Registering online exchanger or cryptocurency exchange in Poland. Regulation of cryptocurrency in Poland

A worthy jurisdiction for registering an online exchanger or cryptocurrency exchange is Poland. It is in Poland the…

A worthy jurisdiction for registering an online exchanger or cryptocurrency exchange is Poland. It is in Poland the largest international exchangers and crypto-exchanges BitBay, BitMarket, Bitmaszyna, NevBit are registered.

Features and benefits of registering a crypto-exchanger and crypto-exchange in Poland

Crypto-exchangers and crypto-exchanges are registered in Poland under the general rules for the registration of companies in Poland. To register a crypto-exchanger and crypto-exchange in Poland, it is necessary to select and check whether the name is free, to collect the necessary package of documents, and to pass the registration procedure. However, in addition to legal aspects, it is worthwhile to take care of the technical security of transactions, as well as, if necessary, to obtain a PCI DSS Certificate of compliance with the security standards of the payment card industry. A PCI DSS certificate is required if the crypto-exchanger or crypto-exchange store the data of the customer’s payment cards.

Poland is famous for its profitable content, loyal taxation and relatively inexpensive banking services.

The requirements of the Polish regulator for the operation of crypto-exchanges and crypto-exchangers in Poland

A mandatory condition for performing activities of online exchangers and exchanges in Poland is the compliance of their activities with AML and KYC policies. Mandatory verification of buyers and sellers of crypto-currency in Poland is attributable to prevent the tax evasion, corruption and the financing of terrorism. Moreover, in addition to customer verification, crypto-exchanges and crypto-exchangers should monitor suspicious transactions and report them to the appropriate authorities.

Poland’s attitude to the crypto-currency activity

Poland legalized crypto-exchanges and crypto-exchangers, as well as the purchase/sale of cryptocurrencies, the exchange of cryptocurrencies, and the use of cryptocurrencies in everyday life. However, the creation and conduct of ICO is still prohibited by law.
But for a cryptocurrency activity, a worthy alternative is Malta. It is there the famous crypto-exchanger BitBay moves. This is due to the greater loyalty of the Maltese regulator in relation to participants of the cryptocurrency market.

Tax changes in regulating the activity of online exchangers and crypto-exchanges in Poland

At the end of August 2018 a draft amendment to the tax legislation was promulgated in Poland, to start taxing an income and profits derived from cryptocurrency activities. Its adoption by the Council of Ministers of Poland is scheduled for the third quarter of this year. Taxation will affect both individuals and legal entities that perform crypto-currency activities in Poland. But it will not affect the exchange of one crypto currency for another. The very procedure of paying taxes from the crypto-currency activity and filing the corresponding reports will be quite simple.

Definition of virtual currencies in Polish legislation

Until now, the Polish government has been inclined to believe that cryptocurrencies should be treated as goods. But the above Act provides the new definition of virtual currencies in Poland as a “digital representation of value”. In this case, virtual currencies in Poland will be divided into cryptocurrencies and centralized virtual currencies. It should be noted that the draft amendments also provide for the virtual currencies in Poland to serve as a means of exchange and a means of payment, they can be stored and transmitted electronically and used in electronic commerce.

This is not the first attempt of the Polish government to develop a scheme for taxing cryptocurrency activities in Poland, including taxation of crypto-exchanges and crypto- exchangers operations in Poland, but perhaps the first successful one.

If you are interested in registering an online exchanger or cryptocurrency exchange in Poland, we will gladly tell you more details about all of the aspects.

For over five years we have been advising our clients in the field of corporate law, international tax planning, finance, international licensing and integrated business support in more than 40 countries.

We will be glad to help you.

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