Cryptocurrency License in Poland
Conducting activity in the field of cryprocurrencies in Poland becomes a regulated business. Cryptocurrency entrepreneur will be obligated to obtain entry into cryptocurrency business register in Poland. Entry into virtual currency register shall be subject to certain formal conditions and has to be recognized as form of cryptocurrency license in Poland.
Polish Cryptocurrency Register
According to new Polish AML Law business “activities in the field of virtual currencies”, is a regulated activity and may be performed only after entry in the cryptocurrency business register in Poland.
“Activities in the field of virtual currencies” are activities consisting in the provision of services in the scope of:
a) exchange between virtual currencies and means of payment;
b) exchange between virtual currencies;
c) intermediation in the exchange referred to in letter a or b;
d) keeping maintaining the accounts in electronic form, of identifying data enabling the entitled persons to use virtual currency units, including the conduct of transactions of their exchange.”
Entry into register and obtaining Cryptocurrency License in Poland will be connected with fulfilling certain conditions.
First of all, “virtual currencies activities” will be allowed to performed by:
- a natural person who has not been legally convicted of an intentional crime against the activity of state institutions and local government, against the administration of justice, against the credibility of documents, against property, against economic turnover and property interests in civil law transactions, against money and securities trading, an offense committed for the purpose of material or personal gain or an intentional fiscal offense;
- Polish company, which representative or representatives have not been legally convicted of the offense referred to in point 1
The above mentioned requirement of no criminal record in Poland shall apply also to the beneficial owner of the cryptocurrency company in Poland.
Requirement of clean criminal record may be fulfilled by attaching clearance certificate issued by Polish Ministry of Justice. However, in my opinion the regulator will check criminal record of the applicant or representative of the applicant on its own in Polish National Criminal Record.
Secondly, persons conducting virtual currencies business and representatives of Polish cryptocurrencies companies are required to have knowledge or experience related to the activities in that field. According to Polish AML Act this condition is fulfilled after:
- completing a training or course covering legal or practical issues related to the virtual currencies activity; or
- performing activities in the field of virtual currencies for a period of at least one year, which has to be proved by relevant documents.
It is worth noted according to new regulation entry into Polish virtual currencies register shall be made in 14 days.
Effective date of Polish Cryptocurrency Register
As of 1st November 2021 new AML regulations comes into force. Therefore, virtual currencies will become a regulated activity and Cryptocurrency Business Register in Poland is activated from that date. However, Polish entrepreneurs who conduct “activities in the field of virtual currencies” before 1st November 2021 will have additional 6 months to adapt their activities to the new requirements and obtaining an entry in the register.
In other words, new companies in Poland, which will be registered after 1st November 2021 will have to obtain entry into virtual currencies register before starting activity in that scope. The entrepreneurs registered and performing “activities in the field of virtual currencies” before 1st November 2021 will have to entry into cryptocurrency register until 1st May 2022.
An entity operating in the field of virtual currencies without obtaining an entry into Cryptocurrency Business Register in Poland may be subjected of the fine of up to PLN 100.000.
Assistance in obtaining Cryptocurrency License in Poland
Our Law Firm in Poland renders ready made and proven in practice solutions in scope of business activity in the field of cryptocurrencies. We offer assistance in establishing cryptocurrency business in Poland from the very beginning. Our services includes obtaining cryptocurrency license in Poland (entry into Cryptocurrency Business Register in Poland) and support in fullfiling AML requirements.