The Polish Ministry of Finance has published a set of draft regulations outlining the requirements for digital asset service providers (DASPs). The new rules apply to cryptocurrency exchanges, wallets and other cryptocurrency services offered to Polish citizens.
To obtain an Poland vasp license or permission from the government, DASPs will need to prove that they have a strong compliance program in place. This includes measures for preventing money laundering (AML) and combating financial terrorism (CFT). All DASP providers must also undergo periodic audits by third-party experts appointed by Poland’s Financial Supervision Commission (KNF). These audits must be performed at least once every two years and end with a report issued by KNF.
The draft regulations are also known as the VASP license.
This is a regulatory framework for DASPs, which stands for virtual asset service providers. Poland is the first country to introduce this type of regulatory framework for DASPs.
The draft regulations require all companies operating in Poland that provide cryptocurrency bot trading services to obtain a VASP license before they can operate legally in the country.
The new rules apply to cryptocurrency exchanges, wallets and other cryptocurrency services offered to Polish citizens.
The new regulations are also known as the VASP license, which stands for “Virtual Asset Service Provider.” It’s the first time any country has regulated DASPs.
Poland is not alone in its attempt to regulate cryptocurrency trading in fact, several other countries have similar laws on the books:
- Japan requires exchanges to register with FSA and comply with various rules before they can operate in Japan (the country has been hit hard by hacks).
- South Korea banned anonymous crypto trading last year after a hack at Coinrail resulted in losses worth $40 million USD (at current prices). The country has since reversed some of those bans following an outcry from its citizens who use cryptocurrencies for everyday transactions.
To obtain an “authorized” license or permission from the government, DASPs will need to prove that they have a strong compliance program in place.
In order to obtain an “authorized” license or permission from the government, DASPs will need to prove that they have a strong compliance program in place. This means having measures in place that prevent money laundering (AML) and combat financial terrorism (CFT).
To get this done, Poland’s Financial Supervision Commission (KNF) has appointed third-party experts who will review your DASP’s compliance program. The KNF expects these experts’ reports on your business plan within six months after submitting your application for authorization as a virtual currency exchange service provider (VCEPS). If everything goes smoothly during this process and all requirements are met, then you’ll be able to trade cryptocurrencies legally within Poland!
The Polish Ministry of Finance has published a set of draft regulations outlining the requirements for digital asset service providers (DASPs).
DASP license: In order to operate in Poland, you will need to obtain a Virtual Asset Service Provider (VASP) license. Crypto trading licensing: If your business model includes buying or selling cryptocurrencies, you will need to apply for an additional crypto trading license from the National Bank of Poland (NBP). Regulatory framework: These regulations will come into force on January 1st 2020, but businesses must be fully compliant with AML/CFT regulations by January 1st 2019 at the latest. Financial authorities – NBP and Central Bureau of Investigation & Prosecution Service – CBOPSI
This includes measures for preventing money laundering (AML) and combating financial terrorism (CFT).
The VASP license requires DASPs to have an AML/CFT compliance program in place. This includes measures for preventing money laundering (AML) and combating financial terrorism (CFT).
The VASP’s requirements for AML/CFT include:
- The DASP must comply with all applicable laws, rules and regulations on prevention of money laundering and terrorist financing, including those set forth by the Financial Action Task Force (FATF), Council Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing;
- The DASP must establish procedures that enable it to identify its customers as well as their beneficial owners;
- The DASP shall apply enhanced customer due diligence measures when establishing business relationships with customers who are politically exposed persons (“PEPs”), high risk countries or territories;
All DASP providers must also undergo periodic audits by third-party experts appointed by Poland’s Financial Supervision Commission (KNF).
All DASP providers must also undergo periodic audits by third-party experts appointed by Poland’s Financial Supervision Commission (KNF). The audits will be conducted at least once every two years, and will end with a report issued by KNF.
These audits must be performed at least once every two years and end with a report issued by KNF.
In addition to these requirements, the audits must be performed at least once every two years and end with a report issued by KNF. To ensure compliance with these regulations, you should work with an independent third party who is qualified to conduct such an audit.
Polands Ministry of Finance has published draft regulations requiring businesses that provide digital assets services to obtain an “authorized” license or permission from the government.
Poland’s Ministry of Finance has published draft regulations requiring businesses that provide digital assets services to obtain an “authorized” license or permission from the government. These regulations are set to be implemented in 2020, and will apply to cryptocurrency traders, brokers and exchanges operating in Poland.
The proposed VASP rules do not specify what kind of companies will be eligible for this authorization or how much time it will take to acquire one. However, it is likely that only those firms with sufficient resources can actually apply for such licenses which could make it difficult for smaller companies to compete with larger ones like BitBay or Coinbase Polska (a subsidiary of international exchange Coinbase).
Conclusion
Poland’s Ministry of Finance has published draft regulations requiring businesses that provide digital assets services to obtain an “authorized” license or permission from the government. The new rules apply to cryptocurrency exchanges, wallets and other cryptocurrency services offered to Polish citizens. To obtain an “authorized” license or permission from the government, DASPs will need to prove that they have a strong compliance program in place. This includes measures for preventing money laundering (AML) and combating financial terrorism (CFT). All DASP providers must also undergo periodic audits by third-party experts appointed by Poland’s Financial Supervision Commission (KNF). These audits must be performed at least once every two years and end with a report issued by KNF.”
