Red Lasso
  • Home
  • News
  • Sports
  • Entertainment
  • Lifestyle
  • Tips & Tricks
SUBSCRIBE
No Result
View All Result
  • Home
  • News
  • Sports
  • Entertainment
  • Lifestyle
  • Tips & Tricks
No Result
View All Result
Red Lasso
No Result
View All Result

How Is Regulated Cryptocurrency In Poland?

How Is Regulated Cryptocurrency In Poland
Share on FacebookShare on Twitter

Poland is one of the countries where working with cryptocurrencies is strictly regulated. Any entrepreneur who decides to invest in cryptocurrencies in Poland is required to register in a special register. To get into the registry, you must fulfill several important conditions and obtain a special license. Let’s discuss how the cryptocurrency market is regulated in Poland.

How Cryptocurrency Is Regulated In Poland: Basic Provisions

Entrepreneurship in cryptocurrency is regulated in Poland and requires registration in the virtual money company registry. This legislation applies to legal organizations that provide certain services:

  • buying and selling cryptocurrencies
  • cryptocurrency exchange
  • mediation in exchange
  • keeping records of cryptocurrency transactions

What Does A Cryptocurrency License Mean In Poland?

Since November 1, 2021, a cryptocurrency commercial registry has been operating in Poland. Entrepreneurs working with cryptocurrencies had to be registered in a special register before May 1, 2022.

RELATED STORIES

Car Parts Names

250 Car Parts Names: Know Your Car Inside Out

Unveiling Ukraine's IT Talent

Unveiling Ukraine’s IT Talent: A Guide To Successful Recruitment In The Tech Hub

Thus, Poland wants to ban cryptocurrencies from sponsoring illegal activity and safeguard virtual money users. Polish officials say the record was developed for this purpose. Crypto service providers without a license will be fined PLN 100,000, or 22,000 euros.

To obtain a Poland crypto license, you need to fulfill several conditions. The most significant condition is the lack of a criminal record, which must be verified by a Polish Ministry of Justice certificate.

Second, virtual currency users and Polish cryptocurrency company representatives must be knowledgeable. This requires a year of Bitcoin labor and virtual money education. Official documentation must verify this.

However, Poland has signed double taxation avoidance agreements with more than 84 nations, making it an appealing market for entrepreneurs.

How Cryptocurrency Is Regulated In Poland: Background

The 4th EU Directive-compliant Polish parliament enacted a money laundering and terrorist funding statute in March 2018. The solutions included in this directive should make it easier to verify suspicious transactions using cryptocurrencies. Member States may implement the requirement of the directive in one of three ways:

  1. introduce cryptocurrency licensing
  2. create a register of organizations operating in the field of cryptocurrency
  3. define virtual currency exchange services as a type of financial service

Due to the Polish Parliament’s delay in adopting the 5th Directive, cryptocurrency exchanges and traders did not need to register or get a license. Cryptocurrency exchange services were not payments, hence no financial license was needed. Polish Parliament amended this statute on March 30, 2021, effective October 31, 2021.

Poland controls cryptocurrencies with the new KYC (Know Your Customer) barrier for crypto transactions. From October 31, 2021, customer identification is needed for transactions above 1,000 euros, up from 15,000. Cryptocurrency exchanges must declare one-time transactions above 1,000 euros. Thus, bitcoin purchases and sales over this amount need verification.

However, not all cryptocurrency traders must follow AML regulations. Consulting firms and cryptocurrency education resources are exempt.

Cryptocurrency Tax In Poland

Polish businesses and individuals must pay these taxes:

  • Corporate income tax: 9% if current-year sales are less than 2 million euros, 19% if greater.
  • VAT – a base rate 23%
  • Personal income tax: 17%–32% (depending on kind and profit)

Crypto firms must pay taxes since they’re regulated. 

Related Posts

Car Parts Names
News

250 Car Parts Names: Know Your Car Inside Out

Cars are complex machines with numerous parts working together to ensure they run smoothly. Knowing the names of these parts...

Unveiling Ukraine's IT Talent
News

Unveiling Ukraine’s IT Talent: A Guide To Successful Recruitment In The Tech Hub

Ukraine has emerged as a leading tech hub in recent years, attracting the attention of global companies seeking top-notch IT...

Cute Bear Names
News

Cute Bear Names: 300 Adorable Names

Choosing a cute name for your pet bear can be a fun and exciting experience. A bear is a unique...

Emergency Service Names
News

200 Emergency Service Names: Exploring Unique Emergency Service Names

Emergency services are critical components of any community's infrastructure. They provide essential aid during emergencies, natural disasters, and other unforeseen...

ADVERTISEMENT

Recent Posts

  • Custom Socks: A Fashion Statement For Music Lovers
  • Show Off Your Inner Glow: 9 Beauty And Wellness Essentials For Summer 2023
  • The Benefits Of Exercise For Heart Health
  • Building Trust And Collaboration With Dedicated Development Teams
  • 250 Car Parts Names: Know Your Car Inside Out

About Us

Redlasso website can be described as an online information-entertainment platform with the core initiative to keep its followers informed and thoroughly entertained.

Learn more

Recent Stories

  • Custom Socks: A Fashion Statement For Music Lovers
  • Show Off Your Inner Glow: 9 Beauty And Wellness Essentials For Summer 2023

Categories

  • Business
  • Education
  • Entertainment
  • Lifestyle
  • News
  • Real Life
  • Sports
  • Tips & Tricks

Follow Us

Facebook Twitter
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

© 2022 Redlasso - All Rights Reserved By Redlasso

No Result
View All Result
  • Home
  • Entertainment
  • Lifestyle
    • Real Life
  • News
  • Sports
  • Tips & Tricks