Eastern European countries are rapidly improving the field of cryptocurrency regulation, becoming a promising market for the blockchain and the non-fiat funds' exchange business. In 2014, the Polish authorities refused to recognize Bitcoin as a currency but stipulated that contracts based on its basic index were full-fledged financial instruments, subject to general rules. Cryptocurrencies, although not legally defined, are not equated with fiat money, but are legally circulated in the country. Mining, sale and purchase of crypto instruments are recognized as a non-prohibited type of activity.
To be engaged in a digital exchange business, entrepreneurs need to be registered with government agencies and be licensed. Since 2017, the public statistical office of the state has equated cryptocurrency trading, exchange cryptobusiness and mining to financial intermediation. Firms can officially run the business but are required to obtain licenses for cryptocurrency (its code is PKD 64.19.Z). If the platform is created for the exchange transactions between individuals, it is not equated to exchangers or brokers. It does not require a license for the cryptocurrency exchange.
Poland is a part of the European space, and along with national regulations, EU rules are also taken into account when licensing. The country is a part of the Schengen zone, the fulfillment of the European Union Directive requirements will be necessary to enter the European market. Therefore, in order to issue a license for the cryptocurrencies exchange “with the prospect”, you will need:
“Prifinance” consulting company will help with registration of the exchange business and obtaining a license for cryptocurrency for it. We will support you legally, organizationally, provide advice, find a scheme of work, and a tax model. Experts will check the package of documentation for registration and licensing, draw up policies and regulations. With us, you will deploy a cryptocurrency business in a promising country legally, quickly and without a bureaucracy.