Poland cryptocurrency regulation

Obtaining a cryptocurrency license in Poland allows you to legally work with digital currency
both in the country and abroad. In the first case you need to take MIP
(small payment institution), in the second - KIP (national payment institution).

Activities covered by the cryptocurrency license in Poland

  • exchange between digital currencies.
  • exchange cryptocurrency for real money and vice versa.
  • mediation between the above-mentioned transactions.
  • create and offer to store virtual wallets.

Cryptocurrency requirements in Poland

Be formalized as a legal entity. Get a criminal record. Not to be involved in fraudulent transactions, schemes. Provide proof that the directors and managers of the company have knowledge and experience in working with cryptocurrency. For this it is necessary to pass special training, to confirm the experience of the relevant documents. Develop a business plan, which will also include a list of proposed services. Draw up a financial plan for the next three years. Develop mechanisms aimed at preventing fraud, theft, terrorist financing, other suspicious transactions with cryptocurrency, which are carried out with the participation of the applicant.

Features of cryptocurrency regulation in Poland

Regulation of virtual currency activities in Poland takes the form of registration rather than licensing. In order to enter the registry, a cryptocurrency entrepreneur must meet certain formal conditions. At the same time, not every organization specializing in cryptocurrencies is obliged to comply with AML rules. For example, websites with cryptocurrency training information, or consulting companies, are not subject to new registration requirements. The requirements for compulsory registration in a specialized registry apply to crypto companies in Poland providing such services exchange of virtual currencies for fiat money (exchangers, cryptocurrencies); the exchange of virtual currencies one on another; provision and maintenance of accounts for virtual currencies (wallets) and virtual currency exchange services (brokerage services).

Taxation in Poland

Companies and individuals in Poland are obliged to pay the following taxes:

CIT (Corporate Incom Tax), income tax on legal entities – 9% if sales in the current year do not exceed the equivalent of 2 million euros, and 19% – if sales are higher. VAT (Value Added Tax), Value Added Tax (VAT) – 23% Basic Rate. PIT (Personal Income Tax), income tax for individuals – 17%, 19%, 32% depending on the form of taxation and profit in the fiscal year. Dividend TAX, dividend tax – 19% for residents, in the case of non-residents it is necessary to look Tax Treaties, the presence of tax agreements between countries. Withholding Tax, income repatriation tax – 0% – 20%. When employees are formally employed, the employer is required to contribute to the company as follows: social insurance and health insurance, as well as to the pension fund, which is about 64 per cent of the net amount. In Poland, it is mandatory to keep accounting and file tax returns: VAT reports are submitted monthly or quarterly, CIT declaration – once a year. Advance tax payments are made monthly or quarterly. Once a year, financial statements are submitted. In general, the accounting service of the company in Poland costs from 150 EUR per month.