Poland VASP Registration
Your Fast Track to the European Crypto Market
Tired of complicated regulations and slow licensing processes in other countries? Poland offers a refreshingly streamlined registration process for Virtual Asset Service Providers (VASPs). It’s a prime choice for crypto entrepreneurs who want access to the vast European market.
- Your External Compliance Team: We’ll navigate GIFI regulations, craft a strong application, and manage the submission for a seamless experience.
- Comprehensive Support: We offer a one-stop service for Polish VASP registration, including legal consultation, document review, AML/KYC policy development, external audit arrangements, and more. We streamline the process to save you time and effort.
- Direct Application Expertise: We recommend this simple, fast route (around 6 weeks). We can explore acquisition options if you require a pre-existing bank account.
Ready to launch your Polish VASP? Let’s partner up! Contact us today.
1. Crypto-to-Fiat Exchange
Once you are licensed, your clients will be able to swap one type of cryptocurrencies like Bitcoin or Ethereum to conventional national currencies like dollars or euros.
2. Fiat-to-Crypto Exchange
Your clients will be able to use their conventional national currencies to purchase cryptocurrencies.
3. Crypto-to-Crypto Exchange
With this service, your clients can convert one cryptocurrency into another. For example, they can trade Bitcoin for Ethereum.
4. Virtual Currencies Transfer
This service enables your clients to use virtual currencies as a means of payment or value transfer. You can operate in a closed system, where only assets bought within your platform can be transferred; or in an open system that allows your clients transfer assets acquired elsewhere.
5. Intermediary Services
If your business involves providing platforms for the exchange, trade, or transfer of virtual assets without owning them directly, you’ll fall into this category. As a licensed intermediary, you’ll facilitate financial transactions for your clients, acting as the bridge without getting directly involved in the asset ownership.
6. Custodian Wallet Services
With a licence, you can store your clients’ virtual assets securely in an electronic storage system. You’ll hold the private key while your clients manage their assets with the public key.
- Expand Your Reach: Offer a broad range of services, including crypto-to-fiat exchanges and virtual wallets, to customers across Europe.
- Streamlined, Remote-Friendly Process: Poland has one of the most straightforward VASP registration procedures globally. You can seamlessly acquire a company and register for crypto licensing remotely, enhancing efficiency and convenience.
- Cost-effective: Skip the need for authorised capital deposits. Take advantage of affordable licensing fees and a low minimum share capital requirement of just PLN 5,000.
- Build Credibility: Operate as a regulated entity to gain trust, attract customers, and secure the interest of investors.
- Enhance Business Value: Your Polish VASP registration can increase your business value, paving the way for new partnerships or funding opportunities.
- Easy to Maintain: Relatively low regulatory requirements for maintaining your licence post-approval, with the option to manage your operations without a physical presence in Poland.
In 2024, a new regulatory framework will be introduced as part of the integration of the EU Crypto Asset Regulation Act (MiCA). A bill giving the Polish Financial Supervision Authority (KNF) more powers to regulate cryptocurrencies will be considered in the second quarter of the year.
The KNF now licences virtual asset service providers (VASPs) and will continue to do so, but with additional powers similar to those held by BaFin in Germany and the FCA in the UK. The new bill will allow the KNF to supervise cryptocurrencies, take action against non-compliant VASPs, impose fines, and take violators to court.
- Company: Establish a Polish limited liability company (Sp z oo) with a minimum share capital of PLN 5,000.
- Address: Secure a Polish office address (virtual offices are permitted).
- AML/KYC: Establish clear rules for risk management and implement AML and KYC policies.
- Management: Appoint a qualified director and an AML officer (can be the same person; no nationality restrictions).
- Business Plan: Submit a simple business description outlining your VASP activities. This is less extensive than the detailed business plans required in most of the other jurisdictions.
- Technology: Implement a KYC solution (outsourcing is allowed).
In a nutshell, you provide some basic information, and we’ll secure your Polish VASP registration. Here’s a general timeline:
Step 1: Information Gathering
3 days - 3 weeks, depending on complexity
Step 2: Tax Identification Number (PESEL) Application
Around 2 weeks
Step 3: Company Incorporation
Approximately 1 week
Step 4: Documentation & Preparation
Approximately 1 week
Step 5: VASP Application & Approval
Around 2 week
- Evaluation: We’ll assess your business plan, advise on structure, and outline requirements, costs, and timelines.
- Fit & Proper: We ensure your team is qualified and ready for GIFI compliance.
- Documentation: You give us the essentials; we handle translations and create your full application, including AML policies.
- Company Formation: We’ll get your tax identification numbers (PESEL) and incorporate your Sp z oo.
- Submission & Approval: We submit your application and manage all the back-and-forth with GIFI.
- Post-Approval Support: Audit, reporting, virtual office? We’ve got you covered. We provide ongoing compliance support and assistance with maintaining your VASP registration.
- Banking & Payments: We understand the challenges of securing banking for VASPs. We’ll guide you to crypto-friendly banks and EMIs, and help you set up the necessary infrastructure, including card issuing options.
- Costs: Expect application fees, company registration, AML/KYC solutions, and professional support like translations. Contact us for a clear breakdown.
- Timeline: Based on our experience, the process can take 4-6 weeks for individuals or 8 weeks for companies. We’ll streamline the process, aiming for the fastest possible outcome while keeping you updated. Our experience with GIFI helps minimise delays.
Provide us with the basics, and we’ll secure your Polish VASP registration – guaranteed. Contact us today to discuss your VASP licensing needs.
1. Are cryptocurrency activities legal in Poland?
Yes, cryptocurrency activities are legal in Poland. Companies must adhere to regulatory obligations, including registering with the Polish Financial Supervision Authority (KNF) and implementing anti-money laundering (AML) protocols. With the upcoming integration of the Crypto Asset Regulation Act (MiCA) across the European Union, more stringent requirements for crypto companies will soon be enforced.
2.Does my team need to be based in Poland to obtain a VASP registration?
No, your director and MLRO doesn't have to be based in Poland, though you’ll need a Polish company (Sp z oo) and a local office address. We can help with these.
3. Are there different crypto licence types in Poland?
No, Poland offers a single VASP registration, covering activities like crypto-fiat exchange, crypto-crypto exchange, and virtual wallet services.
4. What types of commercial activities can be conducted under the obtained crypto licence in Poland?
With a crypto licence in Poland, you are able to conduct activities like:
(i) exchanging virtual currencies for fiat currencies,
(ii) exchanging between different virtual currencies,
(iii) intermediation of exchanges as mentioned in the first two categories, and
(iv) maintaining electronic identification data accounts (wallets) that allow authorised individuals to use virtual currency units, including conducting exchange transactions.
5. How are crypto businesses taxed in Poland?
Crypto revenue is typically considered capital gains. Corporate business profits are taxed at 19% (or 9% for smaller entities).
6. How long does the application process take?
Expect around 4-6 weeks, but delays can occur due to incomplete submissions or information requests from GIFI. We'll build a strong application and communicate effectively to minimise potential setbacks.
7. Can I operate while my application is pending?
No, you must wait for official VASP registration. Operating as a VASP in Poland without official registration is illegal. Operating a cryptocurrency exchange or custody business in Poland without proper registration as a VASP in the local registry can result in a fine of up to PLN 100,000.
8. What are the ongoing compliance requirements?
Expect regular AML/KYC, reporting, and audits. We offer ongoing compliance support to keep you on track.
9. What are the ongoing compliance costs?
These include AML/CFT monitoring, potential audits, and reporting. We can provide estimates.
10. What technology do I need?
Systems for customer onboarding, transaction monitoring, KYC/AML, and data security. We can advise on suitable solutions or connect you with trusted technology providers.
11. Can I outsource my AML/KYC?
Yes, we can connect you with reliable compliance specialists and assess suitable providers specialising in crypto compliance to streamline your operations.
12. Why choose your company?
We have a proven track record and a client-focused, streamlined project management approach for licensing applications. We're experts in navigating global regulations and possess in-depth knowledge of Polish VASP regulations. We aim to be your long-term partner for compliance in Poland and potential expansion across Europe.
13. Can you handle the entire application process?
Yes! From company formation to application submission and communication with GIFI, we'll guide you every step of the way.
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