Features of cryptocurrency license in Poland: how to get
Cryptocurrency license in Poland is a mandatory condition for companies that exchange and trade digital currencies, storing them in cryptocurrency wallets. If they do not get it, they will be blacklisted, and the prosecutor's office will deal with the issue. Banks, on cooperation with which the success of crypto-business depends, will refuse to work with the discredited company, and they will have to leave the Polish market.
Requirements for the applicant
All businesses that apply for a cryptocurrency license must apply to the registry of virtual currencies. Their managers must have a crystal clear reputation, not be involved in scams, frauds, no criminal record. Employees should be well informed about the business, trained, and certified. The experience in the crypto-sphere must be not less than 1 year, which must be proved by the corresponding papers.
Peculiarities of Polish cryptolicense
There are 2 types of cryptolicenses in Poland:
- Internal (small payment order), thanks to which the company can work with digital currency within the country;
- External (large payment order) - allows you to enter the European market.
Crypto business license in Poland allows not only exchange of cryptocurrencies, storing it in virtual wallets. It also allows you to provide services unrelated to the crypto business.
Internal (MIP) cryptolicense can be obtained without problems, within 2 weeks. The main requirement is that applicants have no criminal record, experience in cryptocurrency business.
A cryptolicense holder gets the opportunity to:
- keep up to €2000 in virtual wallets;
- exchange one cryptocurrency for another and fiat money;
- conduct payment transactions, including accepting payments;
- develop payment instruments;
- give a loan.
A cryptocompany in Poland, which received MIP, is not allowed to issue ICOs, as well as to work outside the country.
If you plan to enter the market in Europe, it is necessary to issue a KIP. To get it is very difficult, the procedure can take years if you do not consult a specialist. But this license has wider possibilities:
- You can keep unlimited amounts of clients on the wallets;
- You can make a variety of payment transactions, make transactions;
- It is possible to issue digital coins;
- The ability to work in the European Economic Area.
Cryptolicense can be obtained only by a legal entity. The amount of registered capital depends on the scope of services the company will provide. The person who will run the company must have the appropriate education, work experience.
In order to get a cryptocurrency license, the regulator (PFSA) has to collect a huge number of documents, including:
- information on the beneficiaries;
- business and financial plan;
- program designed to protect the interests of clients, prevent various risks, fraud, money laundering.
How to become a cryptolicense holder in Poland
To legally engage in cryptocurrency activities in Poland in 2022, contact IT-OFFSHORE experts and we will help you.