In Poland, businesses that offer VASP services have been able to work legally since November 2021. Setting up a bitcoin exchange or wallet with the help of business services is easy with the help of Fintech Harbor Consulting in-house lawyers and AML compliance experts. To get a crypto license for your business, you don’t have to go to Poland.
Warsaw, the capital of Poland, has the seventh most people of any EU capital. People think that Poland’s crypto license standards are more flexible than those of Estonia and Lithuania because compliance workers don’t have to be on-site. This means that initial and ongoing costs are lower. If you want to work with experts, you can take advantage of Fintech Harbor Consulting’s years of experience and their perfect track record since the beginning of crypto law in the European Union.
Virtual asset service provider (VASP) businesses in Poland can get one of four types of crypto authorizations: companies that support
- cryptocurrency-to-fiat currency exchange
- cryptocurrency-to-cryptocurrency exchange
- trading services for the first two.
Getting a VASP license in Poland from the government to start a business that involves exchanging regular money for cryptocurrencies and vice versa. This means that trade in cryptocurrencies can be done as a legal business.
- There are services that make it easier to store and move digital money.
You need a virtual currency wallet service to keep, store, and send virtual currencies. A virtual currency wallet service is described as a service that either makes keys for clients or saves protected keys for clients.
One company can have all four types of crypto business licenses. Fintech Harbor Consulting lawyers will help you get crypto registered in Poland so that you can offer exchange and/or wallet services. They will do this by preparing the necessary legal documents and managing the process on your behalf. Even though the word “license” is often used to describe the legal abilities, it is important to note that Poland gives an activity registration, not a financial license, to operate as a controlled VASP. This is in line with the regulatory framework. A supervisor usually takes between two and four weeks to review an application, which is about the same amount of time it takes to get everything ready for a good entry.
How a company is set up is important in Poland License for Crypto
In Poland, a limited liability company (Sp. Z o.o.) must be set up in order to get a Polish crypto license and offer trading and/or bank services for cryptocurrencies. Minimum share capital is 5000 PLN, which is about 1100 EUR. Once Fintech Harbor Consulting gets the original papers, it takes about 10 business days to register company in Poland. No in-person meetings are needed. By first looking at the ownership and management structures that are wanted, Fintech Harbor Consulting can make a list of the papers that are needed for the service agreement.
At the moment, a business only needs one partner, one chairman of the management board, and one AML compliance officer to meet the basic business organization requirements. The members of the company’s management board must have worked with virtual currencies for at least a year, or they can take online training to meet the regulator’s standards. It is suggested that the jobs of a Money Laundering Compliance Officer (MLCO) and a Money Laundering Reporting Officer (MLRO), among others, be given to a third-party service provider. Depending on the size of the project, Fintech Harbor Consulting may provide external services for local drug and AML compliance, such as hiring a qualified MLCO and MLRO with professional experience in Poland to handle the required paperwork.
Under the AML/KYC rules, a company with a crypto license in Poland has to keep a complete and up-to-date record of all of its users and activities. The government body is allowed to look into the business, especially to see if it is following the set AML/KYC processes. If certain deal standards are met or exceeded, the official needs to be told again. The Fintech Harbor Consulting law team and AML compliance experts can help if the supervisor needs more proof that legal and compliance standards are being met in order to review and watch internal processes.