Poland crypto license
Cryptocurrency licenses are the future for many companies that want to work with cryptocurrency in the legal sector. Cryptocurrency has long been part of the systems of many companies. Banks, financial institutions, governments, social networks are already working with digital assets, and trying to integrate them into their systems. In addition, there are many crypto companies that have focused their activities exclusively on digital assets. The financial turnover of such companies is very large.
Cryptocurrency licenses: What is this?
First of all, it should be said that, of course, cryptocurrency licenses exist. They are issued by the regulators (the licensing authorities of different companies). So far there are not many countries in which the company can obtain a license. But what is a license? In fact, it is a permit from the local authorities to officially operate a crypto company on the territory of their country. Crypto company is protected by legislation, pays taxes and does business in the same way as, for example, any grocery store.
The main features crypto license in Poland
Poland has a cryptocurrency commercial registry. Cryptocurrency entrepreneurs had to register in a specialized registry. Thus, the Polish government is trying to prevent the use of cryptocurrencies as a means of payment to finance any illegal activity and to increase the protection of users of virtual money. That is why the register was created, as the Polish authorities assure. Now any natural or legal person, providing services for work with cryptocurrencies, but not registered in the registry, will have to pay a fine of 100,000 zlotys, or about 22 thousand. euros.
Conditions for obtaining a crypto license in Poland
To get a Poland crypto license, several conditions must be met. First, the most important rule is the absence of a criminal record, which should be confirmed by a certificate on the form of the Ministry of Justice of Poland. Second, virtual currency practitioners and representatives of Polish cryptocurrency companies should have knowledge in this field. To do this, you need to take a training or a course on interaction with virtual money, as well as to work in the sphere of cryptocurrencies at least one year. All this must be confirmed by official documents. At the same time, it is enough for the entrepreneur to pay taxes only in Poland - this country has signed double taxation treaties with more than 84 countries, which makes Poland a very attractive market.
Cryptocurrency regulation in Poland
The Polish Parliament adopted a law against possible money laundering and financing of terrorism, in accordance with the so-called EU 4th Directive. The decisions included in this directive should facilitate the verification of suspicious transactions using cryptocurrencies. Member States may implement the directive in one of three ways: introduce cryptocurrency licensing, stablish a register of organizations engaged in cryptocurrency activities and define virtual currency services as a type of financial services. The Polish Parliament had long delayed fulfilling the requirements of the 5th Directive, cryptocurrency companies were not required to register in any way, and there was no obligation to obtain a license for activities to sell or exchange cryptocurrencies. At the same time, cryptocurrency exchange services were not related to payment services, which means that a financial license was also not necessary.
To understand how to regulate cryptocurrency in Poland, it is also worth noting that under the new legislation, a new threshold was set for transactions with cryptocurrencies KYC (Know Your Customer). The identification of clients must be carried out for transactions of more than 1,000 euros. Organizations whose core business is involved in the exchange or sale of cryptocurrencies will be required to identify all single transactions worth more than 1,000 euros. In other words, you cannot buy or sell cryptocurrency without undergoing verification if the transaction amount is above this threshold. Not every cryptocurrency trading or exchange organization is bound by AML rules. For example, consulting companies and cryptocurrency education resources are not subject to these requirements.