Crypto Exchange and Wallet Operator License in Poland
Contributed by MAXCORP - Legal Department
04 January, 2022
Crypto Exchange & Wallet License in Poland for VASPs
Poland offers a regulated legal environment for virtual asset service provider (VASP) companies, with regulations in place since November 2021. Our on-site lawyers and AML compliance professionals provide structured solutions for cryptocurrency exchange and wallet licenses setup in Poland with corporate services support. The setup can be completed remotely, without travel.
Poland has 4 types of crypto authorisations for VASP companies operating with virtual currencies:
- Providers of a service of exchanging A) crypto against fiat and vice versa; B) crypto against crypto; C) brokerage services for the former (activity authorisation covering services for exchanging fiat to crypto and crypto to fiat and crypto to crypto)
- Providers of a virtual (crypto) currency wallet service
One company can hold all 4 crypto licenses. Our lawyers assist in applying for the crypto license in Poland for providing crypto exchange and/or wallet services by preparing all required legal documentation and managing the process on your behalf fully remotely without travel needed.
More information about crypto license in Poland:https://www.maxcorp.eu/eng/crypto/crypto-license-poland/
How to apply for Crypto Exchange and Wallet Operator Licenses in Poland?
To apply for the crypto license in Poland to provide cryptocurrency exchange and/or wallet services a limited liability company (Sp. z o.o.) has to first be set up in Poland. The minimum share capital requirement is 5000 PLN (approx. 1100 EUR). The company setup can be carried out fully remotely with no visit required, it usually takes about 10 business days from the point we receive all required original documentation.
It is important to consider that a company holding the crypto license in Poland has to keep a detailed and up-to-date overview of all clients and transactions according to the AML/KYC regulations. The monitoring authority General Inspector of Financial Information (GIFI) may make enquiries about the activities of the company, especially in regards to following the predefined AML/KYC policies; further notices must be made in case of exceeding certain transaction thresholds. Subject to project review we can provide on-going support with local substance and AML compliance support services.
Key points for crypto company in Poland:
- At least 1 shareholder (natural person or corporate entity). No restrictions to citizenship or residence. For optimal setup structure please consult our legal team.
- At least 1 management board member (can be same as the shareholder, but only a natural person). Foreign residents are allowed, there are no restrictions to citizenship or residence. Professional experience requirement in the field of virtual currencies. PESEL and Trusted Profile requirement (we can support).
- AML Compliance Officer. No restrictions to citizenship or residence. Professional experience and fit-and-proper requirement.
- Members of the management board as well as ultimate beneficial owners of the company must meet the requirements of impeccable reputation. There is no requirement for the participants to hold Polish and/or European residency. For optimal setup structure please consult our team.
Required documentation for Crypto License Application in Poland:
- Certified copy of passport and CV/resume
- Business model overview detailing planned activities and forecasts
- Police certificate clearing the participants of criminal records
End-to-end setup of Crypto Company Structures in Poland
MAXCORP is a licensed service provider for corporate services, with a professional team in business since 1998. We are open to new ideas and known for finding solutions to complicated challenges. Our on-site lawyers in Poland offer a full range of corporate and AML compliance services, including end-to-end setup of VASP licensing. Our experience in working with a myriad of licensing projects since the birth of crypto focused legislation in the EU can be at your disposal if you like to work with professionals.
For more information and a free case evaluation please visit our website at https://www.maxcorp.eu/eng/crypto/crypto-license-poland/
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