The European country that has become the leader in the number of cryptocurrency companies has been named

According to a DL News study, Poland has become the main hub for newly registered crypto companies in the EU. Thus, almost half of the 2000 companies in the 27 countries of the bloc are based in Poland. DL News explained that registration in the country takes only two weeks and costs less than € 150.

By opening a local branch, companies get easier access to the rest of the European market. Jaroslaw Nowacki, a lawyer at tau. legal, a Polish law firm, noted that some companies register in Poland only to gain a foothold in the EU.

Poland, with 938 registered crypto companies, is far ahead of its competitors. Only Lithuania (499) and Italy (125) have more than a hundred crypto companies on the official list of virtual asset service providers. Coinlab and the Bitcoin. ro exchange are registered in Poland, as well as Estonian companies such as Fintechx OU and BC Trade Europe OU. The largest crypto exchange Binance has also registered its Polish subsidiary Binance Poland in Warsaw.

According to Nowacki, the directors of crypto companies only need to declare compliance with anti-money laundering laws and provide evidence of experience in working with digital assets. The entire registration process can be done online.

Since Poland does not classify cryptocurrencies as regulated financial activities, the registration process is carried out by the Chamber of Tax Administration, not the Polish Financial Supervision Authority. This also means that crypto firms do not have to obtain a license, which is a stricter process than registration, unless they are subject to other European laws relating to securities or payment services.

Last week, Forex Suggest researchers published a report that described the countries that are best prepared to accept cryptocurrencies. Experts studied the ways of digital asset distribution using statistics on bitcoin ATMs, the number of businesses, accessibility, and legality of virtual coin transactions. Hong Kong, Switzerland, the United States, Georgia, Slovenia, Canada, Australia, Germany, Bulgaria, and Panama became the leaders in 2023.