Poland is a wonderful place to start a crypto bank in the EU. Poland doesn't audit cryptocurrency trade. Polish law excludes virtual currencies from the financial market. Virtual currency transactions were regulated in October 2021.
How Polish crypto companies' benefits?
- The Polish economy is global. This connects you to many potential consumers.
- You can obtain a crypto license in Poland quicker than in EU countries.
- Polish cryptocurrency licenses are simpler than EU-wide ones.
- Poland has bilateral tax treaties. Opening a Polish branch is profitable for international investors.
- Poland has minimal corporation taxes.
- Any EEA bank or EMI can create a bank account for your Polish crypto firm for financial transactions.
- The minimum capital is PLN 5,000 (EUR 1,100).
- Cryptocurrency firms are not regulated, hence they are not audited or monitored.
What can a Polish crypto business do?
A licensed crypto trader can offer several virtual currency services:
- Fiat-to-virtual exchange
- Cryptocurrency exchange
- Brokering these actions
- Providing customers eWallets. Digital wallets cannot hold fiat currency.
Polish crypto laws
Polish law does not restrict cryptocurrency exchanges. Trading and exchanging cryptocurrency are lawful.
In 2021, rules permitted exchanging digital currencies between virtual and fiat or between virtual currencies, establishing markets for such transactions, and creating digital accounts for consumers to store virtual currency.
Polish virtual money may be kept, transmitted, exchanged for legal currency, accepted as a medium of exchange, or settled in electronic business. It cannot reflect genuine tenders issued by the National Bank of Poland, foreign central banks, or recognized public institutions like the euro, which EU members recognize. Virtual currency varies from checks, banknotes, and electronic money.
Poland's cryptography regulation
Poland's crypto legislation. The Polish government and banking authorities have clarified cryptocurrency legislation and prevented money laundering and other illegal activities. The Polish Financial Supervision Authority (KNF) advised investors against cryptocurrencies and ICOs in 2018. Cryptocurrencies are unregulated and illegal in Poland, according to the KNF.
Poland's 2019 bitcoin exchange legislation needs KNF registration (crypto license) and AML/CTF compliance. Exchanges must also verify users and report questionable transactions.
The Polish Ministry of Finance announced a cryptocurrency legislation in 2020. The proposed rule requires KNF licenses and AML/CTF compliance for cryptocurrency exchanges. The law regulates ICOs and cryptocurrency exchanges.
Poland's cryptocurrency laws are evolving to protect investors and deter criminality. Poland's government and banking authorities are working to clarify cryptocurrency laws and provide a framework for their use.
Polish Financial Supervisory Agency
Polish financial regulator KNF. KNF regulates Polish banking, insurance, and capital markets. The 2006-founded authority is under the Finance Minister.
Consumer rights, financial system stability, and financial sector transparency and accountability are KNF priorities. The authority licenses, punishes, and investigates financial offenses.
The KNF controls cryptocurrencies carefully and adaptably. In 2018, the KNF advised against cryptocurrency and ICOs. Cryptocurrencies are illegal in Poland and have no restrictions, the warning said.
Poland's 2019 bitcoin exchange law requires KNF and AML/CTF compliance. Exchanges must check users and report suspicious transactions. The KNF oversees Polish money, including cryptocurrencies. Consumer safety and financial stability will affect national rules.