Poland crypto license
The main types of crypto licenses in Poland
Brokers for exchange of virtual currency with fiduciary money it is allowed to exchange fiduciary money for cryptocurrency, cryptocurrency for fiduciary money, cryptocurrency for cryptocurrency. Virtual Currency Wallet Service Providers (it permits the provision of a virtual currency wallet service, in which the Firm / Broker / Financial institution generates keys for clients or owns the encryption keys of clients that will be used for the purpose of storing or transferring virtual currencies.
The basic features of crypto license in Poland
The licenses are issued by the Polish Financial Intelligence Unit as an independent unit of the Polish Police and Border Guard. In order to be licensed by an encryption service provider and a cryptocurrency purse, two applications must be submitted and therefore two licenses will be issued.
After issuing the Poland crypto license, the Firm qualifies as a financial institution, but is exempt from special reporting requirements for local internal income. However, accounts must be prepared.
The Polish Financial Intelligence Unit has absolute discretion to withdraw any authorization in cases where the financial institution has repeatedly failed to comply with the instructions of the supervisory authority; or if the financial institution has failed to commence operations within six months from the date of authorization.
Company structure: at least one shareholder natural or legal person, no restrictions on nationality or residence and at least one director foreign residents allowed. 20% of income tax with distributed profit actual and fictitious. Submission of the annual report is mandatory, with accounts kept in Poland. Registered agent required if there are no Polish residents on the Board of Directors. Local registered office required.
Providing wallet services for cryptocurrency in Poland
Cryptocurrency wallets are digital offline and online methods that rely on public key cryptography to allow users to safely send and receive cryptocurrency over the network. There are two types of wallets: cold (offline - e.g., hardware wallet, cryptocurrency paper wallet) and hot (online wallet) storage. The difference is that the first to store digital coins offline, without internet access. Hot wallets are mainly used for storage of small volumes or everyday use. Among hot storage wallets are conventional and multi-currency. License Providing a virtual currency wallet service allows you to provide the service of cryptocurrency wallet both cold and hot storage. The Providing services of exchanging a virtual currency against a fiat currency license allows the exchange of cryptocurrency to FIAT.
Application for a license
Application for one or both licenses may be made by a member of the Board of the Polish Company. Application for a license can be submitted electronically if there is an e-resident card or a Polish ID card. The state fee for the application for one license is 3,300 euros. The fee must be paid to the Polish Ministry of Finance. The issue of a license is decided by the Money Laundering Data Bureau (an independent structure within the Police and Border Guard Department) within 60 working days of the application. The license is issued for an untimely period. A company applying for a license must have its share capital (EUR 12000). The applicant must have an office in Poland and must have a representative in Poland (one of the board members). If the Comprehensive Audit is successful, the formation of a company in Estonia takes about 2-3 weeks without the need for participation of a shareholder, director in Poland. The time may be reduced to 5 working days if the director visits Poland. Once a local Polish company is incorporated, the application is sent to a unit of the Polish Financial Intelligence Unit; the Division’s decision process takes 25 to 50 days from the date of submission.