Crypto license in Poland

Poland is a member of the European Union. The country is located in Eastern Europe near Germany, Austria, the Czech Republic, and the Baltic countries. Some time ago, Poland ran a new policy that regulates virtual assets. The state government relies on digital technologies, and the country hosts many IT EU-registered companies like Egera, BitBay, BitStamp, and BitFinex. Until the latest legal framework changes, Poland showed a loyal regulation of business activities with virtual assets, making it a desirable jurisdiction for obtaining a previously known VASP license.

Due to the national implementation of the Markets in Crypto-Assets Regulation, or shortly, MiCA or MiCAR, in Poland and other EU members, crypto-related businesses are now subject to licensing as a Crypto Asset Service Provider (CASP). This is a significant change in the regulatory framework, and it has introduced a new set of challenges for the crypto industry as companies must meet stricter standards and requirements.

Contents

Fintech Harbor Consulting | Crypto license in Poland

Overview of the Cryptocurrency Market in Poland

For a more detailed understanding of Poland’s digital asset market, here are the key milestones in its crypto-market history:

Expected Revenue (2023): According to Statista’s latest report, the revenue in 2023 could reach €279 million.
Projected Development (2023-2027): The Polish digital assets market is projected to grow at an approximate Compound Annual Growth Rate (CAGR) of 11.48% from 2023 to 2027. With this rate of expansion, the market’s valuation might potentially hit €431.5 million by 2027.
Revenue per user (2023): The average revenue per user in the Polish digital asset market is expected to reach €46.6 in 2023. This indicator shows the profitability of the VASP crypto market.
Revenue comparison: According to forecasts, the digital asset market in Estonia in 2023 could reach €14.91 million. This means that the Polish digital asset market will be almost 20 times larger than the Estonian market.
User growth forecast: The number of users in Poland’s digital asset market is forecast to grow significantly. It is estimated to reach around 7.85 million users by 2027. In fact, this means that every 5th person in Poland will use digital assets.
User Penetration Rate: The rate of digital asset use in Poland will grow from 15.9% in 2023 to 21.0% by 2027. This growth indicates the increasing usage of digital assets in Poland.

Changing Landscape

For the past years, Poland has been commonly known as a crypto-friendly country, attracting businesses and investors in the cryptocurrency sector due to its favorable framework. However, the situation has significantly changed since the introduction of the new MiCA (Markets in Crypto-Assets) regulation by the European Union. This regulation aims to provide a comprehensive framework for the cryptocurrency market, and as a result, Poland, alongside other EU member states, is obliged to develop more cautious and structured approaches to the virtual assets market.

Therefore, once the transition period for already existing VASP companies expires, they will not be allowed to conduct any crypto-related activities unless a CASP license application is submitted to the national regulatory authority. During the transition period, until June 2025, VASPs must comply with all MiCA requirements and apply for a CASP license. If a VASP entity succeeds in applying for a CASP license during the transition period, it will still be allowed to operate until the regulator issues a final decision on the license.

Now we will look at how to get a crypto license in Poland in 2025 and what you need to do.

The Definition of the Crypto License

Although Polish law has not been updated yet to meet all MiCA requirements, it is clear that previously known crypto licenses are now considered CASP (Crypto Asset Service Provider) licenses. It’s a mandatory authorization for companies, defined and introduced by MiCA for companies that engage in crypto asset services, commonly known as VASPs at the time of writing.

So recently introduced CASP license covers the following types of activities, by Article 3 of MiCA:

providing custody and administration of crypto-assets on behalf of clients;
operation of a trading platform for crypto-assets;
exchange of crypto-assets for funds;
exchange of crypto-assets for other crypto-assets;
execution of orders for crypto-assets on behalf of clients;
placing of crypto-assets;
reception and transmission of orders for crypto-assets on behalf of clients;
providing advice on crypto-assets;
providing portfolio management on crypto-assets;
providing transfer services for crypto-assets on behalf of clients;

Keep in mind that the specific type of activity listed above may only be permitted under the specific class of license. For example, a Class 1 license will not cover all of the listed activities. If your planned type of activity is providing custody and administration of crypto-assets on behalf of clients, be ready to meet share capital requirements for a Class 2 license for 125000 EUR.

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How Much Does It Cost to Obtain the License?

When it comes to obtaining a license, it is quite important to consider that the final price will include the associated costs for share capital deposit and legal professional fees for assistance with the submission of the license application. These costs can vary depending on the Class of license required for your model of business and the legal services needed. Additional costs may also arise from a company formation in Poland on your request and extra expenses on its annual maintenance. Do not hesitate to contact our expert team to get a more detailed calculation of the total price for CASP licensing.

When it comes to planning your budget for the crypto license under MiCA, keep in mind that the associated pricing for the established and new companies’ licenses differ. Take a closer look at the first-year fees related to applying for your CASP license in Poland:

Set Up and First-Year Fees for an Established Company

Included services & features	Cost
Initial consultation and compliance assessment	€4,000
CASP application and compliance Documentation	€21,000
Total:	€25,000

Set Up and First-Year Fees for a New Company

Included services & features	Cost
Initial consultation and compliance assessment	€5,000
CASP application and compliance Documentation	€28,000
Total:	€33,000

Why Should You Choose Fintech Harbor Consulting to Receive Polish Crypto Authorization?

Even though at the moment of writing, Poland provides a fairly transparent legal basis for obtaining cryptocurrency license Poland, it can be quite problematic without legal support. With ongoing MiCA requirements in 2025 and CASP introduction, legal assistance with the licensing process became crucial.

To get a Poland crypto license under the new 2025 crypto laws in Poland, first of all, it is necessary to register (or buy) a company in Poland, which will have the corresponding business activity identifiers. Our company offers the service of registering a legal entity in the form of an LLC in Poland because this form is the most flexible both in terms of the citizenship of company members and financially.

The next step is to open a bank account. Our company offers to open an account with a local European bank, which will be an advantage for your business. To open a bank account, you will need to go through the process of complying with international anti-money laundering and counter-terrorist financing policies. For licensing, you will also need to prepare the general documents required for CASP (e.g., custody policy if applicable to the chosen activity, risk assessment procedure, complaints procedure, etc.) and meet the rest of the MiCA requirements that we describe in a paragraph below.

Fintech Harbor Consulting attorneys have extensive experience in starting companies and obtaining licenses all over the world, including Poland. We can take care of all legal matters while you do business and adjust it to 2025 crypto compliance in Poland!

Requirements for Crypto Licensing in Poland 2025

The share capital depends on the chosen class of license, whether it is 50000 EUR, 125000 EUR, or 150000 EUR;
At least one director must be a resident of an EU member state;
A physical office means a local presence;
A functional corporate bank account in an EU entity;
A preparation of a company’s internal documents required for obtaining a CASP license (e.g. business plan, comprehensive policies, risk management & mitigation procedures, AML control frameworks to detect suspicious transactions, etc.)
The details on company key personnel, shareholders;
A dedicated compliance team with some reporting responsibilities and authority.

Please consider the fact that Poland hasn’t adjusted its final framework for ongoing MiCA compliance yet. The regulatory requirements may change shortly or can be enhanced, so do not hesitate to contact our team to stay updated.

Therefore, the above-mentioned requirements significantly differ from those for commonly known VASPs, making the procedure of obtaining a CASP license more complex and requiring a more comprehensive and strategic approach.

Types of Poland Crypto Licenses

By Annex IV of the MiCA regulation, there are the following types of crypto licenses will be available for applicants in Poland as well:

1. Class 1 with the subsequent permitted activities:

execution of orders on behalf of clients;
placing of crypto-assets;
providing transfer services for crypto-assets on behalf of clients;
reception and transmission of orders for crypto-assets on behalf of clients;
providing advice on crypto-assets; and/or
providing portfolio management on crypto-assets

2. Class 2 with the subsequent permitted activities:

activities under Class 1;
providing custody and administration of crypto-assets on behalf of clients;
exchange of crypto-assets for funds; and/or
exchange of crypto-assets for other crypto-assets.

3. Class 3 with the subsequent permitted activities:

activities under Class 1 & 2;
operation of a trading platform for crypto-assets.

Each type of license has its own requirement for minimum share capital. Under Article 67(1), point (a) of MiCA, there are the following amounts:

50000 EUR for a Class 1 license
125000 EUR for a Class 2 license
150000 EUR for a Class 3 license

Consider the fact that under Article 65 of MiCA, to operate across the EU, the CASP-authorized entity shall provide to the competent authority of the home Member State the following information:

A list of the Member States in which the crypto-asset service provider intends to provide crypto-asset services;
The crypto-asset services that the crypto-asset service provider intends to provide on a cross-border basis;
The starting date of the intended provision of the crypto-asset services;
a list of all other activities provided by the crypto-asset service provider not covered by this Regulation.

The competent authority of the home Member State must promptly transfer the information listed above to the ESMA and EBA within 10 working days, and subsequently inform the CASP authorized entity of such communication without delay. As a result, CASP authorized entity can begin operations in other EU member states from the date of receipt of the communication with ESMA (European Securities and Markets Authority) & EBA (European Banking Authority) and home Member State authority, or at the latest from the 15th calendar day after having submitted the information to home Member State authority.

The Strategy for Starting a Crypto Business in Poland

Initially, to run an official and legal business in Poland, you need to register a legal entity in Poland under Polish law. It is your legal entity that will have permission to obtain a crypto license in Poland. Proper licensing guarantees the protection of your business.

The routine of acquiring a Poland crypto license consists of the following steps:

Setting up a local business office (physical office is required) with ZIP code;

Opening a corporate bank account in Poland (or the EU);

Registering information about the company in Polish registers (legally binding);

Understanding the business model and applicable type of license, determining the regulatory scope, and deposit of the required share capital amount to the bank;

Preparation documentation required for the licensing process (e.g., business plan, comprehensive policies, risk management & mitigation procedures, AML control frameworks to detect suspicious transactions, etc.);

Submission of application, communication with the regulatory authority regarding the process, and receiving a final decision on the application.

Polish VASP Ongoing Compliance in 2025

On December 9, 2024, the 4th version of the Polish law on the cryptoassets market draft was introduced on the website of the Government Legislation Center. This document is generally applicable to legal entities included in the VASP register and other financial institutions that are considering applying for a new CASP authorization in 2025. New MiCA regulations will replace the majority of current rules for crypto trading in Poland and Europe overall, resulting in the obligation to obtain a CASP authorization instead of the previously known VASP authorization. Companies that are currently registered as VASPs will soon be categorized as CASPs under the new regime. This means that:

Legal entities that obtained VASP authorization in the register as of December 30, 2024 (the date when the Crypto Market Act came into force) can still operate under existing AML legislation and CFT regulations until they obtain CASP authorization, but no later than June 30, 2025.

If these legal entities apply for a CASP authorization by 30.04.2025, then it becomes possible for them to continue operating after 30.06.2025, until a final licensing decision is issued by a regulatory authority.

On October 1, 2025, the Polish VASP register will be completely dissolved meaning that the previously known VASP authorization process will no longer exist.

In summary, the above developments reflect some aspects of the 2025 new crypto laws in Poland, which introduce key changes and developments for companies involved in crypto activities. Compliance with such 2025 crypto licensing requirements in Poland is essential to operate legally. Legal entities that were successfully authorized as a CASP and met 2025 crypto compliance in Poland are allowed to operate in other EU member states, after notifying the regulatory authority of such intention to provide services in other EU countries.

Feel free to contact our team to receive a comprehensive guide on the 2025 crypto license in Poland and ensure your business operates smoothly and legally.

Crypto Taxes in Poland

When you start a crypto company in Poland, your business becomes a tax resident. This means your company is added to Poland’s list of taxpayers.

The following taxes apply to companies registered in Poland:

Tax on company profits – 19%;
The taxable base is the positive difference between the sale price and the purchase price of the assets;
Capital gains tax – 19%.
VAT basic rate – 23%.

Taxes on corporate income (СIT)

If a company is based in Poland, it typically has to pay taxes on its global earnings. However, some international tax agreements may exempt the company from paying Polish tax on foreign income. Companies not based in Poland only pay taxes on the income they generate within the country.
The standard corporate income tax rate is 19% and it applies to most goods and services. A 9% corporate income tax rate applies to income, except for capital gains, under two conditions:
The taxpayer is small, meaning their sales revenue, along with VAT, was under about €2 million last fiscal year.
The company is new and wasn’t formed by merging or transforming an existing business in its first tax year.

VAT rates in Poland

VAT is charged on each taxable supply of goods and services, in other words, on each supply of goods and services made in Poland by a taxable entity in the course of its business activities, unless such supply is exempt from tax according to the provisions of the law.

The following value-added tax rates apply in Poland:

23% – the standard rate for most goods and services;
8% – reduced rate (applies to pharmaceuticals, certain transport services);
5% – reduced rate (applies to books, journals, and basic, unprocessed food);
0% – for all exceptions provided for in the Polish VAT Act (for example, export of goods to countries outside the EU).

In Poland, company taxes are lower than the EU average, making it an attractive place for crypto-businesses.

European Case Law on the Application of VAT to Cryptocurrency Transactions

In a landmark decision in 2015, the European Court ruled that the purchase of bitcoins or other cryptocurrencies is exempt from Value Added Tax (VAT) for EU member states.

Case Summary:

Mr. Hedqvist wanted a clear interpretation from the Swedish Revenue Law Commission about how VAT applies to Bitcoin transactions. The main question in this case was about how to understand Articles 2(1)(c), 135(1)(d), 135(1)(e), and 135(1)(f) of the EU VAT Directive. The court decided that Bitcoin is a type of payment contract. It lets direct transactions happen between parties that accept it. The court decided that trading traditional currencies for bitcoins is a service. It falls under Article 2(1)(c), as it includes the difference between the buying and selling price of the currency. Bitcoin transactions don’t meet the exemption criteria under this Article. Bitcoin doesn’t match the specific financial instruments described. The court said that Article 135(1)(e) covers transactions involving non-traditional currencies like Bitcoin if they are an accepted alternative to legal tender. This means these transactions don’t have to pay VAT. As Bitcoin isn’t a security that gives a property right or a similar security, transactions involving it don’t fall under Article 135(1)(f).

Impact on Poland

While the ruling isn’t a guaranteed rule stating VAT won’t be applied to digital currency dealings, it has had a considerable effect on Poland’s burgeoning crypto sector. Based on this decision from 2015 and clarification (0114-KDIP4-3.4012.652.2022.3.IG), the Polish tax authorities maintain that cryptocurrency payments for IT services are barter and are not subject to VAT. In this case, they rely on EU legislation and previous court decisions. So, businesses in Poland can pay with crypto and stay clear of VAT. This lets business owners pay with crypto without extra taxes, helping it grow more popular in Poland. For those looking to secure crypto licenses in Poland, the Poland crypto license application process has become more streamlined due to these regulatory frameworks.

Our legal experts

Nick Dakhovskyi

Senior Lawyer

Anastasia Kutniakova

Lawyer

The Legal Framework Applicable to Cryptocurrency Companies

The legal framework applicable to cryptocurrency companies in Poland is generally shaped by the EU regulatory initiatives, with subsequent aligning them into the national legal system. The Polish legal system recognizes cryptocurrency while allowing mining operations and transactions through buying and selling crypto under existing regulations.

The Government Legislation Center released the fourth version of the Crypto Assets Market Act on December 9, 2024, which is a draft of regulatory guidelines for Poland’s cryptocurrency market. The act mandates previously registered Virtual Asset Service Providers (VASPs) to adopt the new CASP licensing requirements before June 30, 2025.

This draft is the regulation that also proposes to remove VASP registration while implementing CASP licensing requirements for legal entities. The draft remains at the governmental level and has not been submitted to Parliament for approval yet.

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I am very satisfied with the service provided by the fintech harbor consulting team. A company was registered for me and a license was opened. At all stages, I was accompanied by a polite and qualified specialist. You can see that the lawyer has experience in this business. I recommended you to my partners.

With the help of this FHC office, we opened a company for a cryptocurrency exchange – exactly the business we dreamed of for so long. The specialist was almost always in touch and could answer any additional questions. It was very pleasant to work with you.

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FAQ

The main stages of obtaining Polish crypto authorization

First, to begin with, the most common practice in conducting entrepreneurial activity in the scope of virtual assets is the use of a legal entity. In this case, it is rational to use a company in the legal form of a limited liability company – in Poland – Sp. z o. o. Second, qualify the planned scope of services, meet the MiCA requirements, and prepare the necessary documents for licensing (e.g. business plan, comprehensive policies, risk management & mitigation procedures, AML control frameworks to detect suspicious transactions, etc.). Third, apply to the national authority and keep periodic communication regarding the application. The applicants may be asked for possible calls, responses, etc. to clarify information or submit the missing documents. As a result, the applicant shall receive a notification from the supervision authority with the final decision regarding the licensing.

How much time do you need to get a crypto license?

CASP licensing will take several months, depending on each case specifically. The whole process may take up to around 4 months until the regulator provides a reasoned decision on the applicant.

Is crypto legal in Poland?

Yes, cryptocurrency is legal in Poland and is described in the Polish AML Act.

According to paragraph C (26) of Article 1 of the Polish AML Act, virtual currency means a digital representation of value that is not:

A legal tender issued by government agencies or foreign central banks.
An international payment unit established by international organizations.
“Electronic money” as defined in the Payment Services Act 2011.
A financial instrument as defined in the Financial Instruments Trading Act 2005.
A bill of exchange and a cheque.

How to obtain a crypto license in Poland?

Incorporate a local company with a physical address that will meet CASP applicant requirements and determine the scope of planned activities before the beginning of the licensing process;
Prepare the necessary internal documentation based on the chosen activity, meet the requirement of share capital deposit, and collect all required documents of the company’s staff.
Apply to the national supervisory authority.
Wait until the final decision on the application.

What types of activities can be carried out with a cryptocurrency license in Poland?

The following types of activities under Article 3 of MiCA can be carried out with a CASP license in Poland and across the EU:

providing custody and administration of crypto-assets on behalf of clients;
operation of a trading platform for crypto-assets;
exchange of crypto-assets for funds;
exchange of crypto-assets for other crypto-assets;
execution of orders for crypto-assets on behalf of clients;
placing of crypto-assets;
reception and transmission of orders for crypto-assets on behalf of clients;
providing advice on crypto-assets;
providing portfolio management on crypto-assets;
providing transfer services for crypto-assets on behalf of clients;

What are the penalties for running a cryptocurrency business without a license in Poland?

The penalty for not registering as CASP by the required deadline under Article 111 is 5,000,000 EUR

Can non-residents of Poland own a crypto company?

In accordance with Article 59(2) of MiCA, at least one of the directors shall be resident in the European Union.Therefore, non-residents of Poland can own a crypto company.