mediation in the exchange of cryptocurrency for fiat money and one cryptocurrency for another. When providing exchange services as above. Cryptocurrency Maintenance and Storage. For companies implementing cryptocurrency wallets to store cryptocurrency, create encrypted client keys and store them.

Advantages of Polish crypto license

Poland is considered one of the most profitable countries to obtain a crypto license. The government welcomes the ICO, blockchain, and all that concerns cryptocurrencies in general. Poland is open to cryptocurrencies, and local rules are considered loyal and innovative, especially compared to other EU member states. In this jurisdiction, a licence can be obtained in a relatively short period of time with adequate preparation and analysis of data related to the company’s activities. The Law on Combating Money Laundering and Terrorist Financing has introduced new reliable rules for crypto business, so if you get a license to exchange cryptocurrencies or a license to maintain a virtual currency wallet in Poland, you can conduct fully legal activities, legally protected. In the context of taxation, the government classifies cryptocurrencies as digital assets, but does not subject them to VAT.

Basic requirements for obtaining crypto license in Poland

Taxation. It is subject to a corporate tax (capital gains tax) at 19%, although it is possible to tax at a preferential rate of 15%. Income tax on exchange of virtual currency for virtual or fiat currency is from 17% to 32% in accordance with progressive taxation. Requirements for board members and territorial location. Minimum 1 shareholder (natural or legal person). 1 director (may be the same shareholder, but only an individual). AML compliance officer. Office space. Confirmation of local office required.

The key point

The cost of obtaining crypto license in Poland can vary greatly depending on the sphere of activity of the company,  the state in which the license is obtained, the size of the business, from what guarantees of «reliability» the recipient can provide.

Crypto license processing steps

First of all, it is necessary to determine the direction of your company’s activity, the expected amounts of revenue and performed operations for the correct calculation of all nuances. These facts will determine the size of the initial authorised capital, the amount of the annual contribution and the additional costs that may arise over the course of the activity.
Company registration, registration of legal address, recruitment of employees. Selection of the optimal financial institution for the purpose of opening an account for the formation of the authorized capital and opening such account. Preparation of documents and obtaining a crypto license.