Crypto-funded debit card in Poland

Current (Registration): Poland operates a registration regime for VASPs under its AML Act. This means entities must register their activities with GIIF and comply with AML/CTF obligations. It is not a full "licensing" regime in the sense of prudential supervision (e.g., capital adequacy, operational risk, consumer protection oversight by KNF) like banks or investment firms currently face. The focus is purely on preventing money laundering and terrorist financing.

Virtual currency exchange service: This includes exchanging virtual currencies for fiat currencies and vice-versa, as well as exchanging one virtual currency for another. This category explicitly covers exchanges.

The applicant must be a Polish legal entity (e.g., Spółka z ograniczoną odpowiedzialnością - limited liability company, or Spółka akcyjna - joint-stock company).

At least one individual from the management board of the Polish legal entity must have their residence in Poland or possess a Polish citizenship.

Fit & Proper Criteria (Management/Owners):

Requirement: Entities providing services related to virtual currencies, including "holding virtual currencies, including offering services to their users that consist of maintaining virtual currency instruments or access keys on their behalf," are considered Virtual Asset Service Providers (VASPs). These entities are obliged to register in the Register of Activities in the Field of Virtual Currencies (Rejestr Działalności w Zakresie Walut Wirtualnych).

The applying entity must be a legal person, an organizational unit without legal personality, or a natural person conducting business activity.

Individuals involved in management or ownership must not have been convicted of specific financial crimes or money laundering offenses.

Proof of knowledge and experience in the field of virtual currencies (e.g., certificate of completion of training, professional experience) is required.

Regulatory Body: The register is maintained by the Minister of Finance.

AML Officer: Appoint a designated individual responsible for AML/CTF compliance (AML Officer or Compliance Officer).

Internal AML/CTF Procedures: Develop and implement robust internal anti-money laundering and counter-terrorist financing procedures, including a risk assessment specific to the business and its clients.

Customer Due Diligence (CDD): Implement procedures for identifying and verifying the identity of clients, including beneficial owners, and understanding the purpose and nature of business relationships. This involves collecting identity documents, verifying data, and screening against sanctions lists.

Ongoing Monitoring: Conduct ongoing monitoring of client relationships and transactions to detect suspicious activities.

Transaction Monitoring: Implement systems to monitor transactions for unusual patterns or thresholds.

Reporting: Report suspicious transactions and activities to GIIF.

Record-keeping: Maintain records of client identification data and transactions for at least 5 years.

Training: Provide regular AML/CTF training for relevant employees.

Under the current Polish AML Act, there are NO specific minimum capital requirements solely for VASP registration. This is a significant difference from traditional financial licenses.

Future MiCA Impact: MiCA will introduce capital requirements for Crypto-Asset Service Providers (CASPs), ranging from €50,000 to €150,000 depending on the type of services provided.

Requirement: MiCA explicitly mandates the segregation of client crypto-assets and funds. Article 67 specifies that CASPs providing custody services must:

Regulatory Body: The KNF will be the primary national competent authority for MiCA in Poland.