The implementation of cryptocurrencies and blockchain technology is becoming more frequent. Despite the lack of clear legislative limitations on virtual currencies, the Polish government does not impede such activity. Entrepreneurs who wish to establish a firm in Poland to provide cryptocurrency exchange services will have access to a sizable domestic market. But, in order to conduct crypto operations lawfully, you must first get a crypto license in Poland.
Companies that want to launch businesses in Poland linked to cryptocurrency releasing, trading, or brokerage payments with cryptocurrency transactions should qualify or receive a license. Tax system is beneficial for cryptocurrency businesses in this jurisdiction. The Polish government’s progressive stance on bitcoin operations. Virtual money and blockchain technologies. Procedures for obtaining a crypto license in Poland are relatively simple. A crypto corporation may be established in a very short period of time.
The regulatory environment of bitcoin and blockchain is growing fairly aggressively in Poland. According to the new normal regime, in order to receive a license to trade cryptocurrencies in Poland, a firm with a “physical” office in Poland must be established. Attract local personnel and directors with financial industry experience. Establish a bank account and deposit the whole amount of the authorized capital at the time of registration. Develop a thorough business strategy for the next five years, as well as software documentation that will be utilized to carry out exchange activities. Establish AML/KYC rules, processes for monitoring and mitigating risks.
On the first day of registration, an accountant must be appointed and accounting and financial records must be kept. There is also a record of ultimate beneficiaries in Poland, like in many other nations. UBO information should be received within one week following registration. Establishment of a corporate settlement account. Following the registration of the business in Poland, the NIP-8 type with documentation to the attorney supporting the firm and regarding the bank account must be sent within three weeks.