Crypto license in Poland

Our team’s extensive knowledge of Poland’s legislation and European crypto regulations enables us to navigate the licensing process with precision, ensuring your business meets all legal requirements seamlessly.

We offer hands-on friendly assistance at every stage, working closely with you to deliver tailored services that align with your business’s unique needs and objectives within Poland. Personal manager will be in touch with you during the whole process.

From document preparation to liaising with regulatory authorities, we manage each step of the application process, keeping you informed and significantly reducing your administrative workload. We work with our clients in cooperation, so you always know the current status.

With a thorough understanding of Polish regulations and global crypto market requirements, we as a direct service provider set your business up for success in Poland while preparing it for international operations.

We closely monitor offers on the market and diligently develop the most effective and affordable service packages so that every client, regardless of citizenship and other indicators, can take advantage of the proposal.

The adaptation process commences with a comprehensive regulatory assessment to evaluate the entity’s existing operational structure, range of services, and compliance posture. This includes the determination of the appropriate CASP classification in accordance with MiCA (Class 1, Class 2, or Class 3) based on the nature of services provided, risk profile, and licensing obligations.

Subsequently, the legal status of the VASP-registered entity must be verified. This entails confirmation that the company is duly incorporated in Poland, is listed in the Register of Virtual Asset Service Providers and remains compliant with the applicable provisions of the AML Act. This step ensures eligibility for licensing under the CASP regime and identifies any legal restructuring requirements.

All relevant corporate documents must be prepared and updated to reflect the requirements imposed by MiCA and European Securities and Markets Authority (ESMA) regulations. These include, inter alia, ownership disclosures, internal control frameworks, AML/CFT policies, and governance procedures. All documentation must be prepared in Polish and English, in accordance with the expected standards of the supervisory authority.

The formal licensing application shall be submitted to the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego – KNF). The submission must include the completed application form, all requisite supporting documentation, and any additional statements or certifications as may be prescribed, as well as confirmation of the share capital contribution.

The KNF reserves the right to request supplementary information or clarifications during the evaluation process. Throughout the application and review period, continuous regulatory engagement is essential. This includes proactive communication with the KNF, timely response to any official queries or document requests, and coordination with legal and compliance advisors to ensure full adherence to evolving regulatory expectations.

First, a legal entity must be established and registered in Poland.

• KYC Data Collection: Collect information about company owners, directors, and key personnel to verify financial standing and legal compliance.
• Legal Registration: Register with the National Court Register (KRS) and ensure compliance with local and EU standards.
• Capital Contribution: Meet MiCA’s minimum share capital thresholds, which vary based on service class (from 50 000 EUR to 150 000 EUR).
• Register of Activities: Ensure listing in the register for crypto-asset services, confirming eligibility to conduct business.
• Additional registration: Fill additional forms to register in tax authorities and beneficial owners registry.

Before submitting an application to the KNF (Polish Financial Supervision Authority), the company must:

• Define Business Model and Classification: Identify service class (1, 2, or 3) as per MiCA.
• Comply with AML/KYC standarts: Prepare and fill document procedures in line with Polish law and EU standards.
• Develop Risk Management Framework: Create clear policies covering financial, operational, and IT security risks.
• Prepare Internal Documentation: Include business plan, compliance structures, and operational strategies.

Submit the formal application to the KNF including:

• Structure Details: Company formation documents, identity verification of directors and beneficial owners.
• Proof of Share Capital: Confirmation from a financial institution.
• AML/KYC Procedures: Full documentation showing policy implementation.
• Risk & Security Protocols: Reports on cybersecurity and fraud prevention.
• Business Continuity Plan: Ensures resilience in adverse scenarios.

The applicant must also provide:

• A description of prudential safeguards in accordance with Art. 67 of MiCA, including the amount maintained on the application date and the assumptions behind the calculation.
• Breakdown of the amount into parts covered by own funds and parts covered by insurance/guarantees (if applicable).

For own funds: detailed calculation and source (with bank confirmation or supervisory certificate, especially for newly created firms).
For insurance/guarantees: full identification of insurer/guarantor and a copy of the policy or preliminary agreement covering elements required by Art. 67(5) and (6) MiCA.

• 3-year financial projections covering expected capital requirements, with assumptions and stress test scenarios (e.g., expected client numbers, transaction volume, maximum amount of crypto-assets under custody, if applicable).
• Financial statements from the past 3 years (if applicable), including audit reports where available.
• Policies and procedures for monitoring prudential requirements (e.g., capital management policy).
• Evidence of meeting the requirement at the time of application:

KNF performs a comprehensive review of the application:

• Due Diligence on Personnel: Checks on financial integrity and legal history.
• Evaluation of Controls: AML, KYC, risk, and fraud policies.
• Financial Stability Assessment: Ensures liquidity and ability to meet obligations.
• Cybersecurity Audits: Confirms adherence to EU digital security standards.

Once licensed:

• Compliance Maintenance: Ongoing reporting and adherence to evolving regulations.
• Update Notifications: Inform KNF of any material changes in operations or management.
• Annual Prudential Requirement Review: As per Art. 67(1)(b) MiCA, CASPs must annually review fixed overhead costs and recalculate capital requirements. Supervisors like KNF may require yearly reports confirming compliance, potentially including capital statements or detailed calculations.
• Remediation Obligation: If own funds fall below the threshold due to financial losses, CASPs must immediately notify KNF and provide a recovery plan. Failure to comply may lead to sanctions including suspension or revocation of the license, as detailed in MiCA Title VII.