Since 31 October 2021, business activity involving virtual currencies has been regulated. If you exchange virtual currencies, broker transactions or maintain accounts for derivative instruments, you must obtain an entry in the register. Without it, you may face a fine of up to PLN 100,000. Below you will find the specific requirements, registration procedure and additional duties arising under AML rules and the MiCA Regulation.
Who must register virtual currency activity?
The register is maintained by the Director of the Tax Administration Chamber in Katowice. Registration is mandatory for every entity engaged in:
- exchanging virtual currencies for means of payment (for example, BTC → PLN),
- exchanging one virtual currency for another (for example, BTC → ETH),
- acting as an intermediary in such exchanges,
- maintaining accounts for derivative instruments (derivatives within the meaning of the Act on Trading in Financial Instruments, meaning contracts whose value depends on a cryptocurrency exchange rate).
Penalty for failing to register
Conducting this activity without an entry in the register carries a risk of an administrative fine of up to PLN 100,000. The registration deadline for businesses operating before the rules entered into force was 30 April 2022. If you missed it, the fine may also apply to you.
Which legal form should you choose?
The legal form does not affect the registration obligation itself. The entry must be obtained by:
- natural persons operating as sole proprietors,
- legal persons (for example, a Polish limited liability company, sp. z o.o.),
- organizational units without legal personality (for example, a Polish general partnership, spółka jawna).
Recommendation
Consider conducting the business through a capital company, most often a Polish limited liability company (spółka z o.o.). The liability of its shareholders and management board is limited, which has practical significance in the crypto industry. A Polish simple joint-stock company (prosta spółka akcyjna) or joint-stock company (spółka akcyjna) is an alternative.
Who may conduct virtual currency activity?
You must meet two conditions: no relevant criminal conviction and proof of knowledge or experience.
Condition 1: No relevant criminal conviction
The activity may be conducted by a person who has not been convicted of an intentional offence against:
- the activities of state institutions or local government,
- the administration of justice,
- the reliability of documents,
- property,
- economic activity and property interests in civil-law transactions (for example, money laundering),
- trading in money and securities.
The restriction also applies to people convicted of:
- financing terrorism,
- an offence committed to obtain a financial or personal benefit,
- an intentional fiscal offence.
For companies (for example, a sp. z o.o.), members of the management board and shareholders entrusted with conducting the company’s affairs must demonstrate that they meet the no-conviction condition.
Condition 2: Knowledge or experience
You must demonstrate knowledge or experience in virtual currencies. There are two ways to do this:
- Training or a course covering legal issues related to virtual currency activity.
- Professional experience documented by conducting similar activity for at least one year (for example, an extract from CEIDG or client agreements confirming the delivery of crypto-related services).
You do not need to attach the supporting documents to the application itself. A signed declaration that you meet both conditions is sufficient.
What must an application to enter the register contain?
Required application details
- your first and last name or the company name,
- your number in the register of entrepreneurs of the National Court Register (KRS), if applicable,
- your NIP tax identification number,
- an indication of the virtual currency services provided,
- a qualified electronic signature, a trusted profile signature or a personal signature.
Attachments
- a declaration that you have no relevant criminal convictions,
- a declaration that you have knowledge or experience in virtual currencies.
Procedure and costs
| Item | Details |
|---|---|
| How to submit | electronically only, through the ePUAP platform |
| Time to enter the register | 14 days from receipt of a complete application |
| Fee | PLN 616 |
AML duties: what you must implement in addition to registration
As an entity conducting virtual currency activity, you are an obliged institution within the meaning of the Act on Counteracting Money Laundering and the Financing of Terrorism (the AML Act). The penalties for failing to meet AML duties are much higher than the penalty for failing to enter the register.
Your AML duties at a glance
- Customer identification and verification: check the customer’s identity and the source of funds, and, depending on your findings, the customer’s business relationships as well.
- Internal procedures: prepare and apply an internal AML procedure and a procedure for anonymous reporting of breaches of anti-money laundering rules.
- Appointing responsible personnel: designate a senior management team member responsible for implementing and carrying out AML duties.
- Training: provide regular training for your team on carrying out AML duties.
MiCA Regulation: what changes from 30 December 2024
The Regulation on Markets in Crypto-assets (MiCA) is the first EU act to regulate activity based on distributed ledger technology (DLT), a technology that enables data to be stored and transmitted without a central server, for example, blockchain.
Why MiCA was introduced
The lack of consistent rules across the EU meant that:
- each country defined basic terms differently,
- supervisory authorities took different positions,
- businesses moved their activity to jurisdictions with more favorable rules.
What MiCA defines
MiCA defines a crypto-asset as a digital representation of value or rights that can be transferred and stored electronically using DLT. The Regulation distinguishes three categories:
- utility tokens, which provide access to a product or service,
- asset-referenced tokens, whose value is linked to other assets (for example, currencies or commodities),
- electronic money tokens, which serve as a digital counterpart to traditional currencies.
What this means for your business
MiCA has applied directly since 30 December 2024 in all EU Member States, including Poland. You must take MiCA requirements into account alongside:
- AML duties under Polish law,
- the obligation to enter the register maintained by the Director of the Tax Administration Chamber in Katowice.
Useful links
If you have questions about registration or conducting cryptocurrency-related activity, contact us.
Frequently asked questions
Who must enter the register of virtual currency activity? Every entity that exchanges virtual currencies for means of payment (for example, BTC for PLN), exchanges virtual currencies with one another (for example, BTC for ETH), intermediates in such exchanges or maintains accounts for cryptocurrency-related derivative instruments must enter the register maintained by the Director of the Tax Administration Chamber in Katowice. The obligation applies regardless of legal form, whether you operate as a sole proprietor, a sp. z o.o. or a spółka jawna.
What is the penalty for conducting crypto activity without an entry in the register? Conducting virtual currency activity without an entry in the register carries an administrative fine of up to PLN 100,000. The deadline for businesses operating before the rules entered into force was 30 April 2022. If you missed it, the fine may also apply to you.
What conditions must you meet to register virtual currency activity? You must meet two conditions: no conviction for specified categories of intentional offences (including offences against property and economic activity, money laundering and terrorism financing) and proof of knowledge or experience in virtual currencies. You can demonstrate knowledge by completing training or a course covering legal issues related to virtual currencies. You can demonstrate experience through documented similar activity for at least one year. A signed declaration that you meet both conditions is sufficient for the application; you do not need to attach the supporting documents.
What is the procedure for entering the virtual currency register, and how much does it cost? You submit the application electronically only through ePUAP and attach a declaration that you have no relevant criminal convictions and a declaration that you have knowledge or experience in virtual currencies. The fee is PLN 616, and the entry is made within 14 days from receipt of a complete application. You must sign the application with a qualified electronic signature, a trusted profile signature or a personal signature.
After entering the register, must you also implement AML and take MiCA into account? Yes. Entry in the register does not end your regulatory duties. As an entity operating in the cryptocurrency sector, you are an obliged institution under the AML Act. This means you must implement internal AML procedures, identify and verify customers, designate a person in senior management who is responsible for AML, and provide regular training. In addition, since 30 December 2024, you must take account of the MiCA Regulation, which applies directly across all EU Member States alongside Polish AML rules and the obligation to enter the register.
