In 2024, Poland broke the absolute record in licensing crypto business in Europe. Despite being part of the EU, which is known for its stringent regulations when it comes to cryptocurrencies, Poland boasts an allowing and business-friendly regulatory environment. What are the main benefits of Poland as your licenser and what benefits can you reap from the VASP registration in the country?
What specific regulatory framework has Poland established for cryptocurrency businesses?
All crypto businesses wishing to register in Poland can apply for and obtain the so-called Virtual Asset Service Provider (VASP) license, also known as the Poland crypto license. The main body supervising the issuing of these permits is the Polish Ministry of Finance; however, the licensing applications are reviewed and the permits themselves are issued by the Tax Administration Chamber in Katowice. In 2025, the rules and regulations for VASPs in Poland are expected to be re-shaped in such a way as to align with the latest Markets in Crypto-Assets (MiCA) regulation of the European Union. The regulation will present a more unified and, consequently, stricter set of rules that must be followed by all businesses craving to obtain crypto registration in Poland or any other Member State.
How does Poland’s regulatory approach compare to other European countries?
Similarly to other EU nations, Poland puts a special emphasis on AML/CFT compliance and corresponding rules. All crypto companies wishing to register in the country must follow the AML Act of 2018, which closely aligns with the FATF recommendations. At the same time, the regulatory focus of the Polish authorities is way narrower compared to other European nations: the country mainly prioritizes financial security and customer protection. It is worth noting that, while countries like Estonia or Malta offer a more extensive range of licensing options for different blockchain-related activities, Poland provides a straightforward and non-ambiguous VASP registration procedure.
What are the key benefits for businesses seeking to obtain a crypto license in Poland?
The main advantage of Poland for registering your crypto business is its comparative ease of registration and doing business. If you want to stay on the safe side and achieve legal recognition while following a relatively lenient set of rules compared to other EU jurisdictions, Poland might be the best option for you. Being licensed in Poland fosters your company’s trust and credibility with customers and business partners. Finally, the costs of obtaining VASP registration in Poland are lower compared to other jurisdictions, which makes it an attractive option for startups and small-sized businesses.
What is the process for obtaining a crypto license in Poland?
In order to obtain VASP registration in Poland, you must form a company first. The procedure for company incorporation in Poland is relatively fast and simple: gather the identity documents of the beneficiaries, directors, and shareholders, draft all the required AML/CFT compliance documents and policies, and a CV describing your knowledgeability in the blockchain sector. After the application is approved and the company with a legal address in Poland is formed, you can start preparing the subsequent licensing application. Provide documentation, including identification of board members and beneficial owners, pay the necessary fees, and ensure compliance with AML and CTF requirements.
What are the costs associated with obtaining and maintaining a crypto license in Poland?
The exact budget you need to prepare in order to start a crypto business in Poland depends on the type of project you are planning to build, the included business models, and additional features and services. It is likely that the budget will include the company incorporation fee, the registration fee for a crypto license, and additional costs. There might be also extra costs like compliance or administrative expenses. Overall, it would be best to consult a professional lawyer with experience in VASP registration in Poland to foresee the exact costs of registering your company.
What are the key challenges and risks associated with operating a crypto business in Poland?
Although milder compared to other EU countries, the crypto regulations in Poland are still stringent, and so are the fines for non-compliance, up to license revocation. The legal framework might be hard to navigate, especially in the face of constantly evolving and changing global regulations and laws. If your business is young or even in the startup stage, constant support of a lawyer at all stages is highly recommended.
How has Poland’s proactive approach to crypto regulation impacted the growth of the cryptocurrency industry within the country?
Over the past years, Poland’s clear regulatory framework has provided stability and attracted crypto businesses. The country puts emphasis on AML/CFT compliance, which has built overall trust towards Polish-registered companies in the global crypto and business space. In addition, the country has gained a good reputation as a reliable jurisdiction for crypto operations.
What are the future prospects for Poland as a leading jurisdiction for crypto businesses in Europe?
Right now, the crypto legal framework in Poland is on the brink of evolutionary changes in the wake of the 2025 MiCA regulation adoption. Nevertheless, Poland retains its potential to become a top destination for crypto businesses, driven by its regulatory clarity and business-friendly environment. It is likely that, in order to remain competitive, Poland will need to adapt to global trends and enhance infrastructure supporting the crypto industry. Finally, its uninterrupted focus on promoting innovation and providing cost-effective solutions will crystallize Poland’s beneficial position in Europe’s crypto market.
