How to get VASP license in Poland?

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Poland is one of the friendliest places in Europe to run a company operating in the field of digital currencies. Firstly, this activity is not regulated as far as its substantive part is concerned. You will not find regulations on the types of digital assets (e.g. tokens or NFT) or business models in Web 3 (e.g. DeFi) in Poland. Secondly, the Polish Financial Supervision Authority itself indicates that so far the activities of companies in the field of cryptocurrencies are outside the control of financial supervision.

VASP license in Poland

So what requirements must be met to be able to operate in the field of virtual currencies in Poland?

Issues related to such activities are regulated in the Act on Combating Money Laundering and Terrorist Financing (the “AML Act”).

Cryptocurrency License in Poland

Pursuant to AML Act, activities in the field of virtual currencies do not require a permit or license. In Poland this is regulated differently than in other European Union countries, where a long verification process and a permit must be obtained. In Polish conditions, this is not a license, but an obligation to notify and enter in the register of activities in the field of virtual currencies. This is polish VASP (virtual asset service provider) license.

The AML Act obliges to register every entity conducting business activity consisting in the provision of services in the field of exchange between virtual currencies and means of payment, exchange between virtual currencies, intermediation in exchange between these currencies, keeping accounts of these currencies.

How to get a VASP license in Poland?

First of all you need to know that procedure is carried out by the Polish Minister of Finance.

Pursuant to Polish regulations, an entry in the register of activities in the field of virtual currencies should be made within 14 days of submitting the application. So it is a quick process.

Crypto license in Poland

Activity in the field of virtual currencies may be conducted by:

  1. a natural person who was validly sentenced for an intentional offence against operations of state institutions and territorial self-government, against justice system, against credibility of documents, against property, against economic trading and property interests in trading under civil law, against trading in money and securities, for an offence referred to in Article 165a of the Act of 6 June 1997 – Penal Code, an offence committed to obtain a material or personal benefit or an intentional fiscal offence;
  2. a legal person or an organizational unit without legal personality in which shareholders entrusted with managing the company’s affairs or authorized to represent the company or members of the governing bodies have not been convicted for the offence referred to in subparagraph 1 or an intentional fiscal offence.

The AML Act indicates also that natural person trying to obtain VASP shall have knowledge or experience related to the activity in the field of virtual currencies.

The VASP license application shall be appended with the entrepreneur’s declaration reading as follows:

“I hereby declare that the data contained in the application are complete and true. The conditions for performing activity in the field of virtual currencies referred to in the Act of 1 March 2018 on Combating Money Laundering and the Financing of Terrorism (Dziennik Ustaw 2020, items 971, 875, 1086 and 2320; 2021, items 187 and 815) are known to me. In particular, I declare that the conditions referred to in Article 129n and 129o of the mentioned Act are satisfied.” and “I am aware of the penalty of perjury.”.