Crypto Business. Is it Legal in Poland?
An individual is allowed to do anything they need, according to laws in Poland. Unless it's clearly stated that it's illegal. And since there's not any single statement in the Polish laws that prohibits activities related to cryptocurrencies, we'll deal with it as if it is generally allowed.
But an entrepreneur still must get registered as someone who works with crypto, since this field is regulated by the government .
That is in addition to the fact that European laws do not specify any rules that prohibit crypto businesses.
What is a cryptocurrency from the point of view of the Polish law?
It defines a cryptocurrency as a digital representation of a value under some conditions, for instance, it's not:
- FIAT money,
- E-money,
- Cryptocurrencies carry their own value just like Real Estate, and FIAT money, etc..
What do you need in order to register a business that works in the crypto world?
A company has to fulfill the following terms:
- Not be involved in crime.
- Qualify Professionally.
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Absence of involvement in crime for individuals |
A record of an individual clear of any convictions of any kind of Intentional law breaking, of any kind. |
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Absence of criminal records for the company. |
All the personnel of the company’s headquarter or the shareholders, must not be accused of any crime. |
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Professional qualification |
Individuals must obtain relevant knowledge and experience. And this term is met in one of the two ways: Undergoing training or taking a course regarding the practical and legal aspects of working with cryptocurrencies. Having one year of work experience in a field related to cryptocurrencies. |
Only companies that meet both requirements mentioned above will be accepted for registration.
Registration Procedure.
The company is supposed to send application Ministry of Finance , complemented with the following documents:
A document proving the completeness and correctness of the information in the application.
A document on meeting the requirements mentioned earlier and the applicant's knowledge about the terms of running a crypto business.
Note: The fine of running a crypto business without registration can reach PLN 100,000.
