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.
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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