Poland cryptocurrency regulation

Features of cryptocurrency regulation in Poland

Crypto exchangers and crypto exchanges are registered in Poland under the general rules of registration of companies in Poland. To register a crypto exchanger and crypto exchange in Poland you need to choose and check whether the name is free, assemble the necessary package of documents, go through the registration procedure. However, in addition to the legal aspects, Poland cryptocurrency regulation is impact on technical security of transactions, as well as, if necessary, to obtain a PCI DSS certificate on compliance with the data security standards of the payment card industry. A PCI DSS certificate is required if a crypto exchanger or crypto exchange stores customer payment card data. Poland is famous for the profitable content of the company, loyal taxation and relatively inexpensive banking services.

Requirements of the Polish regulator to the activities of crypto exchanges and crypto-miners in Poland

A prerequisite for the activities of online exchangers and crypto exchanges in Poland is compliance of their activities with the policies of AML and KYC. Mandatory verification of cryptocurrency buyers and sellers in Poland is due to the fight against tax evasion, corruption and the financing of terrorism. Moreover, in addition to customer verification, crypto-exchanges and crypto-professionals should monitor suspicious transactions and report them to the appropriate authorities.

Poland’s Attitude to Cryptocurrency Activities

Poland has legitimized crypto exchanges and crypto exchangers, as well as buying / selling cryptocurrencies, exchanging cryptocurrencies, and using cryptocurrencies in everyday life. However, the establishment and conduct of the ICO is still prohibited by law. But for cryptocurrency activities, a decent alternative is Malta. It is there that the famous crypto exchanger BitBay moves. This is due to the greater loyalty of the Maltese regulator to cryptocurrency market participants.

Tax changes in the regulation of online exchangers and crypto exchanges in Poland

In Poland, a draft amendment to the tax law was published with the aim of introducing taxes on income and profits derived from crypto-currency activities. Its adoption by the Polish Council of Ministers is planned for the third quarter of this year. Taxation will affect both individuals and legal entities engaged in cryptocurrency activities on the territory of Poland. But it will not affect the exchange of one cryptocurrency for another. The very procedure of payment of taxes with crypto-currency activities and the submission of the corresponding reports will be quite simple.

Definition of virtual crypto currencies in Polish legislation

So far, the Polish government has been inclined to believe that crypto-warehouses should be treated as a commodity. But the above-mentioned draft law envisages the introduction of a new definition of virtual currencies in Poland as a «digital equivalent of value» («digital representation of value»). At the same time, virtual currencies in Poland will be divided into cryptocurrencies and centralized virtual currencies. It is worth noting that the draft amendments also provide for virtual currencies in Poland to serve as a means of exchange and payment, to be stored and transmitted electronically and to be used in electronic commerce. This is not the first attempt by the Polish government to develop a tax scheme for cryptocurrency activities in Poland, including taxation of the activities of crypto exchangers and crypto exchanges in Poland, but perhaps the first to succeed.