Published: 22.05.2018 blog
Poland’s signing of a bilateral double tax treaty with more than 84 countries around the world has made this country an attractive jurisdiction for doing crypto business in terms of taxation.
Following the November 2021 amendments to the Law on Combating Money Laundering and Terrorist Financing (“AML Law”), virtual currencies became a regulated activity and the commercial register of cryptocurrencies in Poland was activated.
Exchange of cryptocurrencies for fiat money (exchanges, exchangers)
Allows a firm to exchange digital currency for fiat or vice versa for a fee
Exchange between virtual currencies
Required when exchanging cryptocurrencies with a commission.
Intermediation in the exchange of cryptocurrency for fiat money and one cryptocurrency for another
When providing exchange services as above.
Maintenance and storage of cryptocurrencies
For companies implementing cryptocurrency wallets for storing cryptocurrencies, creating encrypted client keys and storing them.
|Authorized share capital||From PLN 5,000 (EUR 1,093)|
|Taxation||Subject to corporate tax (capital gains tax) at a rate of 19%, although taxation at a reduced rate of 15% is possible. Income tax when exchanging virtual currency for virtual or fiat currency ranges from 17% to 32% in accordance with the progressive taxation scale.|
|Requirements for board members and geographical location||At least 1 shareholder (individual or legal entity).|
1 director (can be the same shareholder, but only an individual).
AML Compliance Officer.
|Office availability||Proof of a local office is required.|
|Minimum document requirements for applying for a license|
LEGAL ADVICE ON THE POSSIBILITY OF OBTAINING A LICENSE, TAXATION, OPENING A BANK ACCOUNT
FULL LEGAL SUPPORT FOR COMPANY REGISTRATION
OPENING ACCOUNT IN PAYMENT SYSTEM OR BANK
FORMING A LEGAL ADDRESS
SEARCH AND HIRING STAFF
ASSISTANCE IN PREPARING DOCUMENTS FOR OBTAINING A LICENSE
COORDINATION WITH THE REGULATOR IN THE PROCESS OF CONSIDERATION OF THE APPLICATION FOR OBTAINING A LICENSE
ACCOUNTING AND LEGAL SUPPORT OF THE COMPANY
First of all, it is worth deciding on the direction of your company’s activity, the expected amounts of income and the operations performed in order to correctly calculate all the nuances. From these facts will depend on the size of the initial authorized capital, the amount of the annual fee and additional costs that may arise during the activity.