With the surging popularity of virtual currencies, Poland has emerged as an attractive destination for cryptocurrency businesses, offering favorable taxation and a streamlined legalization process. At Clearsky Network, we specialize in providing professional support for remotely obtaining a crypto license in Poland.

In line with the directives of the National Bank and the KNF Financial Supervision Authority, it is mandatory for individuals and businesses that registered and operated in the cryptocurrency space prior to November 1, 2021, to be listed on the register by May 1, 2022. Additionally, the Polish government has implemented taxation on profits derived from digital assets since the beginning of 2022. The country has also demonstrated its commitment to the advancement of blockchain technology by signing the declaration of the European Blockchain Partnership (EBP). Furthermore, through bilateral agreements with representatives from 84 countries worldwide, Poland has solidified its reputation as a favorable jurisdiction for crypto businesses, ensuring the avoidance of double taxation.

The License:

According to the Polish laws, activities in the field of virtual currencies is a regulated activity that can only be conducted after being listed in the cryptocurrency business register in Poland.

The allowed activities are:

• Exchanging virtual currencies for traditional means of payment;
• Exchanging virtual currencies for other virtual currencies;
• Acting as an intermediary in the exchanges mentioned in points a or b;
• Maintaining electronic accounts containing identifying data necessary for the use and exchange of virtual currency units.

Key advantages:

• Regulatory clarity Although Poland’s cryptocurrency laws are still evolving, obtaining a cryptocurrency license provides clarity and legitimacy for cryptocurrency companies. This helps ensure compliance with applicable laws and regulations regarding virtual assets.Cost-Effectiveness: Compared to other jurisdictions, the Philippines offers a relatively inexpensive licensing process and tax structure for online gaming businesses.
• Relatively favorable legislation Compared to some other EU countries, Poland’s cryptocurrency legislation is considered relatively friendly and flexible. The process of obtaining a license can be simpler and less stringent in terms of operational requirements and costs.
• Ecosystem support Poland is actively developing its fintech and cryptocurrency ecosystem, with increasing support from authorities and institutions. This emerging ecosystem can provide networking, collaboration, and partnership opportunities for licensed cryptocurrency companies.
• Innovation and growth The regulatory environment in Poland supports innovation in the cryptocurrency sector. Licensed companies can use this environment to stimulate growth, develop new products (services), and participate in the overall development of the cryptocurrency industry.

Get in touch with us to learn more about becoming a VASP in Poland