Poland Cryptolicense: Easyway to the EU market

Poland offers a favorable regulatory environment for cryptocurrency businesses. It was among the first European countries to recognize Virtual Asset Service Providers (VASPs) as a legitimate business sector. This recognition includes legislative measures for VASP autorization, facilitating access to the large European market. The autorization process, governed by the Counteracting Money Laundering and Financing of Terrorism Prevention Act of March 2018, can be completed remotely. Amendments to this act in November 2021 established the Virtual Currency Activity Register in Poland.

Poland is a pioneer in recognizing VASPs and has made the autorization process fully remote

Key Numbers about Cryptolicense in Poland

4 weeks

average term of obtaining license

19%

corporate income tax (CIT) rate

€1,070

minimal contribution for share capital

from 12%

personal income tax (PIT) rate

€5,000

autorization of the VASP under the minimum regulatory requirements

no VAT

for cryptocurrency exchange services

Legal Opinion about Cryptolicense in Poland

Ganna Voievodina

Manimama, CEO

"For startups, businesses, and firms navigating the cryptocurrency landscape, the Polish crypto license offers a structured framework. It ensures compliance while providing access to a secure European hub for innovation. Operating under a transparent legal system, it aids fiscal optimization and facilitates international expansion. Partner with our legal team to access the Polish crypto market's potential. Contact us today to secure your Polish crypto license".

Types of Activities with a License

Exchange crypto to crypto: VASPs are authorized to facilitate the exchange of various virtual assets, including utility tokens and coins, ensuring diversified trading options.

Custodial wallet services: VASPs, through custodial wallets, offer a secure means of storing cryptocurrencies on behalf of users, with operators having the ability to open wallets while maintaining control over private keys.

Crypto transfers: VASPs are authorized to facilitate the secure transfer of cryptocurrencies from clients' wallets to designated third-party wallets, presenting an alternative to traditional fiat wire transfers.

Account statements issuing: VASPs have the right to reflect the balance and issue the account and transaction statements.

Exchange crypto to fiat and fiat to crypto: VASPs enable the conversion between cryptocurrency and fiat currencies, offering customers the flexibility to transact in multiple currencies.

Crypto processing and crypto acquiring: VASPs hold the capability to conduct the service allowing merchants to accept crypto as a payment with a consequent transfer of crypto to the merchant or conversion it to fiat.

On-ramp and off-ramp services: VASPs have the wide opportunities for the business development including providing B2B services as on-ramp, off-ramp, white label products which Manimama is ready to help to launch including payment service providers connection.

Token sales: The last but not the least! VASPs are authorized to conduct ICO offering the utility and limited-use e-money token.

Choose the Package of Services

Advanced

Set up of company ready to start cryptocurrency operational activity

€6,000

  • Company formation in Poland
  • VASP autorization
  • Address of Registration for one year
  • Obtaining Polish Trusted Profile (EPUAP)
  • Individual AML/KYC policies
  • Handling the communication with General Inspectorate of Financial Information (GIFI)
Order now

Basic

Creating the company and autorization of VASP

€5,000

  • Company formation in Poland
  • VASP autorization
  • Standard AML/KYC policies
Order now

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Step by Step Description

Step 1. Initial setup

  • Initial project assessment
  • Gathering KYC information
  • Defining the business profile and selecting the desired company name
  • Drafting the power of attorney for client verification
  • Providing a current copy of the passport from the country of residence
Duration: 1 week

Step 2. Company Registration

  • Official translation of the power of attorney into Polish
  • Notarization of the company registration documents
  • Inclusion of company details in the commercial register
Duration: 2 weeks

Step 3. Preparing for Regulatory Compliance

  • Preparation of AML/KYC policies to align with the client company's cryptocurrency activities
  • Recruitment and education of a local Director/AML officer for the company
  • Completion of the necessary paperwork and enrollment with the Financial Crime Investigation Unit (FNTT)
  • Submission and registration on the Virtual Currencies Business Activity Register
Duration: 3 weeks

Step 4. Opening B2B & C2B Corporate Accounts

  • Initial evaluation and identification of a suitable Financial Institution for corporate account setup
  • Preparation of notarized corporate documents required for the account opening process
  • Early discussions with the payment institution and continuous assistance to the client during the account opening procedure
Duration: 4 weeks

The VASP Licensing Process

A single company can apply for all four VASP permits. Once the application is submitted, the regulator reviews it within 2-4 weeks. The issuance of decisions and receipt of successful licenses typically takes two months from the date of filing. The VASP permits are issued by the Polish Minister of Finance, who conducts an external audit and ongoing supervision of the licensed VASPs. The VASP must have a registered office or a branch in Poland, and a minimum share capital of PLN 5000.

4 weeks from application to result

Requirements for VASP Autorization

A VASP license in Poland requires a minimum share capital, at least one shareholder, and adherence to AML/KYC regulations

To obtain a VASP license in Poland, several compulsory requirements must be met:

  • Establishment of a limited liability company (Sp. z o.o.) in Poland, with a minimum share capital requirement of PLN 5,000 (~ €1,070)
  • The company must have at least one shareholder, who can also act as the chairman of the management board and AML compliance officer. Foreign residents are allowed
  • Members of the management board must have a minimum of one year of professional experience in cryptocurrency operations
  • A company holding the VASP license in Poland must maintain a detailed and up-to-date overview of all clients and transactions in accordance with AML/KYC regulations

Understanding Taxes in Poland

Corporate Income Tax (CIT):
  • Standard rate: 19%
  • Taxable base: net profit after accounting for deductible expenses
  • Filing deadlines: within 3 months after the end of the tax year
  • Payment deadlines: monthly installments or after filing the tax return
Withholding Tax (WHT):
  • Dividends: for polish residents - 19%, for non-residents depends on tax treaty, typically 20%
  • Interest and royalties: 20% (10% for specific services like sea or air transportation)
  • Intangible services: 20%
Capital Gains Tax:
  • Treated as part of CIT: no separate capital gains tax, gains and losses from capital transactions are included in the general CIT base
  • Dividends: generally taxed at the standard CIT rate (unless exempt under a tax treaty)
  • Share transactions: treated as capital gains or operational income depending on the nature of the transaction

Cryptocurrency exchange services are not subject to VAT

Client Feedbacks

"Manimama OU team offered not to spend our money and take additional burden by advising the option to get authorization on Poland for our existing VASP incorporated in another EU state. I like their business approach".

"Manimama OU did everything fast and without any my participation. This what I appreciate in working with them. They are doing their job while I am doing mine".

"Manimama OU opened a C2B account for cryptocurrency operations in 2 weeks for my Polish VASP. This was a great experience".

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