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Crypto license in Poland
Support in the issuance of Poland crypto license with a guarantee of a turnkey contract.
A comprehensive and tailored approach
Gofaizen & Sherle provides comprehensive services under one roof, allowing clients to plan and prioritize their chosen strategy in a very short time and with limited resources. We offer a wide range of services, including consultancy, legal services, and company formation, which focus on the optimal implementation of business strategies.
Versatile experience
You will receive legal and management consultancy services of the highest caliber, thanks to the many years of experience of our highly qualified professionals. Each client receives comprehensive assistance with business development and support. Every task is tailored to the client's needs, the specifics of the business and the legislation of the particular country.
Long-term partnerships
Our company establishes a relationship of trust and long-term commitment with our customers. An indication of Gofaizen & Sherle's high level of service is the cooperation with our customers on an ongoing basis.
A comprehensive and tailored approach
Gofaizen & Sherle provides comprehensive services under one roof, allowing clients to plan and prioritize their chosen strategy in a very short time and with limited resources. We offer a wide range of services, including consultancy, legal services, and company formation, which focus on the optimal implementation of business strategies.
Versatile experience
You will receive legal and management consultancy services of the highest caliber, thanks to the many years of experience of our highly qualified professionals. Each client receives comprehensive assistance with business development and support. Every task is tailored to the client's needs, the specifics of the business and the legislation of the particular country.
Long-term partnerships
Our company establishes a relationship of trust and long-term commitment with our customers. An indication of Gofaizen & Sherle's high level of service is the cooperation with our customers on an ongoing basis.
Poland is the first EU country where, on a legislative level, the government has recognised cryptocurrency companies as an independent field of activity. As a consequence, every company has been able to officially register a virtual currency service company and gain access to a large-scale domestic market.
After signing bilateral agreements between Poland and 84 world countries on avoiding double taxation, the country has confirmed its status as a favorable jurisdiction for crypto-businesses from a taxation point of view. For investors wishing to scale a business, it is the most promising option in the European market. The economic status of the Polish state is recognised as a true phenomenon. In the face of the global crisis, Poland is building a strong and stable development concept.
Cryptocurrency license
According to the National Bank and the KNF Financial Supervision Authority: every entrepreneur, to legally operate their business, must obtain an entry in the register. Anyone who has registered and operated a cryptocurrency business before 1 November 2021 needs to get on the register by 1 May 2022. Moreover, the Polish government has considered taxing profits from digital assets from the beginning of 2022. A declaration on the creation of the European Blockchain Partnership (EBP) was signed.
The exchange between cryptocurrencies for fiat money (exchanges, exchangers)
Allows a firm to exchange digital currency for fiat or vice versa for a fee
The exchange between virtual currencies
Required when exchanging cryptocurrency for a fee
Intermediation when exchanging cryptocurrency for fiat money and one cryptocurrency for another
When providing the exchange services as specified before
Maintenance and storage of cryptocurrencies
For companies introducing cryptocurrency wallets to store cryptocurrency, create encrypted client keys, and store them
Service packages for registration of crypto-activity in Poland
Choose the best package of services for obtaining a crypto activity license in Poland
ESSENTIAL
Assistance with company formation and obtaining a crypto registration
€ 2500
Set-up fee
€ 0 /month
Maintenance fee
- Dedicated consultant with the fully provided individual approach
- Full turnkey company formation assistance
- Company name of your choice
- AML/KYC Policy
- Registration of the activities within FNTT
- Virtual box
- Corporate documents
Full set of apostilled and sworn translated corporate documents (articles and memorandum of association, registry card, etc.)
- Corporate account
- Handling the communication with Lithuanian Financial Crime Investigation Unit (FNTT)
- AML/KYC Officer
Persons who deal with virtual currencies and representatives of Polish cryptocurrency companies must have knowledge or experience related to activities in this field. If requested by the regulatory authority, proof of this requirement should be provided.
Alternative solution
Ready-made company with crypto authorizations in Poland
Process and Timeline
After 7-9 weeks company will be fully registered as a Virtual Asset Service Provider and 3-4 weeks will be required extra to become fully operative and open a Bank account
Stage 1
PRELIMINARY PROJECT ASSESSMENT
1-2 daysResult
Process
Basic information was collected from the Client; Has been provided preliminary documents set for further Power of Attorney (PoA) drafting; the scope of the project and budgets are clear.
Collecting preliminary set of the documents from the Client side:
- 1.An up-to-date copy of the passport of the country of residence (scan)
- 2.A business model of the company (brief description 1-2 A4 pages)
- 3.Preferred company name is provided
- 4.Filled customer profile(s) from all the participants of the project are collected
- 5.Address of residence for each participant is provided
- 1.Budgets and scope of the project are approved according to the initial workshop
- 2.Gofaizen & Sherle operational department has drafted PoA and shared it with the Client along with further steps
Stage 2
REGISTRATION PROCESS
3-4 weeksResult
Process
Company is registered with the preferred name; Registry card with the specification of activities "virtual currency exchange operator and virtual currency storage operator" is provided in Lithuanian language.
- 1.Upon the documents (hard copies) receipt on hands by Lithuanian office, the sworn translation to Lithuanian language is conducted
- 2.Authorized person initiates the process of starter account opening for share capital contribution
- 3.Client has transferred share capital in the amount of 2500 EUR and we have collected printout from the Bank
- 1.The notary deal is arranged and conducted; company entry appears in the commercial register after one week
- 2.JAR form along with the list of beneficiaries is submitted to the commercial register
- 3.After 1-week registry card is issued in Lithuanian language with the specification of activities "virtual currency exchange operator and virtual currency storage operator"
Stage 3
LICENSING PROCESS
2-3 weeksResult
Process
All the necessary arrangements for the project are completed; license holder fully operative.
- 1.Questionnaire in regards to the company operating activities specs (VASP) is shared with Gofaizen & Sherle (e.g.; geography of the users; risk appetites; list of services; etc.)
- 2.Individual AML/KYC/CFT documentation has been developed by Gofaizen & Sherle legal department and meets project specs (according to the collected questionnaire) and AML law of Lithuania
- 3.Search, employment, training and adaptation of MLRO into the company structure under drafted AML policy and company IT specs
- 1.Employment agreement is drafted and signed between MLRO and Company
- 2.Preliminary negotiations with Regulator are conducted and submitted the application in regards to the planned crypto oriented activity
Stage 4
BANK ACCOUNT AND MAINTANANCE
2-4 weeksResult
Process
The company is fully operative; the Corporate account is opened and the entity is in compliance with tax authority requirements (accountant integrated) and supervisory regulator as the virtual asset service provider.
Corporate account
- 1.Initial data for corporate account opening was collected
- 2.Conducted preliminary assessment and match for suitable Financial Institution for further corporate account opening
- 3.Application submitted and corporate account opened (C2B & B2B segregated); Upon request acquiring is connected
Maintenance
- 1.Accounting and bookkeeping services (payroll reports; reports on transactions; annual and statistical reports, etc.)
- 2.Tax advisory, upon request
- 3.MLRO - minimum 5 hours per month; further engagement as per request
- 4.Gofaizen & Sherle assistance in communication with regulatory authorities in case of any uprising issues on the course of conducting operating activity
- 5.Local professional Director - seeking for the candidate and integration into the company structure
- 6.Address of registration
Requirments
Advantages
Additional services
- Register a Polish company with a "physical" address
- Company shall submit apostilled copies of documents of all owners and senior managers
- Company owners and directors are required to have an impeccable reputation, which means no convictions for violations of the law: against state authorities, justice, economic turnover, trading in securities and money; intentional financial crimes.
- Company shall pay in the authorized capital of 5000 PLN (100% of the amount to be paid at the time of registration)
- Company shall have AML/KYC policies, control, and risk monitoring rules.
- Identify and verify clients before setting up business relationships or when a transaction exceeds a certain amount
- Company must prepare reports to the regulator
- Company must keep records and client data
- Favorable jurisdiction for crypto business from a tax perspective
- The progressive view of cryptocurrency operations by the Polish government
- Development of the virtual currency and blockchain landscape
- Relatively uncomplicated procedural requirements to obtain a license
- The relatively short timeframe for opening a crypto company
- Entry into a large-scale domestic market
- Apostilled Passport copies of all related persons from all countries of citizenship
- CVs (resumes) of all related persons
- Share capital minimum 2 500 EUR (could be deposited on the latter step)
- Local address for government correspondence
- Management board must have a good business reputation
- The compliance officer (MLRO) must prove impeccable business reputation, i.e. provide supporting documents regarding education, skills and reputation
- MLRO should be officially employed by the company and have ability to correspond with Financial Crime Investigation Unit in Lithuanian language
- Adapted under business model individual AML/CFT procedural rules and internal control policies
- Company must identify and verify customer before establishing business relationship or when the operation exceeds certain amount
- Company must Report to FNTT
- Company must keep records and client data
FinTech lawyers in Poland
Maksim Gasanbekov
Position:
Senior Associate, Consultant
Phone:
(+370) 66108308Email:
maksim@gofaizen-sherle.comConnect with our experts
Contact
Email:info@gofaizen-sherle.com
Lithuania: J. Savickio g. 4-7, Vilnius
Estonia: Tartu mnt 53, 10115 Tallinn
License for operating activity: FIU000407
Gofaizen & Sherle UAB
Gofaizen & Sherle OÜ
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