VASP license in Poland: requirements and procedures

In Poland, Virtual Asset Service Providers (VASPs) are required to obtain a license from the financial authorities (FA) in order to operate legally. The requirements and procedures for obtaining a VASP license in Poland are as follows:

Requirements:

* The VASP must be registered as a legal entity in Poland or another EU member state

* The VASP must have a registered office or a branch in Poland

* The VASP must have a documented organizational structure and internal procedures for risk management, AML and CTF, and data protection

* The VASP must have personnel with relevant knowledge and experience in virtual assets and AML/CTF procedures

Procedure:

1. Company/branch registration;
2. Submit an application to the FA, providing detailed information about the VASP’s business, organizational structure, and AML/CTF procedures.
3. The FA will review the application and may request additional information or documents.
4. If the FA is satisfied with the VASP’s application and AML/CTF procedures, it will issue a license.

The FA may also conduct ongoing supervision of licensed VASPs to ensure continued compliance with regulatory requirements. VASPs must also report any significant changes in their business or organizational structure to the FA.

In conclusion, obtaining a VASP license in Poland requires significant documentation and procedures to ensure compliance with AML/CTF regulations. FA must be prepared to undergo an external audit and ongoing supervision by the PFSA.

Thompson&Stein provides valuable support to clients seeking to obtain licenses for Virtual Asset Service Providers (VASPs) in Poland and assist with:

1. Understanding the regulatory landscape: we provide clients with a clear understanding of the regulatory framework for VASPs in the relevant jurisdiction. This includes knowledge of the laws and regulations that apply to VASPs, as well as the requirements for obtaining a license.
2. Preparing the license application: we prepare a thorough and complete license application that meets all the requirements set out by the regulatory authority. This includes preparing documentation such as organizational charts, risk management policies, and AML/CTF procedures.
3. Liaising with regulatory authorities: we will communicate with regulatory authorities on behalf of the client, helping to ensure that the application is processed smoothly and efficiently. This can include responding to requests for additional information or documentation.
4. Substance requirements: we can provide virtual, real office, AML officer services, local presence and contact person for the authorities. 

With Thompson&Stein the process is smooth and efficient, and that the client is able to operate legally and in compliance with regulatory requirements.

Standard cost of the license procedure: EUR 6.000