Crypto license in Poland

Crypto-Exchange is an organization that provides an electronic platform for the exchange, purchase and sale of crypto-assets a set of records in a blockchain, having value and owner. The license for operation of crypto-exchanges is issued to legal entities through the opening of subsidiaries or other enterprises in the territory of Poland. Of course, having a license adds trust. At least it means there’s a legal entity, he’s got managers, etc. Unlike most scams, which have none of that.

The main crypto licensing requirements and conditions in Poland

The existence of a formed charter fund in the form of cash on the date of application, of which a certain part is reserved in a separate account in the Polish commercial bank.  Existence of a functioning electronic system of crypto-exchange trading, located on servers located in the territory of Poland, and meeting the established requirements.

The presence of rules of crypto-exchange trading, in which necessarily should reflect the order of admission to crypto-exchange trading participants. Measures aimed at ensuring compliance with the requirements of legislation on countering the legalization of proceeds of crime and the financing of terrorism. Procedures for allowing the circulation and retirement of crypto-assets. Procedure for performing and registering transactions with crypto-assets. Order of mutual settlements of participants of crypto-exchange trading at conclusion of transactions. Initial share capital, requirements to sufficiency and liquidity of equity capital.

The basic features of crypto license in Poland

The amount of fees for using the services of the crypto-exchange and the procedure for determining it. Measures to prevent the manipulation of prices on the crypto-exchange and the misuse of confidential information. Prohibition of the use of crypto-assets for unlawful purposes. Implementation of a quote on crypto-assets based on the ratio of demand and supply for them. Storage for 5 years of information about transactions with crypto-assets of clients, as well as their identification data and materials on relations with clients, including business correspondence. The size and order of payment of the state fee for issuing the license will determine the licensing body. The entire amount of state fee is credited to his account. Registration crypto license in Poland with the receipt offer for 10,000 euros (registration of legal entity, legal address (for 1 year), opening an account for the deposit of Authorized Capital, preparation/adaptation of AML, KYC policies based on FCIS requirements, obtaining the necessary permissions for crypto activity.

Documents required for the application

The following documentation will be required to review and prepare an application for a cryptocurrency license valid copy of passport from the country of residence. Power of attorney (PoA) (if the procedure of opening a company and obtaining a license occurs remotely).

Detailed description of the company; Summary of the experience and education of all participants in the cryptocurrency project. The address of the website where cryptocurrency services will be offered.

Certificate of criminal record (not older than 3 months) for owners, managers, beneficiaries (UBO) and employees of AML. Data from all beneficiaries should be provided upon request by FCIS.

Authority and control of crypto license in Poland

Crypto-exchanges have the right to receive remuneration for services rendered, precisely by crypto-assets, to determine its size and the order of charging from bidders of customers. Organize exchange transactions with residents and non-residents aimed at acquiring or alienating crypto-assets for national and foreign currency, as well as exchange of crypto-assets for other crypto-assets. Control over the activities of crypto-exchanges in terms of their compliance with the legislation on countering the legalization of proceeds of crime and the financing of terrorism is entrusted to the licensing and relevant authorized state bodies.