In November 2021, The regulatory authorities in Poland decided to embrace as their niegbohring countries, the virtual asset turnover, and regulation for the virtual asset service provider companies have been granted. As you may know, there were some changes in Estonian regulation and for that reason, we recommend our clients to choose an alternative, such as license in Poland.

1. the main will be it’s cost. Unlike Its neighbors, the capital requirements for obtaining a license regulation in Poland is only 5,000 PNL which is around 1,100 EUR.
2. The exchange between cryptocurrencies for fiat money (exchanges, exchangers) – Allows a firm to exchange digital currency for fiat or vice versa for a fee.
3. The exchange between virtual currencies – Required when exchanging cryptocurrency for a fee.
4. Intermediation when exchanging cryptocurrency for fiat and vice versa. When providing the exchange services as specified before.
5. Maintenance and storage of cryptocurrencies – For companies introducing cryptocurrency wallets to store cryptocurrency, create encrypted client keys.

1. Register a company with a “physical” address.
2. Company shall submit apostilled copies of documents of all owners and senior managers.
3. Company owners and directors are required to have an impeccable reputation, which means no convictions for violations of the law: against state authorities, justice, economic turnover, trading in securities and money; intentional financial crimes.
4. Company shall pay in the authorized capital of 5000 PLN (100% of the amount to be paid at the time of registration).
5. Company shall have AML/KYC policies, control, and risk monitoring rules.
6. Identify and verify clients before setting up business relationships or when a transaction exceeds a certain amount.
7. Company must prepare reports to the regulator.
8. Company must keep records and client data.

Important note:

Persons who deal with virtual currencies and representatives of

cryptocurrency companies in Poland must have knowledge or experience related to activities in this field.

If requested by the regulatory authority, proof of this requirement should be provided.