Advantages of crypto license in Poland
According to many observers, this Baltic country is included in the list of the most open and loyal countries for traders specializing in the exchange of cryptocurrencies. The following legislative and technical mechanisms have also been established in Poland. Legal field for all participants of cryptocurrency business is realized. Financial risks in transactions are minimized. There is no possibility of operating with “dirty money” and blocking exchange transactions. Full cooperation is being provided by State bodies and outsourcing companies to register a trader and obtain appropriate certification. Business-oriented legislation is built, which is characterized by loyalty to new residents. Comparative budgetary expenses paid for registration of trading company and further service support. Different categories of licenses are implemented certificate with the right to exchange or store cryptocurrency.
The main features of crypto license in Poland
The government of Poland created a regulated environment for crypto asset service providers (VASP), becoming one of the first European countries to create a legal framework for the regulation of cryptocurrencies.
Following amendments to the cryptocurrency legislation, applicants can obtain a сrypto license in Poland for cryptocurrency exchange services and crypto wallet services, that is, a single license. Since the capital requirements have been increased from 12,000 EUR to 125,000 or 350,000 EUR and the requirements of the local presence must be met. Registration in Poland and obtaining a crypto license includes registration of a legal entity, notarial expenses, state fees, registration in the commercial registry as a virtual service provider.
KYC in Poland
Before applying for a cryptocurrency license in Poland, it is necessary to prepare documentation about the company’s internal procedures in order to meet the anti-money laundering (AML) and «Know your client» (KYC) criteria established by FCIS. This includes risk Assessment Policy for AML risk level determination, risk classification, transaction control procedures, funds origin, compliance monitoring and internal audit, due diligence measures, notification obligations. Collection and storage of information about company’s and clients’ transactions. Fulfillment of the obligation to notify the regulator. Company Internal Control Rules.