The realm of crypto services in Poland operates without a comprehensive regulatory framework regarding the issuance of a cryptocurrency license in Poland. In essence, cryptocurrency doesn’t fall under the purview of Polish financial law, making it exempt from specific financial oversight. While Polish authorities can exert some level of supervision over payment service providers, including virtual currency exchanges, there isn’t direct financial regulatory scrutiny over cryptocurrency issuance, trading, or broader crypto asset activities.
Nevertheless, it’s important to highlight that starting from October 31, 2021, engaging in activities related to virtual currencies, including those requiring a cryptocurrency license in Poland, became subject to regulation. This imposition of regulations brings forth additional responsibilities for entities involved in this market.
Essential Considerations for Securing a Cryptocurrency License in Poland
Company Formation: To acquire a crypto license in Poland, set up a limited liability company with a minimum capital of 5000 PLN (about 1100 EUR). The process can be done remotely in about 10 business days.
Shareholding and Management: A minimum company structure requires one person to act as a shareholder, chairman of the management board, and AML compliance officer. Management board members must have one year of virtual currency experience or complete an approved online course.
Outsourcing AML Compliance: Consider outsourcing AML compliance duties, including MLCO and MLRO roles, to a third-party provider.
AML/KYC Compliance: Maintain up-to-date records of clients and transactions in line with AML/KYC regulations. Report to the regulator if transaction thresholds are exceeded.
Legal and Compliance Documentation: Experts assist in preparing the required legal and compliance documents to ensure compliance with regulatory procedures.
Is it Possible for Polish Authorities to Refuse a Request to Be Included in the Cryptocurrency Registry?
The Polish authorities hold the authority to issue an administrative decision refusing the inclusion of an entrepreneur in the virtual currency activity register in several circumstances.
This could occur if:
- The application is submitted incomplete and is not rectified within the stipulated timeframe.
- The information provided in the application contradicts the actual facts.
- A legally binding decision has been issued, prohibiting the entrepreneur from engaging in the specific business activity covered by the registry entry.
In the event of such an unfavorable decision, the entrepreneur has the right to either request a review of the case by the Minister of Finance or directly file an appeal with the appropriate Regional Administrative Court.
Penalties for Breaching Cryptocurrency Business Responsibilities According to Polish Legislation
In Poland, not complying with post-registration crypto-business obligations can lead to administrative penalties. These penalties may include public disclosure of illegal activities, cessation orders, and removal from the registry. Additionally, individuals responsible for the breach may face temporary management bans of up to one year and financial penalties of up to double the gained benefit or avoided loss, or a maximum of EUR 1,000,000 if specific amounts cannot be determined.
Prifinance Stands as a Prominent Figure in the Realm of Blockchain and Cryptocurrency Legal Solutions
The team of experts boasts a deep understanding of the legal intricacies and prerequisites related to the exchange and use of cryptocurrencies. Using its experience and professionalism, the company helps its clients to quickly obtain the necessary licenses for cryptocurrency exchanges, create reliable business structures for efficient cryptocurrency mining, and much more.
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