CRYPTOCURRENCY EXCHANGE LICENSE IN POLAND

CRYPTOCURRENCY EXCHANGE LICENSE IN POLAND

From 31 October 2022, the activity consisting in: exchange of cryptocurrencies into other cryptocurrencies, exchange of cryptocurrencies into FIAT, intermediation in exchange, as well as maintaining cryptocurrency wallets is a regulated activity in Poland. Requirements for conducting this type of activity are contained in The Act of March 1, 2018 on the prevention of money laundering and financing of terrorism.

In order to conduct this type of business, it is required, among others, to obtain an entry in the Register of Activities in the field of Virtual Currencies kept by the Minister of Finance (Pol. Minister Finansów), on behalf of whom these functions are performed by the Director of the Tax Administration Chamber in Katowice (Pol. Dyrektor Izby Administracji Skarbowej w Katowicach). The entry in the register is commonly referred to as the "Crypto Curency Exchange License" or "Crypto Curency Exchange and E-wallet License". The scope of the license covers all the activities listed above. Companies entered in the register receive a certificate of entry. Their data is additionally published on the website of the Ministry of Finance. The website is available HERE.

The license may be obtained by entities which:

1. have no criminal record for certain types of crimes;
2. have knowledge or experience related to the virtual currency business; This requirement is deemed to be fulfilled in the case of:
   • completion of training or a course covering legal or practical issues related to the activity in the field of virtual currencies or
   • performing, for a period of at least one year, activities related to the activity in the field of virtual currencies

- confirmed by appropriate documents.

In the case of companies, the above mentioned obligations apply to directors, shareholders and beneficial owners.

More information on legal regulations related to crypto exchange business in Poland may be found in our knowledge base, in the section "CRYPTO EXCHANGE BUSINESS IN POLAND – FAQ"

LF LEGAL OFFER

LF LEGAL provides comprehensive legal assistance related to cryptocurrency exchange business in Poland. Our services include:

• Company registration in Poland;
• Assistance with obtaining the Crypto Currency Exchange and E-Wallet License;
• Possibility of purchasing Shelf Companies with active Crypto Currency Exchange and E-Wallet Licenses;
• Fully remote process digital process of company registration or purchase (signing documents on video meeting);
• E-course for company directors /shareholders/beneficial owners on legal aspects of cryptocurrency exchange in Poland;
• AML and KYC internal procedures (AML procedure, whistleblowing procedure, AML risk assessment);
• Personal data processing internal procedures (GDPR);
• Terms & Conditions of crypto currency exchange online service
• Privacy & cookies policy on website;
• Registered office;
• Introduction to Payment Services providers offering payment accounts to Polish crypto-exchange companies.

If you are interested in our services, please contact us for more details.