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Open a Cryptocurrency Company in Poland

Updated on Thursday 23rd June 2022

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Open-a-Cryptocurrency-Company-in-Poland.jpgPoland recognized Bitcoin trading as of 2016 and companies that trade in virtual currencies have increased their number.
 
In order to open a cryptocurrency company in Poland, investors need to follow the general rules for company formation but also the special regulations in this field that is subject to ongoing regulatory changes. 
 
Companies in this particular business sector, referred to as virtual asset companies, will need to apply for a relevant license, essentially a crypto license in Poland, as detailed below by our team.
 
Poland is encouraging the development of the cryptocurrency community and blockchain technology. The Government has already made steps towards encouraging start-up companies in this field. 
 
Investors who need help in order to open a company in Poland can talk to one of our company formation agents.
 

The cryptocurrency sector in Poland

 
Poland officially recognized trading and mining of virtual currencies. This includes Bitcoin but also other cryptocurrencies.
 
These types of companies are able to obtain an official registration in Poland and the issue, sale, and purchase of electronic currencies is classified as official statistics services in Poland.
 
The status and the taxation of profits derived from cryptocurrency activities is still to be regulated. Those investors who are interested in current taxation matters for companies can talk to one of our Polish company formation experts.
 
The Polish Government released a set of best practices for the national cryptocurrency market. Start-ups in this field benefit from several national programs, implemented by the Ministry of Digital Affairs.
 
The Polish company formation process is the same for cryptocurrency companies as for any other type of corporate structure and it is briefly detailed below by our team.
 
Investors who cannot be present in the country for the entire duration of the process can request specialized, personalized investment aid from one of our experts.
 

How are cryptocurrency transactions treated in Poland?

 
The Polish Ministry of Finance has proposed a set of guidelines for the taxation of income from cryptocurrencies in Poland, an issue that needs to be carefully considered by investors interested in this business field.
 
For corporate income tax, the income from cryptocurrencies will be treated as capital gains while for individual income tax, this will also be treated as capital gains, however, it will be subject to a flat tax rate.
 
One of our agents who specialize in company formation in Poland can give investors more details about the current taxation regime. Upon request, we also offer information about the VAT in Poland.
 
The cryptocurrency environment is a dynamic one, as shown below:
 
  • in 2018, there were 1,568 different cryptocurrencies, 654 tokens, and 914 coins;
  • In 2018, there were 190 cryptocurrency exchanges;
  • the number of cryptocurrencies increased by 3,08% from December 2013 to December 2017.

The crypto license in Poland

 
Companies involved in the virtual assets field are subject to a certain degree of regulation and control.
 
The National Bank, as well as the Financial supervisory Authority (KNF) can be involved in this process.
 
A crypto license in Poland is not a license per se, but a registration that allows companies to engage in activities related to the exchange of cryptocurrencies or the services related to wallets for these virtual assets.
 
Companies in the cryptocurrency sector in Poland were not subject to extensive control until the passing of the new AML Law, the anti-money laundering provisions that came into force as a result of implementing the EU recommendations of the Financial Action Task Force on Money Laundering.
 
As a result of the new regulations, Poland can decide to implement the Directive by introducing a cryptocurrency licensing procedure or by introducing a register for these types of businesses.
 
All companies that activate in this filed are now required to make the needed registration, which can be the equivalent of a crypto license in Poland, with a special registry for these types of businesses.  
 
This means that cryptocurrency activities in Poland are regulated by means of this mandatory registration within a registry that keeps updated information on the business entities involved in these activities.
 
Investors should note that the AML rules apply in the case of cryptocurrency companies involved in certain types of activities.
 
Moreover, the registration requirements are in place for companies involved in the exchange of virtual currencies (for fiat money or other cryptocurrencies, as well as for brokerage services) and those that provide wallet services.
 
Fines apply to companies that fail to meet the registration requirements.
Registered Polish companies that were already active in the cryptocurrency sector were provided with the needed time to make the required adjustments and the needed registration.
 
New companies will need to be registered before they start trading.

Opening a Polish cryptocurrency company

 
Company formation in Poland is an easy procedure both for local and foreign investors.
 
Those who open a cryptocurrency company in Poland follow the same procedure for company registration.
 
The new company needs to have an original name and be registered with the National Court Register.
 
Investors should know that different types of companies have different requirements for a minimum share capital and for the management structure.
 
Our company formation team highlights the main steps required to open a limited liability company (Sp. z.o.o.):
 
  1. Choose the name of the company: this needs to be a unique one and certain rules apply regarding prohibited words;
  2. Choose a registered address: all registered companies need to have their registered address in Poland; however, they can conduct their activities in more than one location;
  3. Prepare the company documents: these are the articles of association, as well all the other relevant documents such as shareholder’s statements, their identification documents and signatures (electronic ones are accepted);
  4. Register the company: this is done with the National Court Register; the company then received its NIP number; its registration is then notified to the Tax Office.
 
As previously stated, once the company is incorporated as per the local laws, it will need to go through the registration, which can be seen as the equivalent of a crypto license in Poland in order to the able to engage in its specific activities.
 
In addition to the aforementioned mandatory registration, investors who open a cryptocurrency company in Poland will need to observe other provisions of the AML law:
 
  • - have no criminal record: the beneficial owners of such a company, as well as its managers, cannot have a criminal record for acts such as tax fraud and others; they will need to provide a recent criminal record check when registering the company;
  • - competence: investors will need to provide proof of reasonable competence in the field when opening a cryptocurrency company in Poland; relevant training courses or experience in the field, with adequate documentation, can be required.
 
Entrepreneurs who want to know more about cryptocurrencies and their treatment in Poland can get in touch with our team for detailed information and advice on investments.
 

What are cryptocurrency hedge funds like?


cryptocurrency hedge fund allows entrepreneurs to direct their investments in a large number of underlying securities.
 
Many types of investors, especially the ones oriented towards adverting risks, have long preferred hedge funds. The growth of the Bitcoin and other cryptocurrencies, paired with the popularity of fund investment and the evolution of blockchain technology, have led to the creation of funds oriented towards investing in cryptocurrencies. 
 
Our Polish company formation agents can help investors structure their hedge fund and observe the ongoing regulations in the country. 
 
When they open a cryptocurrency hedge fund in Poland, investors will need to observe a number of steps as well as pay attention to the local regulations. In Poland, the Financial Services Authority regulates investment funds and investors are also under the obligation to obtain relevant permits and licenses. Our agents can help during the setup and licensing process.
 
A hedge fund gathers capital from a large number of investors and then uses it to invest in a variety of assets.
 
Cryptocurrency hedge funds will manage only portfolios that include this specific type of assets, while mixed hedge funds can manage portfolios that include both virtual currencies and other types of assets.
 
The first type also includes initial coin offerings, or ICOs, to the portfolio while the second is generally perceived as less risky for investment purposes. 
 
Investors who open a cryptocurrency hedge fund in Poland can structure their fund to address accredited or institutional investors. In some cases, these types of funds will address only individual investors with w net worth over a certain amount (high-net-worth individuals).
 

How do investors open a hedge fund in Poland?

 
In a broad sense, a hedge fund is a mutual fund that is organized as a limited partnership. The method for obtaining profits is often a speculative one which in this case is combined with the volatile nature of the cryptocurrencies. 
 
Investors will need to open a company in Poland or a partnership for the purpose of starting a hedge fund. Next, they will want to decide upon one or more investment types that will be available for the fund. These can include direct cryptocurrency investments, blockchain investments and ICO investments or, in some cases, crypto futures.
 
In general, the steps for opening a hedge fund are the following:
 
  1. Gather the capital: before commencing the actual incorporation, entrepreneurs will need to gather the needed to secure enough capital for a hedge fund startup.
  2. Organization: this includes preparing the documents needed to open the fund as well as seeking legal representation.
  3. Structure: hedge funds are often alternative investment funds which can determine their own investment policy and strategy.
  4. Incorporate: most hedge funds are incorporated as limited partnerships; one of our agents who specialize in company registration in Poland can assist you.
  5. The management team: an experienced team will be required for the future hedge fund in Poland; licensed investment advisors may also be required.
 
Investors who start a hedge fund in Poland will also need to observe the restrictions that may apply on the marketing of alternative investment funds, either directed by the regulatory agencies or by the internal constitutive documents.
 
Investors who wish to know more about how to start a cryptocurrency hedge fund or a cryptocurrency company in Poland can contact us for more information about the local regulatory regime.
 
We assist investors who wish to open Polish companies irrespective of their chosen business field.
 
Our team also helps those interested in knowing more about expanding in Poland via a branch or those who wish to purchase a shelf company.
 

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Maciej Oniszczuk is the Managing Partner of our company. He is specialized in commercial law and has helped many businessmen set up companies in Poland.

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