Poland crypto regulation

Poland does not currently have a lot of crypto licensing legislation. However, many nations now see that the cryptocurrency sector is a viable one and are working to make the operations of themed businesses legal. Poland makes a permission available to cryptocurrency exchanges and other companies that employ spread registration system software to preserve and transact other people's valuables.

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Features of cryptocurrency regulation in Poland

Poland crypto regulation allows the registration of cryptocurrency exchanges and exchanges in accordance with the regulation of commercial activities.

In order to establish a cryptocurrency exchanger and exchange in Poland, you must first pick and confirm that the name is available, put together the required package of papers, and follow the registration process.

But in addition to the legal implications, Poland's cryptocurrency regulations also have an influence on the technical security of transactions and, if required, the requirement to get a PCI DSS certificate proving compliance with the payment card industry's data security requirements. If a cryptocurrency exchanger or exchange maintains consumer credit card data, a PCI DSS accreditation is necessary.

Requirements of regulator to the activities of crypto exchanges in Poland

Cooperation with AML and KYC standards is a requirement for online exchangers’ and cryptocurrency exchanges’ operations in Poland. In Poland, buyers and sellers of cryptocurrencies are required to be verified as part of efforts to combat tax fraud, corruption, and the financing of terrorist activities. Additionally, crypto-exchanges and crypto-professionals should detect fraudulent transactions and alert them to the competent authority in accordance to identification of individuals.

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

A proposed change to the tax code was issued in Poland with the intention of establishing taxes on earnings and profits from cryptocurrency-related activity. The Polish Council of Ministers is expected to adopt it in the third quarter of this year. Both natural persons and legal companies involved in bitcoin activity on Polish soil will be subject to taxation. However, it won’t have an impact on trading one cryptocurrency for the other. The actual process of paying taxes through cryptocurrency transactions and submitting the necessary paperwork will be fairly straightforward.

Crypto currencies in Polish legislation

The Polish government has so far tended to think that crypto-warehouses ought to be regarded as a commodity. However, the aforementioned proposed law calls for the establishment of a new classification of cryptocurrency transactions in Poland as a “digital representation of value” (or “digital equivalent of value”). Parallel to this, centralized virtual currencies and cryptocurrencies will be distinguished in Poland. It’s important to note that the proposed modifications also permit the use of digital currencies in Poland as a medium of exchange and payment, as well as for electronic data storage and transmission.