What Is VASP License?
The popularity of digital currencies has skyrocketed in the last few years, and as the industry expands, regulations become crucial to ensure sector-wide unambiguousness and shield investors. In Poland, the VASP (Virtual Asset Service Provider) license plays a vital role in overseeing cryptocurrency-related activities. This article aims to provide a comprehensive understanding of the VASP license in Poland, including its types, advantages, eligibility criteria, and the process of obtaining it.
Let’s start off by showing the core four types of this license:
Type 1
Providers of a service of exchanging cryptos against fiat and vice versa
Streamlined conversion between cryptocurrencies and traditional fiat currencies.
Type 2
Providers of a service of exchanging cryptos against cryptos
Enables efficient trading and divergence within the crypto market.
Type 3
Providers of crypto brokerage services
Facilitates secure and regulated transactions, ensuring investor protection.
Type 4
Providers of a virtual (crypto) currency wallet service
Offers a secure platform for storing and managing various cryptocurrencies.
Which Companies Are Allowed to Open a VASP License?
Foreign businesses and budding entrepreneurs are actively encouraged to join the cryptocurrency market thanks to Poland's welcoming regulatory environment. Therefore, any eligible business may submit an application for a VASP certificate. This all-encompassing strategy encourages economic development and innovation by allowing a broad variety of companies to participate in regulated cryptocurrency operations.
Why Do Many People Choose Poland for VASP?
In the past decade, Poland has been an increasingly common spot for cryptocurrency enterprises because of its cognizant legal framework and numerous perks. Take a look at the list below:
- Political stability and favorable business climate;
- Access to a large pool of skilled professionals;
- Competitive operating costs and advantageous tax regime;
- Superior technology and a robust framework;
- Robust banking system accommodating crypto money transactions;
- Strong commitment to combating money laundering and terrorism financing;
- Supportive ecosystem for startups and innovation;
- Strategic location at the crossroads of Europe;
- Access to the European Union's single market;
- Well-established legal system ensuring investor protection;
- Extensive network of cryptocurrency exchanges;
- Availability of venture capital and funding opportunities;
- High level of English proficiency among the workforce;
- Well-regarded academic institutions offering relevant courses and research;
- VASP license is comparatively easy to obtain;
- Supportive government initiatives and grants for blockchain projects;
- Availability of co-working spaces and incubators for startups;
- Vibrant, supportive cryptocurrency and blockchain community;
- Favorable intellectual property protection;
- Strong cybersecurity infrastructure;
- Availability of professional service providers specialized in the crypto industry;
- Availability of specialized legal and accounting services;
- Accessibility of broader international markets from Poland.
How Do You Get a Crypto License in Poland?
If you wish to obtain a cryptocurrency license in Poland, it involves several stages and procedures. Let's take a closer look at each step:
- Step 01: Documentation gathering and submission for Polish business registration
1. Registration paperwork remote preparation;
2. Paying of costs incurred by the state while registering a business;
3. Inland Revenue Service and beneficiary registration main declaration preparation;
4. One year of mailbox and legal address leasing.
- Step 02: Obtaining a tax ID
1. If you want to use Poland's ePUAP government service portal, you'll need a Polish tax number. Here are the steps that you must take:
2. Obtaining an apostille-authenticated Polish translation of the director's passport;
3. Sending the document to receive the PESEL tax number.
4. The customer has up to 30 days from the time they submit the original papers and translations to get the tax ID.
- Step 03: Submission of a license application; incorporation in the database of cryptocurrency-related businesses
1. It's necessary to take the following steps:
2. Documentation prep for entry into the database of cryptocurrency-related businesses;
3. Paying taxes and other governmental dues;
Creation of Polish-language AML process.
The declaration of the director of the firm through ePUAP must be signed no later than 14 days before the deadline for registering the firm into the register. It may be prolonged if there are any concerns or missing documentation. In general, unforeseen circumstances may arise during any part of the registration process. Because of that, you should not have a fixed deadline as it may make it more difficult to obtain the license in time. Do not go online to search for information concerning the average time it takes to set up a company in this nation as each project is specific to its particular set of circumstances. Every crypto project will be a different story.
What Documents Are Needed to Obtain a VASP In Poland?
The following items are required in order to apply for a VASP license in Poland:
- A copy of each individual’s current, valid passport;
- Power of Attorney;
- Detailed explanation of the business concept and authorized operations;
- Curriculum vitae (CV) outlining the experience and education of each individual involved in the business;
- URL for the website through which the company will operate;
- Stakeholders, directors, and ultimate owners need a clean rap sheet from the state's conviction database that is no more than three months old.
All of the above must be in English (or a sworn English translation) and attested by a public notary and apostille. Remember that gathering the right documentation and sending them to Poland is time-consuming and you can seek outside help if you need it.
Conclusions
In conclusion, the VASP license plays a crucial role in regulating cryptocurrency activities in Poland. It helps keep the crypto market open, safeguards investors, and propels development. Because of its advantageous regulatory climate and other factors, Poland is a prime location for cryptocurrency-related enterprises. Acquiring a VASP license allows companies to function legally and credibly, fostering growth in the electronic asset sector.
In case you're interested in obtaining a license from Poland, you should really consider seeking outside help. With a qualified professional as your partner, you can enjoy a process that is efficient, cost-effective, and comprehensive. You will not need to go through the processes alone, and you will be able to contact the firm for support 24/7, which saves a ton of time and money in the long run.
