After the evolution of laws regarding crypto, Poland has enjoyed great popularity. Many companies from all over the world have chosen this country to obtain a license. It is easy to explain because the crypto license Poland offers is highly valued and serves as a quality mark of the company. Now, we will explain how this system works and why you should choose this country.

Why Poland?

As a progressive state, Poland has many advantages over other European countries, which may be significant when making decisions. Some of them are:

• Completely remote registration or purchase of a firm;

• Signing digital documentation with an e-signature;

• No need to contribute share capital (it is enough to register it in the amount of PLN 5,000);

• No physical presence in the country is required;

• Moderate supervision by the authorities.

Legislation Specifics

Since there is no direct provision in Polish law that would clearly limit activities related to digital currency, we can conclude that such activities are permitted by law. Since the regulatory system is developed, cryptocurrency trading can be carried out after the obtaining of the permission.

If we look at the status of digital assets in detail, the EU legal system does not provide for any prohibition, which was noted in the decision of the Court of Justice of the EU (C-264/14). The Court stated that digital currency performs the function of a means of payment and that payments involving digital currencies are not subject to value-added tax.

In order to start providing services related to digital currency, you should obtain legal permission. The company is expected to fulfill the following obligations:

• Company with a “physical” office;

• Bank account and contributing the initial capital;

• Hiring employees and directors with appropriate experience and education in the financial sector;

• Drawing up a business plan and a package of documents on hardware and software used for exchange activities;

• Developing internal and external policies to meet AML/KYC standards, internal registers, control rules, etc. 

These measures are necessary to ensure a clear framework for the company’s scope of activities. It is also essential to study local legal peculiarities. For example, the Polish government requires crypto entrepreneurs and cryptocurrency owners to declare crypto-related income separately from other income.

Basic Requirements

In order to get the desired permission, a company must meet specific requirements. It is not so difficult, and many easily meet them. Let’s look at each aspect in more detail so that it does not come as a surprise to you.

Financial

The authorized capital of the company is of great importance. The legislation does not establish the exact value. However, experience shows that registration is most often passed by companies with capital 20% higher than the market average. It makes sense because the crypto market is a high-risk zone. Therefore, the presence of significant capital serves as an additional guarantee.

Technical 

If you are hoping to get a license without using the latest technology, think again. Most likely, you will simply waste your time. Poland places high demands on the reliability and quality of your technical equipment. Data must be reliably protected. Therefore, before applying for company registration, update your software. It is also worth using only products from proven and reliable companies.

Staff 

The staff is also of great importance. Special attention is paid to the education and competence of key employees during the check. It will be ideal if you put people with experience in international crypto trading in key positions. Your employees should speak at least English. Of course, if you are going to work with a specific country, then the staff should easily communicate in the language of this country.

In general, success results from a combination of high-quality preparation, the right approach to the process, and a deep understanding of legal requirements. This is why successful companies that have received the desired document have a high position in the market.

Potential Risks

Of course, nothing is perfect. You should be aware of the possible complications:

• Digital currencies are a relatively new phenomenon, and the legislation in this area has not yet stabilized. Therefore, in the future, it may also change in Poland, which could potentially create difficulties for your company.

• Local law takes the payment of taxes and fees seriously. Therefore, the slightest mistake in the documentation provided can entail significant fines. It can be avoided. The main thing is to monitor your accounting and carefully pay taxes in a timely manner.

• Reputation is the most valuable asset of a company. And if you apply and get rejected, it will negatively affect the work of your business. Therefore, prepare carefully. Make sure in advance that your firm has proper technologies and staff.

As you can see, with a responsible approach, complications can be prevented. The final result is definitely worth the effort.

Conclusion

A Polish crypto license can be a gateway to an entirely new level for you. Thanks to a responsible approach to regulating this activity, Poland has established itself as a reliable licensing authority. Therefore, it is worth trying to obtain this document. Moreover, the requirements are pretty simple and logical. And the procedure itself does not even require your presence in the country.