The cryptocurrency market has been proliferating in recent years, drawing in investors and entrepreneurs globally. With these new opportunities, however, come challenges—primarily the need to comply with legal regulations. No wonder why specialists of SBSB Fintech Lawyers highly recommend securing a cryptocurrency license in Poland as it has become an appealing option for businesses looking to operate smoothly and within legal boundaries.
Many companies are eager to obtain this license because it not only allows them to engage in digital currency activities legally but also signals credibility and transparency. This helps assure clients and partners that they are dealing with a legitimate, officially recognized business, reducing potential issues in the future.
Recent Changes Due to MiCA Regulations
The implementation of the Markets in Crypto-Assets Regulation introduces new licensing requirements for crypto businesses across the EU. Poland, as an EU member state, provides a transitional period under MiCA regulations for companies to adapt and comply. Specifically, businesses already authorized to provide crypto services before December 29, 2024, can continue operations after June 30, 2025, provided they submit a complete application for the CASP license by May 1, 2025.
This transitional period is designed to help companies align with the new legal framework without interrupting their operations. Businesses can continue providing their services while their CASP license application is under review. Key deadlines:
- Existing authorization as of December 29, 2024;
- Submission of CASP application by May 1, 2025;
- Continued operation after June 30, 2025, even while the application is under review, but not later than July 1, 2026.
These dates ensure businesses have sufficient time to adapt, provided they adhere to the outlined steps.
Number of Reasons Why Obtaining a Cryptocurrency License in Poland is a Good Idea
A Polish crypto license offers significant benefits for businesses, enabling them to operate in various cryptocurrency industry sectors. Companies can use this license to:
- Trade cryptocurrency for fiat currency;
- Create and manage custodial wallets for holding cryptocurrency;
- Offer brokerage services for exchanging different types of currencies, whether digital or fiat.
This range of capabilities provides businesses with the flexibility to expand in multiple areas of the crypto industry. One major advantage of obtaining a crypto license in Poland is that it facilitates business growth. By entering this market, companies not only gain access to a large local customer base but also pave the way for future expansion across Europe.
With MiCA, this license’s benefits are amplified as businesses that meet the new standards signal compliance with EU-wide regulations, bolstering trust among clients and partners. Obtaining a Polish crypto license is relatively straightforward compared to other countries. The application process can be completed remotely, making it especially convenient for foreign entrepreneurs.
Poland’s regulatory environment has historically been favorable to crypto companies. Businesses are not currently required to have a physical office — only a registered legal address is needed. Additionally, Poland’s relatively low costs for accounting and administrative services reduce the initial investment required to start operations. Key roles within the company, such as the CEO and anti-money laundering officer, can also be filled by non-residents, further increasing Poland’s appeal as a base for cryptocurrency businesses.
This flexibility is set to change following the implementation of the Markets in Crypto-Assets Regulation. Starting December 30, 2024, stricter requirements will apply, including the need for businesses to establish a physical office and employ resident staff for key positions. Companies planning to operate in Poland must consider these upcoming changes to ensure compliance and adapt their operational strategies accordingly.
Help of Experienced Professionals
While there are many benefits, getting a license demands thorough preparation and strict adherence to regulatory requirements. As a result, many companies turn to professional law firms, like SBSB Fintech Lawyers, who specialize in cryptocurrency law. Working with experts helps reduce risks and accelerates the licensing process, paving the way for successful business growth in Poland’s rapidly evolving cryptocurrency market, as well as in Europe overall.
SBSB Fintech Lawyers offer guidance in aligning your business with MiCA’s requirements, ensuring a seamless transition to compliance and a smooth CASP license application process. Their expertise is invaluable for companies planning to maintain or expand their operations within the EU under the new regulatory framework.
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