Poland is an attractive jurisdiction to start a virtual currency business. Signed bilateral agreements on avoidance of double taxation between Poland and more than 84 countries of the world allow to attribute jurisdiction to one of the most favorable from the point of view of taxation. Now that the points above «and» in the legislative regulation of the cryptocurrency business are placed, the crypto company in Poland is a promising European platform, which can be scaled at will.
In Poland, virtual assets are becoming a regulated business. Companies engaged in such activities must undergo the procedure of state registration in a separate register of cryptocurrency enterprises. Registration of entrepreneurs in the register is carried out in accordance with these persons certain formal requirements. The registration procedure can be seen as analogous to obtaining a crypto license in Poland for activities related to cryptocurrencies. In accordance with the provisions of the «law on AML», virtual currency is defined as the digital expression of values that are not considered as a legal tender. Organizations that engage in cryptocurrency activities will be required to apply financial security measures for single transactions of an amount equal to or exceeding 1,000 euros. In other words, you cannot buy or sell cryptocurrency without verification if the transaction amount is 1000 euros or more. 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, exchange of virtual currencies one on another, provision and maintenance of accounts for virtual currencies and virtual currency exchange.
No criminal record. Managers and beneficial owners of a crypto-currency company in Poland must prove the absence of a criminal record in the following types of crimes: tax, against the activities of state bodies and local self-government, against justice, the reliability of documents, Free economic circulation, property interests and money circulation. The persons concerned must submit a certificate issued by the law enforcement authorities. Competence and reputation. Those who choose to do business in the field of virtual currencies should have knowledge or experience in this field. The requirement can be fulfilled in two ways: training or course covering legal and practical issues related to virtual currency activities; at least one year of documented virtual currency activities.
Companies and individuals in Poland are obliged to pay the following taxes:
Since cryptocurrency companies are subject to business regulation, they must pay all taxes. After the official recruitment of employees, the employer is obliged to make the following payments: to social insurance and health insurance, as well as to the Pension Fund. In total, taxes amount to about 64% of the employee’s taxes. In Poland, each company must file tax returns and perform accounting. For example, VAT is paid monthly or quarterly, and corporate tax – once a year. The required reporting is submitted once a year. In general, accounting can be obtained from an outside company: the accounting services of such a company in Poland cost from 150 euros per month.