The legal framework for businesses in the field of cryptocurrencies will undergo a revolution in Poland and Europe in 2025. This is due to the entry into force of The Markets in Crypto-Assets Regulation – MiCA and the necessity of obtaining a new CASP license in Poland. However, in 2024, it is still possible to entry in the VASP Register in Poland, which allows for the legal provision of virtual currency services during the transitional period in 2025.
Benefits of Registering in the VASP Register in Poland at the End of 2024
Obtaining registration in the VASP Register in Poland at this time is still attractive for entities intending to provide services related to virtual currencies in Europe and worldwide. The greatest benefit arises from the nature of the transitional period of MiCA’s implementation. Specifically, entities registered as VASPs in Poland by December 30, 2024, will be entitled to continue their regulated activities throughout the transitional period. Detailed information regarding the transitional period is described in my article:
MiCA Transition Period for VASPs in Poland
As a result, obtaining registration in the VASP Register before 30/12/2024, will allow regulated virtual currency activities to be conducted for a certain period without the need for a CASP license. This is an excellent solution for new business ventures that want to avoid the much more complicated process of obtaining a CASP license in Poland. It is a final opportunity to ensure compliance of the acivities in the field of virtual currencies before new requirements set in under the MiCA Regulation.
VASP Registration requirements
Entry into the Cryptocurrency Business Register in Poland requires meeting the following conditions:
1. Special Qualification Requirement
Representatives of Polish cryptocurrency companies must have relevant knowledge or experience in virtual currency activities. Under the Polish AML Act, this requirement can be fulfilled by:
- Completing a training or course covering legal or practical issues related to virtual currency activities; or
- Demonstrating at least one year of experience in virtual currency activities, documented by relevant evidence.
2. No Criminal Record Requirement
A company representative in Poland cannot have any convictions for intentional crimes against the functioning of state institutions or local government, the administration of justice, document credibility, property, economic turnover, property interests in civil law transactions, or offenses related to money and securities trading. Additionally, the representative must have no convictions for crimes committed for material or personal gain or intentional fiscal offenses. This requirement of a clean criminal record also applies to the beneficial owner of the cryptocurrency company in Poland.
More information about entry into Polish VASP Register and may be found here: VASP Register in Poland FAQ
Most time effective way to establish VASP in Poland
Most recommended and time effective schedule of establishing VASP in Poland involves obtaining by future shareholders and company’s representative Polish Trusted Profile. It has to be outlined that entry into Polish VASP Register without having Polish Trusted Profile or qualified electronic signature is impossible.
- Obtaining PESEL number: Acquiring a PESEL number for the future shareholder and director, which takes approximately 2 business days;
- Activating Polish Trusted Profile: The individual must activate a Polish Trusted Profile by verifying their identity. This step requires an in-person visit to a confirmation point, either in Poland or at a Polish consulate or embassy abroad.
- After Polish Trusted Profile is confirmed, company formation process begins. It takes usually around 3-7 business days.
- VASP Registration: Entry into VASP Register in Poland will last 14 days.
As a result, to register a VASP in Poland by 30/12/2024, future shareholders must confirm their Polish Trusted Profile no later than the first week of December 2024. Establishing a company in Poland takes approximately one week, while entry into the VASP Register will require a processing period of around 14 days. Total: around 3 weeks from the moment of confirmation Polish Trusted Profile.
