REGISTERING ONLINE EXCHANGER OR CRYPTOCURENCY EXCHANGE IN POLAND. REGULATION OF CRYPTOCURRENCY IN POLAND

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.