First Electronic Money Licence in Poland

Financial Supervision Authority (KNF), the body supervising the Polish financial market, granted first-ever licence for issuing electronic money in Poland. The licence was approved for Polish-British company called Billon Solutions. The entity has also been permitted to provide payment services using electronic money. This is a noteworthy moment in the history of Poland’s financial markets.

In a press release, KNF stressed that the institution supports innovative financial services and adoption of fintech technology. Officials highlight the need for dialogue and cooperation in the licence proceedings. User safety is always their primary concern and they are always ready to provide assistance and support to entities interested in obtaining the licence.

The Major Updates on Electronic Money Law:

Providing payment services and issuing e-money, as well as rights and obligations of the parties who conclude a payment services agreement, are strictly regulated by the Act on payment services of 19 August 2011. According to the provisions of the act, electronic money is to be understood as money (in any currency) stored electronically issued for the purpose of executing payment transactions and accepted by entities other than exclusively the issuer of electronic money. Electronic money and virtual currency are two different things and should not be confused.

Billon Solutions will issue electronic money and provide related services with the use of blockchain technology. Before obtaining the licence from Polish authorities, the company operated under the licence of Financial Conduct Authority issued in the UK. After the Brexit vote, the fintech decided to expand operations to Poland. Our country is going be a gateway to the rest of the European Union.

Based on the licence, the company is officially a domestic electronic money institution and is allowed to maintain accounts for clients, issue payment cards, convert currency and, of course, make transfers. Company spokesperson says Billon services are complimentary to traditional banking and that the entity is planning to forge cooperation with banks.

Regulatory Context for Digital Assets

The evolving regulatory landscape for cryptocurrencies and digital assets in Poland and the EU has significant implications for businesses operating in this sector. Poland requires Virtual Asset Service Providers (VASPs) to register with the Chamber of Tax Administration, and the new EU MiCA (Markets in Crypto-Assets) regulation introduces comprehensive licensing requirements for crypto-asset service providers.

Poland is positioning itself as a competitive jurisdiction for crypto businesses within the EU framework. The country’s existing fintech ecosystem, regulatory capacity at the KNF, and growing community of blockchain developers make it an attractive base for companies seeking to operate across the EU single market under MiCA passporting provisions.

For businesses involved in cryptocurrency trading, custody, exchange, or other digital asset services, obtaining proper regulatory authorization is not just a compliance requirement — it is becoming a competitive advantage as institutional investors and larger counterparties increasingly require regulatory status from their service providers.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our VAT and tax advisory, or contact us for a free consultation.