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Polish Crypto Company
- Thread starter Boombox9000
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It's not a license. It's just a registration. You can DIY it for whatever it costs to form a Polish company and meet the basic requirements: address in Poland, AML/KYC policies and procedures, deposit minimum share capital (IIRC it's 5,000 PLN with talks ongoing about raising), and send some in some information. Price varies depending on how much help you need.
The whole process can usually be done within two months from start to finish.
The whole process can usually be done within two months from start to finish.
Forming a company takes a few days. Getting everything else is what takes around two months: drafting policies and procedures, picking suppliers, signing agreements, getting an office address (can't be generic registered office, IIRC), and so on. And then sending it all in to the government.
Because the registration process mentioned – exactly it is called VASP registration according to the decree XXX (no. I do not recall) of the Ministry of Finance – is pretty easy, if compared with another countries. (BTW, it has de facto nothing common with crypto specifics itself, it is based just on AML regulations.) Simply just to fill all the papers correctly and if it is correct, you are entitled to be registered, no assessment on the merits. (If nothing has changed in the last ~0.5 year.) So it became quite popular – nevertheless, the downside is that as in the same time it became known it is easy, especially financial instutions like banks and EMIs are now not much eager to take this “licence” seriously. AFAIK.
Can't tell much about the crypto license but what i can tell you is that most domestic crypto companies run away from poland from the tax department and because in polish courts there is no jurisprudence line.
Means you will never have 100% safety because what one court decides or decided doesn't mean the other will too.
Polish courts and tax deparment have been headaches for business owners for a long time here and have destroyed multiple big companies.
And forget about recompensation in poland if something like that happens to you
Means you will never have 100% safety because what one court decides or decided doesn't mean the other will too.
Polish courts and tax deparment have been headaches for business owners for a long time here and have destroyed multiple big companies.
And forget about recompensation in poland if something like that happens to you
Yes, it's (at least locally) a well-known fact, unfortunately. BTW, the same for CZ and probably SK.
Not only big ones, I am afraid; I'd even say that big sharks that can afford really creative lawyers are in a remarkably better position. (Yes, the true is that a small business can more easily slip into the gray zone.)
It is indeed recommended, however, you need to keep in mind below:
Currently there is no share capital requirement (even though it can change any time).
Its relatively easy to obtain the "license" (more accurately registration)without spending a fortune.
However, only registering company, obtaining license and AML policies are not enough. you should be able to open accounts for the company and this is where the challenge starts.
If you dont intend to spend time and money on obtaining AML screening tool, AML officer (experienced), operational office, accountant etc... then dont spend your time and money
which one is the one most used by the banks or smaller EMI's do you know that ?
the problem is the time to get the license and I would called a license not just registration as you are actually under the ministry of finance supervision and also you will sign on that you need to keep your record for 5 years for the audit when required.
the main point the director or the manager of the company need to prove that he has at least 1 year of professional experience in crypto.
the good thing it's much easier than other countries and not required to hire a local AML officer unless you are preparing for MICA.
and also any EMI support Crypto companies will accept your license.
You can call it whatever you want; but if you call it a licence then you are spreading misleading information. The legal difference between licensing and registration processes is fundamental; I hope you are aware of it.With all due respect, you are not. The registration process is performed by the regional bodies of Ministry of Finance (i.e. not a top-specialized and qualified personnel) and there are no further actions from the governmental side – anyone is invited to correct me if I have out-of date information.
True; but it has nothing common with a genuine licensing process.
There are some more points but all de facto of an administrative character.
True.
This is not true. E.g. neither Intergiro nor Verifo take this registration seriously... AFAIK.
With all due respect, you are not. The registration process is performed by the regional bodies of Ministry of Finance (i.e. not a top-specialized and qualified personnel) and there are no further actions from the governmental side – anyone is invited to correct me if I have out-of date information.
True; but it has nothing common with a genuine licensing process.
There are some more points but all de facto of an administrative character.
True.
This is not true. E.g. neither Intergiro nor Verifo take this registration seriously... AFAIK.
as I know the problem with any EMI will be always for Spain and Italy for the polish license which you can solve it with a legal opinion to operate in Spain and Italy attached with a solid Internal AML policy. and by the way you can do the same with the EU license to operate in UK you don't need even to apply for FCA.
This matches what I was told by Polish regulators when exploring VASP licensing a couple of weeks ago. It's a registration. Not a license. There is no or extremely little follow-up. The only reason they're accepting registration is to know who on Polish soil is offering this new and unregulated financial service. It's the absolute bare minimum effort.
Having to do basic accounting and showing CV of some directors/UBOs is not the same as getting a license. Anyone who has undergone an actual financial services license application will know the difference. They often take a year or longer (EMI/PI applications normally take 2–3 years). Every license that a government issues means a lot of work on an ongoing basis. Governments don't want that. They (usually...) only issue licenses to people who meet a long list of requirements, which are designed to keep customers safe and reduce the risk that the government ever has to step in and lift a finger.
I was not talking about Spain or Italy in my example...
Sorry but I do not understand what you have in mind...
Well, if you think that with an EU licence you can actively operate in the UK not dealing with the FCA then I do suggest you to hire a lawyer (and probably make a good relationship with some UK barrister in criminal
)
when you applying for an account with any EMI the polish Registration ( as you calling it ) doesn't allow you to operate in Spain and Italy ( that why they will reject the application if you are registered in Poland ) so if you have a legal opinion for each country from a law firm in each country ( I mean Spain and Italy with each country ) then they will have no issue.I was not talking about Spain or Italy in my example...
Sorry but I do not understand what you have in mind...
Well, if you think that with an EU licence you can actively operate in the UK not dealing with the FCA then I do suggest you to hire a lawyer (and probably make a good relationship with some UK barrister in criminal
we already operating in UK with a legal opinion with our Polish license and we do have a bank account and we are using it for crypto buying and selling and not only that we also can issue IBAN for the UK residents and supporting faster payments under our Payment Provider.
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