Poland EMI License

At the national level, the financial regulator (the Financial Supervision Commission) has not established permissive or prohibitive conditions, although, in general, the authorities treat the electronic money negatively. Operators and companies planning to deploy payment licenses in Poland need to remember that the country considers crypto funds to be dangerous, and financial and credit institutions selectively close accounts of business related to crypto platforms.

What you need to know when creating a payment license in Poland

The Republic is a part of the European business space, therefore operators of payment licenses and business bound with electronic money should take into account the requirements of the EU Directive. PS are created as unified EMI, in the form of a legal entity with a “physical” office in the country. To establish a company, you will need to have a unique name, electronic signature, PESEL numbers for management and a contact person in the country. It is necessary to select activities from the PKD classifier, obtain tax and statistical numbers (NIP, REGON) for the company and enter data into KRS register. You will need to have a corporate account, an accountant to keep records and a seal.

If the payment license operating in Poland accounts in Euros, uses the data of physical persons – EU residents or at least one EU language, it is subject to GDPR regulation on the personal information protection (DPO). A processor processing private data must maintain a written register of operations, comply with the requirements of national legislation on DPO. It is necessary to develop a mechanism for notification of users and obtaining their consent, implement technical instruments of protection and, in some cases, assign a representative/inspector for personal data.

To comply with the payment license to the Second EU Directive it is required:

• to create a business model for the first three years of operation and a description of the structure, management mechanisms, PS tools;
• to confirm the competence and experience of the Directorate in the field of finance and electronic currencies;
• to provide an evidence of the capital adequacy for operation;
• to prove that the company has the technical capabilities to deploy the PS (software, servers, and so on), and client payments are protected;
• to create policies preventing money laundering, to describe the risk management system;
• to receive a permission for processing and so on.

The list of requirements can be extended, so when creating a payment license (PL), the operator needs to have a professional support.

N5Bank: the professional assistance in payment licensing

N5Bank consulting company helps to legally and correctly introduce digital instruments and integrate business into the global system for financial flows processing. With us, the customer saves time for a creation and legalization of the payment license, gets rid of bureaucratic hassle. We will:

protect against risks of European and national legislation violation

develop an action strategy, select the optimal jurisdiction, organizational form and tax model of the business;

help to register a company, implement processing, obtain permits for EMI, FKTK licenses and other required documents.

Applying to N5Bank the customer shall receive the full range of consultations and support. We will help to create a service for digital payments and develop a business on a global level.

Technical compliance:

Professional IT analysis to ensure that the software meets regulatory standards. There are proven software solutions such as BAAS or SAAS. We significantly often work with such platforms as SoftexLab, which is ready-made technical solutions for your future fintech business, which are audited by various regulators within the jurisdiction.

Card issuance:

We recommend a White Label solution with partners such as XBANKSY, which is aggregator of more than 30 different cards and BIN- sponsorship around the World. This is a faster and, most importantly, more profitable way than direct VISA or MasterCard membership.

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