How to Obtain a License for Virtual Currency Trading in Poland (VASP)

Saying to get VASP license in Poland for virtual currency trading in reality means registering the company in the Register of Virtual Currency Activities.

Cryptocurrency trading in Poland has been permitted since 2021, following the amendment of the Anti-Money Laundering and Counter-Terrorist Financing Act.

Who to obtain a License for Virtual Currency Trading in Poland?
All companies involved in exchanges between cryptocurrencies and fiat currencies, cryptocurrency-to-cryptocurrency exchanges, intermediaries in such exchanges, or those managing derivative accounts (as defined by the Financial Instruments Trading Act) must register in the Virtual Currency Activities Register, maintained by the Tax Administration Chamber in Katowice, or obtain a VASP license.
Note: Foreigners and companies owned and directed by foreigners are eligible for a VASP license if they meet the necessary criteria.

What Type of Cryptocurrency Trading in Poland Requires a VASP License?
The AML/CFT Act outlines four categories of services that require a VASP license, meaning registration in the cryptocurrency activities register:

1. Cryptocurrency account management,
2. Crypto-to-crypto exchanges,
3. Fiat-to-crypto and crypto-to-fiat exchanges,
4. Intermediary services in the aforementioned activities.

Who needs VASP License for cryptocurrency trading in Poland

All companies that need a cryptocurrency trading license in Poland include online cryptocurrency exchanges, cryptocurrency ATMs, cryptocurrency trading platforms, or cryptocurrency wallets.

The scope of the VASP license is indicated in the Virtual Currency Activities Register in Poland.

How to Obtain the Status of a Small or Large Payment Institution
A VASP license does not allow companies to manage fiat accounts for businesses or individuals. Therefore, a license as outlined by the Payment Services Act, which permits handling customer funds, is needed. Supervision of small payment institutions is carried out by the Financial Supervision Commission (KNF), particularly if they manage payment accounts for their clients.

How to Obtain a License for Cryptocurrency Trading in Poland – Procedure
Virtual currency activities may be conducted by a person who has not been convicted of crimes against state or local government institutions, document reliability, property, economic turnover, and property interests in civil law transactions (e.g., money laundering) or the circulation of money and securities. In the case of a limited liability company, the board members and shareholders must prove their clean criminal records.

The second requirement for obtaining a VASP license in Poland is demonstrating knowledge or experience in cryptocurrency trading.

To obtain a license for virtual currency trading in Poland, one can submit a declaration along with the application, confirming their experience and qualifications.

How to Complete an Application for Registration in the Virtual Currency Activities Register in Poland?
The application for registration in the cryptocurrency trading register in Poland must include the following information:
a) Full name/company name,
b) Company registration number in the KRS,
c) NIP (tax ID number),
d) Specification of virtual currency services provided.
The application must be submitted electronically. The Tax Administration Chamber makes the entry within 14 days of receiving a complete application. The fee for registration in the VASP license register is PLN 616.

Cryptocurrency Trading in Poland – What Is Required?
In addition to registration, a company must comply with the Anti-Money Laundering and Counter-Terrorist Financing Act. The company must develop AML procedures in accordance with the law. What do these obligations entail?
Primarily, it involves identifying and verifying the identity of clients, preparing internal procedures to counter money laundering and terrorist financing, as well as procedures for anonymous reporting of violations of these regulations. An AML inspector must be appointed. Training on AML obligations must be conducted.

Plan for Establishing a Cryptocurrency Trading Company in Poland:

1. Set up or purchase a company,
2. Apply for registration in the cryptocurrency activities register (VASP license in Poland),
3. Prepare and implement internal AML/CFT documentation and appoint an AML/CFT inspector.

MiCA New EU Regulations – Upcoming Changes for Cryptocurrency Trading Companies
The EU regulation on crypto-asset markets (MiCA) is the first act to regulate assets based on distributed ledger technology. Companies registered in the Virtual Currency Activities Register will have at least six months to adapt to MiCA requirements.

If you need more details, please apply to us on office@progressholding.pl