Online currency exchange office in Poland
As a rule currency exchange services in Poland is regulated business activity and requires entry into register. However, situation of online currency exchange office in Poland situation is completely different.
Legal situation of currency exchange services
Currency exchange business in Poland may be operated by person who has clear criminal record in respect of fiscal and finance offences. Moreover, such person has to have the professional skills required to handle currency exchange transactions.
What is most important, conducting business activity involving the buying and selling of foreign exchange assets requires entry into currency exchange register in Poland. Specification of requirements of exchange office may be found here.
Online currency exchange services in Poland
Online currency exchange office in Poland is not subject to entry in the register of currency exchange offices. Therefore, the activity of the Internet currency exchange services is not subject to the regulations of requirements referred to “stationary” currency exchange offices.
Moreover, the provision of non-cash currency exchange service in the network can not be recognized also as payment service.
However, usually online exchange offices in Poland are supervised by the Polish Financial Supervision Authority. Such entrepreneurs also provide payment services.
According to the statements of the Minister of Finance:
“if the currency exchange service via the Internet is combined with the provision of a payment service, for example maintaining a payment account, such activity is subject to payment services license, although in itself it will still not be a payment service”.
The approval of the Polish Financial Supervision Authority and the payment institution license are easiest way to obtain approval for online exchange offices, which, apart from currency exchange, also offer other financial services.
Summarize, we have to recognize two approaches of conducting online currency exchange
- If entrepreneur renders only services of currency exchange, it does not hold/manage clients’ funds and exchange take place immediately – Polish online exchange office does not have to obtain entry to exchange business registry nor payment services license in Poland;
- However, if company stores clients’ funds and manages their online account – such activity has to be recognized as rendering payment services (managing clients’ accounts with funds) and requires obtaining financial license in Poland