Poland crypto regulation

Blockchain experts and producers are in high demand in Poland. A lot of blockchain experts have immigrated to the nation in recent years. This tendency has a number of causes. Firstly, it is quite obvious that the government favors blockchain technology and cryptocurrencies. Poland crypto regulation are set to attract businesses and investors. Secondly, top-tier computer science engineers with extensive training in distributed ledger technology are produced by Polish institutions. Graduates from these institutions are in high demand as prospects in different blockchain businesses. As a result, many technological firms decide to locate their operations in Poland. In fact, Poland is now Europes top country for finding blockchain innovation. You may work with digital money lawfully both domestically and overseas if you have a cryptocurrency license in Poland. You must use MIP (small payment institution) in the first scenario, in the second - KIP (national payment institution).

Features of cryptocurrency regulation in Poland

In Poland, registration is used to regulate virtual currency operations rather than licensing. An operator of a cryptocurrency must fulfill formal requirements in order to be included in the registration. However, not all businesses that specialize in cryptocurrency are required to adhere to AML regulations. Websites that provide bitcoin training materials or consultancy firms, for instance, are exempt from the new registration requirements. Those cryptocurrency businesses (exchangers, cryptocurrencies) operating in Poland that offer such services as the exchange of virtual currencies for fiat money are subject to the criteria for mandatory registration in a specialist register; the provision and upkeep of accounts for virtual currencies (wallets), the trading of virtual currencies.

Activities covered by the cryptocurrency license in Poland

Poland has legalized cryptocurrency exchanges, cryptocurrency converters, in addition to buying, selling, exchanging, and utilizing cryptocurrencies on a daily basis. The creation and operation of the ICO are still against the law. Malta, however, is a respectable substitute for cryptocurrency-related activity. The well-known cryptocurrency exchanger BitBay relocates there. This is because the Maltese regulator has a stronger commitment to users of the bitcoin industry. Exchanging one digital currency for another; and exchanging cryptocurrencies for fiat cash and vice versa. Serving as a mediator in the aforementioned transactions and build virtual wallets and provide storage for them.

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Cryptocurrency requirements in Poland

Be established as a legal person. Obtain a criminal history. Not to take part in fraud schemes or transactions. Show evidence that the company’s directors and management are knowledgeable about and experienced in working with cryptocurrencies. To prove your experience, you must successfully complete specialized training and provide the proper documentation. Create a business strategy that includes a list of suggested services. Organize your finances for the next three years. Create systems to stop suspected cryptocurrency transactions involving the applicant, such as fraud, theft, financing of terrorism, and other crimes.

Taxation in Poland

Poland requires both businesses and people to pay the basic taxes: legal entities are subject to the 9% CIT (Corporate Incom Tax) income tax if their sales for the current year do not reach the amount of 2 million euros, and the 19% CIT tax if they do. Value Added Tax (VAT), 23% Basic Rate of VAT (Value Added Tax). Individual income tax rates for PIT (Personal Income Tax) range from 17% to 32%, depending on the taxing method and fiscal year’s profit. Dividend TAX, or dividend tax, is 19% for residents; for non-residents, it is important to check for Tax Treaties, or the existence of international tax pacts. Income repatriation tax ranges from 0% to 20%.

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