New Opportunities Arise as Poland Opens Doors to Crypto Licensing

As the regulation of Poland’s cryptocurrency market improves and more investors take an interest in the assets, the cryptocurrency market in Poland is developing rapidly. For the companies intending to operate in such a market, it is imperative to obtain a crypto license in Poland: for example, you can do it at Gofaizen&Sherle. 

Our quick guide details all the steps that you need to take to apply for a crypto license in Poland, thus making it easy for you to understand the applicable regulations.

Description of the Legal Framework

The Polish Financial Supervision Authority (KNF) is in charge of the landscape policies related to more cryptocurrencies in Poland. Here’s what you need to know:

• Legal: As the KNF governs monetary regulation of the activities run with crypto, activities such as exchanges or wallet providers are not left out.
• AML/KYC: All businesses in the cryptocurrency industry are subject to anti-money laundering and know-your-customer regulations.

Guidelines for Registering to Obtain a Crypto License in Poland

Assessment and Collection of the Necessary Information

Before submitting an application, make sure you have the following prepared and readily available:

1. Company Registration: Ensure your business is legally registered in Poland.
2. AML and KYC Policies: Outline the KYC and AML strategy policies in reasonable detail.
3. Financial Statements: Complete and make available financial statements and evidence that there is enough capital.

Draft and Submit Your Application

Complete the application process by:

• Fill Out Advance Deposits and Other Applicable Fees: Fill up and submit to the KNA all forms that are concerned with advance submittal.
• Submitting Documents: Complete the fill with all the relevant files such as undertaking company registration, and policies on compliance among others.
• Paying Fees: Attach with the application a completed payment form for the necessary application fees.

Undergo Review and Assessment

If your application is submitted, the body of the KNF shall review it or assess it. This process involves:

1. Document Review: the authority will check your documents for completeness and correctness.
2. Compliance Check: Validate that the compliance function for AML and KYC is satisfactory from the regulation point of view.
3. Possible Requests for Additional Information: Get ready to clarify or amend some points in your documents and to provide additional information if other documents are requested from you.

Key Considerations for a Smooth Licensing Process

• Consult with Legal Experts: Heed all the legal requirements and their methods by interacting with law practitioners and compliance professionals.
• Prepare Thoroughly: Have all the reasonably optimal documents and policies within the timeline so as to avoid unnecessary lagging.
• Stay Updated: Maintain attention to the expected and key documents so as to fulfill the legislative changes necessary for the proper licensing of the company.

Conclusion

It is not too easy to obtain a crypto license in Poland due to the enormous level of details that are present, from gathering relevant and necessary documents to being comprehensively assessed and reviewed by the Financial Supervision Authority in Poland. 

If you comprehend these procedural steps and their importance and comply with forthcoming regulatory guidelines on crypto ventures, the licensing procedure and setting up of the crypto business shall be smooth in Poland.