Virtual Currency Operators Reporting Obligations in Poland

VASPs - virtual currency operators in Poland are subject to mandatory reporting of quarterly statistic data to Polish General Inspector of Financial Information (GIIF).

As obliged institutions under the provisions of the AML/CFT Act of 1 March 2018, VASPs have been placed under this obligation by the GIIF.

How VASPs shall report in Poland?

Reporting is done through a dedicated system - the GIIF Information System available on the website: Importantly, reporting requires prior notification of the obliged institution (VASP). In order to use the system and effectively fulfil the reporting obligation, it is necessary to have adequate technical resources at VASP's disposal. The geographical location of the reporting person is also important in this aspect - access to the system is possible primarily from the territory of Poland.

Please note that the system of the Inspector General for Financial Information is available from 7:00 a.m. to 5:30 p.m. Monday to Friday on working days, until further notice.

Subject of VASP reporting in Poland

The report covers, among other things, the number of transactions, the number of customers or the total value of operations in the quarter covered by the report.

What are the reporting deadlines for Virtual Currency operators in Poland?

Statistical data reports are to be submitted to the GIIF on a quarterly basis within 18 days of the end of the quarter to which the data relates.

Deadline for Q4 of 2023

The submission of the first report covering data for Q4 2023 should be made within the period from 1 to 18 January 2024. However, the GIIF in Announcement No. 72 (available here) has postponed the deadline exclusively for the Q4 2023 report to the period from 8 January 2024 (date of making available in the GIIF IT System, the form for submitting reports) to 22 January 2024 (date of completing the submission of reports for Q4 2023).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.