How to start a crypto business in Poland?
There are currently about 400 virtual currency operators registered in Poland. It is important to note that as of October 32, 2021, the provision of services in the field of exchange between virtual currencies and means of payment, exchange between virtual currencies or intermediation in this field, as well as the maintenance of accounts enabling the use of virtual currency units, is a regulated activity and requires registration in the register of virtual currency activities kept by the Director of the Tax Administration Chamber in Katowice. Given the ongoing work on the MiCA regulation, it is worth bearing in mind that the registry may soon be replaced by a requirement for a business license and supervision by state authorities.
Who is subject to registration
The business of virtual currencies can be carried out by both natural persons and legal entities or organizational units without legal personality (e.g., registered partnership, a professional partnership, a limited partnership, and a limited joint-stock partnership).
Conditions for registration
Under Article 129n of the AML/CFT Law, virtual currency business may be conducted by a person who has not been convicted of an intentional crime against the activities of state and local government institutions, against the administration of justice, against the credibility of documents, against property, against economic turnover and property interests in civil law transactions (e.g. extortion of credit or money laundering), against money and securities trading, a crime of financing terrorism, a crime committed for financial or personal gain, or an intentional fiscal crime.
Similar conditions are stipulated for partners conducting the affairs of the company or authorized to represent the company, members of the governing bodies of companies, beneficial owners of the virtual currency entity, as well as – persons directing the performance of activities related to the conduct of virtual currency activities.
In addition, these individuals must additionally meet one of the conditions listed below:
- complete a training course or course covering legal or practical issues related to virtual currency activities (neither the Law nor the Director of the Tax Administration Chamber in Katowice specify what type of course or training is required; it is only important that the scope of the course / training covers legal or practical issues related to virtual currency activities) or
- perform, for a period of at least one year, activities related to the virtual currency business.
The application for registration does not require the submission of a criminal record certificate, nor documents proving experience or training. Instead, only a relevant statement in this regard is attached.
The application for entry into the registry must be signed electronically, using either a qualified electronic signature or a trusted signature.
Entry into the register of virtual currency activities is subject to a stamp duty of PLN 616.
Application processing time
Entry in the register is made within 14 days from the date of receipt of the application. The application must be consistent with the facts. A complete application must also be accompanied by a statement of compliance with the conditions required by law to carry out activities in the field of virtual currencies and a statement of no criminal record.
There is a penalty of up to PLN 100,000 for conducting virtual currency activities without obtaining a registration in the register of virtual currency activities.
Questions or concerns – contact our law firm
Should you have any questions or doubts, we encourage you to contact our Law Firm. Inquiries can be directed to: [email protected]