A detailed list of the legal requirements for dealing with cryptocurrencies in business use in Poland
The benefits of expanding a business with cryptocurrencies are diverse. In Poland, the laws related to cryptocurrencies differ on the type of activities a business chooses to engage in. Purchase and sale of cryptocurrencies are legal for corporate accounts and can be freely undertaken.
Since October 2021, businesses engaging in virtual asset turnover activities are regulated under the amendment to the Polish AML act. Representatives of these businesses must comply with the following prerequisites:
Lack of criminal record
A certificate from law enforcement authorities must be provided to prove a lack of a criminal record of the representative of the business
Declaration of competence
Representatives must display their competence by having completed a training or course covering the legal and practical issues related to virtual currency related activities
Experience in the field of virtual currencies
Alternatively, competence can be proven by carrying out at least one year of virtual currency related activities, confirmed by the relevant documents
Risk assessment
Representatives must identify the risks of money laundering and terrorist financing related to economic relations or an occasional transaction. They are also obliged to assess the level of the identified risk and document it.
Creation of an internal AML policy
Finally, representatives are expected to apply financial security measures to their clients when required and take into account the identified risk and its evaluation. The application of specific requirements of AML must be tailored to the specific client and specific activity.
New cryptocurrency businesses are expected to complete registration into the list of entities running virtual currency activities electronically prior to starting operations. A failure to comply might result in a fine of up to PLN 100,000. TokenEX assists businesses with the registration process along with consultation regarding the business use of cryptocurrencies. For more information click here.
