Poland remains one of the most popular European jurisdictions to secure a crypto license, and this tendency is likely to continue in 2025. If you are actively preparing your company for a licensing application with the Polish regulatory authority, this article will outline the entire process step-by-step.
Understanding the Regulatory Landscape
Before applying for a Poland crypto license, you must get a general impression of the local regulatory landscape. The Polish Ministry of Finance oversees Virtual Asset Service Providers (VASPs) in Poland, and the VASP licenses are issued by the Tax Administration Chamber, which is based in Katowice. Poland is considered one of the most favorable countries for registering a crypto business in the European Union due to its straightforward regulatory requirements, relatively fast set-up and licensing process, and one of the lowest tax rates for businesses among all Member States. Therefore, opening a VASP company in Poland is seen as a wise investment into the future prosperity of one’s crypto business.
Choosing the Right Legal Structure
The first step towards obtaining a crypto license in Poland is to define the right legal structure and register a company. The most widespread company type to incorporate in Poland is called spółka z ograniczoną odpowiedzialnością (sp.z.o.o), which is the country’s equivalent of a limited liability company. Of course, there are also certain requirements that must be met for successful incorporation, such as entry into the local register of companies, declaring the share capital, and having a legal address in Poland.
Meeting Capital Requirements
In order to incorporate a company for a VASP registration in Poland, entrepreneurs must also meet the starting share capital requirements. As of 2024, the required amount of share capital is 5,000 PLN, but this sum might be changed in 2025. The amount must be paid up either in cash or in kind before applying for a business registration. Unlike in many other jurisdictions, in Poland, there is no requirement to deposit the share capital to the company’s corporate bank account.
Appointing Key Personnel
A VASP company in Poland cannot be registered and function properly without key personnel. All directors and managers of the company must pass the due diligence check and provide their identity documents, as well as proof of the absence of a criminal record. There is also a mandatory requirement to appoint at least one AML Officer who will oversee the AML/CFT compliance of the company. As of now, the Polish regulatory body doesn’t have a requirement for having either resident directors or shareholders.
Developing Robust AML/CFT Procedures
All applicants for the VASP license in Poland must implement the AML/CFT compliance and control procedures according to all local regulatory standards. This process is overseen by the General Inspector of Financial Information (GIIF). The AML/CFT procedures include drafting and verifying with a lawyer the compliance policies of your company to make sure that they correspond to the regulatory standards of the 2018 AML Act. In addition, it is required to hire a responsible AML Officer, someone who has enough experience and qualifications for the job and knows how to navigate the AML/CFT directives of the European Union.
Securing Technological Infrastructure
Under the local regulatory framework, licensed Polish VASPs can operate as crypto exchanges and DEXes, provide on- and off-ramp services with cryptocurrencies and fiat currencies and custodial wallets, and engage in initial coin or token issuance. For all these and other permitted business models, it is important to have a robust and secure technological infrastructure and be able to demonstrate to the regulator that you know how to protect the assets and financial transactions of your customers. Therefore, advanced security should be in place, and you might even consider having a professional conduct a technical audit of your company before the licensing application to ensure its high level of cybersecurity.
Engaging with Polish Financial Authorities
Holding a VASP license in Poland means interacting not only with the crypto regulatory bodies but with the financial authorities as well. The licensing application itself is filed to the Tax Administration Chamber in Katowice and consists of a vast documentation package about the company, its structure, business plan, and compliance procedures that are in place. Then, of course, the company must regularly engage with the Polish Ministry of Finance in order to pay taxes: the standard corporate income tax in Poland is set at 19%, and there is no VAT applying to businesses that provide financial services.
Overall, obtaining a VASP license in Poland is a complex and multifaceted process, but all the initial efforts pay off in the long run. It is a no-brainer that, as one of the most reputed jurisdictions for registering crypto businesses in the European Union, Poland also has high regulatory standards that need to be met. When planning to apply for a VASP authorization in Poland, you might need to consult a professional lawyer for assistance in compiling all the necessary paperwork and properly communicating with the regulatory authorities.