Starting from 2021, Poland has implemented new regulations for companies that want to engage in crypto services operations. Crypto-related operations can only be carried out once the entrepreneur has been enrolled in the Polish Register of virtual currency activities where all authorised entities are displayed. Once approved and registered, a company has the authorisation to carry out its operations both in Poland and internationally. Therefore, a company that has obtained an authorisation in Poland can legally conduct crypto-related activities. This can be considered as a more cost-effective solution compared to license obtaining in other European member states. 

In Poland, an authorised crypto company is allowed to conduct the following activities:

• exchanging virtual currencies;
• exchanging virtual and fiat currencies;
• custody services. 

No, the application process is fully remote. 

However, it should be noted that as a general practice, opening a bank account in Poland requires a personal visit to a bank branch by a company representative. It is not possible to open a bank account through an attorney in any Polish bank. 

The exchange or sell cryptocurrencies in Poland is not subject of Value Added Tax (VAT). The corporate income tax is 19%. 

The process typically takes around 1-2 months if all the documents are in order. Application timeframe will depend on the complexity of ownership structure, commercial proposition, and cooperation of the related parties since the application process runs in close collaboration with an applicant.

A minimum paid share capital required for the limited company is PLN 5000 (Polish zloty) which is approximately EUR 1100. 

No, it is not required to hire local employees for a crypto company registered in Poland. 

No, it is not necessary to open a physical office in Poland. 

Absolutely, a foreigner can be in the structure of the Polish company. Moreover, a non-EU citizen can form a company in Poland. 

Crypto companies registered in Poland are subject to audit and checks by the regulatory authorities. Regular checks are conducted to ensure that crypto companies comply with their obligations to prevent money laundering and terrorism financing.