In recent years, interest in cryptocurrencies has grown so much that many companies are seeking to open their own crypto exchanges. However, this requires compliance with certain rules and obtaining a license. Poland is becoming an increasingly popular destination for such businesses due to its openness to innovation.
Why Poland?
Poland is one of the European countries actively developing technologies and supporting businesses. A transparent legal framework has been created here for companies working with cryptocurrencies. This attracts both large corporations and startups. Licensing in this country takes place in accordance with international standards, which opens access to a wide market.
Many companies are interested in the issue of crypto license in Poland, as the license allows you to work legally and provides protection for both businesses and customers. But it should be borne in mind that this process requires preparation and understanding of local laws.
What do I need to get a license?
In order to register a crypto exchange in Poland, it is necessary to fulfill a number of requirements that are regulated by local financial and legal authorities. Here are the basic steps:
- Company registration. Before applying for a license, you need to register a legal entity. It can be a limited liability company (Sp. z o.o.) or a joint-stock company. The choice of form depends on the scale of the business and the planned structure.
- Compliance with the requirements of the charter. The company’s charter should include activities related to financial services, cryptocurrency exchange, storage of customer funds and other aspects.
- Appointment of responsible persons. It will be necessary to appoint managers and staff responsible for compliance with the rules, including an anti-money laundering specialist (AML Officer).
- Proof of financial stability. It is important to confirm the availability of sufficient funds to launch and ensure the operation of the platform. This may be the authorized capital of the company or other financial guarantees.
- Preparation of the platform. The exchange must be technically ready to operate, including the implementation of security systems to protect customer data and funds.
Features of regulation
Polish legislation pays special attention to countering money laundering (AML) and the financing of terrorism. Therefore, crypto exchanges are required to comply with the following measures:
- User verification. All customers must undergo the KYC (Know Your Customer) procedure, providing identification data.
- Accounting of transactions. Crypto exchanges are required to record all transactions and provide reports in case of requests from regulatory authorities.
- Monitoring of suspicious transactions. Any suspicious activity should be promptly identified and referred to the relevant authorities.
Another important point: obtaining a license requires confirmation that the platform does not violate data protection legislation (GDPR). This implies the creation of a privacy policy and the protection of customer information.
How long does the process take?
On average, the process of obtaining a license takes from 3 to 6 months. This time is necessary for the preparation of documents, registration of the company and passing all checks. However, in practice, the timing may vary depending on the complexity of the business and the completeness of the information provided.
Companies that apply for a crypto license in Poland should be prepared for thorough checks. Each stage — from checking the charter to evaluating the technical safety of the platform — requires strict compliance with the law.
Licensing a crypto exchange in Poland may seem complicated, but it opens the way to legal and successful work. With a competent approach, you will not only be able to fulfill all the requirements, but also ensure your company’s stable development in the European market.