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This country was among the first few to recognize Bitcoin’s potential as a means of payment, as a front-running virtual currency. To establish a business and obtain a crypto license in Poland, entrepreneurs are obliged to follow certain rules and guidelines. The volume of crypto transactions in Poland increased by a large margin compared to other parts of Europe, which is why you should definitely consider this country as your number one pick.
The companies operating in the cryptocurrency sector are referred to as "virtual asset" businesses and as such, they must apply for an apt license. The first step of the process, however, is to come up with an original business name and register it with Krajowy Rejestr Sądowy (aka Poland's National Court Register). Aspiring cryptocurrency entrepreneurs should know that different brands of business have different requirements in regard to share capital and corporate structure. A limited liability company seems like the best option for those who do not wish to go through the bureaucracy and procedures involved in obtaining a license of a different type. So, the process is very straightforward and can be broken down into the following steps:
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Selecting the name of your business.
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Selecting a registered address. It's necessary for all businesses to have a registered address in Poland.
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Preparing all the paperwork. More on that later.
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Finalizing the process of registration. It needs to be done with Krajowy Rejestr Sądowy. The information is then passed on to the National Revenue Administration.
For all intents and purposes, the registration itself is the obtainment of a crypto license/license required to conduct business in this field.
What documents are needed for a crypto license in Poland?
The procedures differ according to the different types of cryptocurrency businesses. However, as a minimum, you will need the following documents:
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Power of attorney (if you choose to hire a company to handle your affairs). Notarized and apostilled copies of IDs.
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Articles of association.
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Stockholder's statements.
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Name certificate.
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Proof of no criminal record.
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Electronic signatures.
Of course, there are several additional documents that might be requested. For instance, in order to comply with AML law, you will be asked to provide proof that you've been operating in the cryptocurrency field for some time.
Which companies can help with obtaining a crypto license in Poland?
When considering which companies should do the actual work of the registration procedure, it's recommended to give a great deal of attention to those with particular expertise in the area. Those with good reviews and years' worth of experience can handle these processes with ease and professionalism, ensuring a seamless and stress-free procedure.
There are many in-house lawyers or brokers in Poland who offer their services to anyone who is ready to launch a crypto company in this European country. The best way of finding them is to take a look at sites with client testimonies and other web portals that provide credible data. Judging by the countless companies offering the same service in Poland, there's a huge demand for crypto license/license requests from would-be entrepreneurs.
Conditions for obtaining a crypto license in Poland?
There exists a certain set of requirements for those hoping to register a crypto business in Poland. These are the requirements you will need to meet:
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No criminal record. It's an important part of the process that you have no criminal record.
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Over one year worth of relevant experience. Making sure that only qualified people start businesses in their country enables Polish regulators to distinguish between trustworthy and uneducated entrepreneurs. Avoiding a bubble economy is in the interests of the consumer as well.
Those are the two main requirements. Of course, there's also the fact that you have to provide several documents: some to back up your claims, some to prove your credentials, and some to verify your legal status in the country.
Why choose Poland to register a crypto company?
Several factors set Poland apart from other European countries in this sphere. As mentioned above, it was at the forefront of Bitcoin adoption, and this country is proud of its status as a cryptocurrency pioneer. Other factors include:
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Lucrative jurisdiction from a taxation standpoint. When compared to other European countries, the fees are low, and there are no additional bureaucratic requirements.
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Poland's progression stance toward regulating the crypto sector is very encouraging. It's essential to keep in mind that while other international regulators are being very cautious and skeptical about how cryptocurrencies should be handled, Poland's position is quite different. The Polish government is promoting its vision of a digital future and aims to allow companies and investors to prosper through its encouraging moves to regulate the cryptocurrency market.
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Developing crypto/blockchain sector. There are many start-ups in demand of qualified professionals with proven track records of working with this complex technology.
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It's easy to obtain a license. It generally is. The process usually consists of only several basic documents and that's pretty much it.
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Quick registration process. Once again, Poland has comparatively relaxed rules with regards to the registration of companies and you can get your license fast.
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Poland has excellent conditions for business start-ups in particular.
Benefits of Poland for obtaining a crypto license?
There are several benefits that you will be able to reap as an individual in Poland if you manage to secure a crypto license. These include:
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Legal certainty. Because of the relatively uncontentious status of Bitcoin and other cryptocurrencies in the world, being on the right side of the law is a huge plus.
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Access to a large market. There are over 38 million people in Poland alone, all waiting to buy cryptocurrencies or engage in other activities offered by your company. A great market that is waiting to be tapped!
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Close proximity to the most profitable EU markets. Western Europe is a core part of the European Union and all of the largest markets are nearby.
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Relatively cheap labor. If you choose to actually do business on Polish soil, you'll be able to access labor costs that are significantly lower than what's available in other developed countries.
As a final note, it's worth pointing out that the Polish economy is very strong and it has huge potential. Even if it's a generic job or a business startup, there are many possibilities.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.