What You Need to Know About the Polish Cryptocurrency Exchange

If you’re thinking about trading in cryptocurrencies, you might want to know a little bit more about the regulation and taxation of cryptocurrencies in Poland. That way you’ll be better equipped to make an informed decision about which exchange to use and how to get started in the crypto space.

Regulation of cryptocurrencies in Poland

If you are planning to set up a crypto business in Poland, you need to be familiar with the laws and regulations related to cryptocurrencies in the country. These include taxes and anti-money laundering rules. There is also a need to consider the legal status of stablecoins.

Cryptocurrencies in Poland are subject to several taxes, such as corporate income tax, excise duty, personal income tax and social insurance contributions. The amount of the tax depends on the company’s size.

Polish businesses involved in trading cryptocurrencies must register with the state registry, called the Register of Virtual Currencies. A certificate from the Ministry of Justice of Poland can serve as proof that the business is in compliance with the law. However, it does not necessarily mean that the business will be approved or can start its activities.

Regulation of trading platforms in Poland

The regulations governing the trading platforms in Poland derive from the MiFID II regulation. They are more liberal in comparison to the rules in other neighbouring EU states. However, there is a risk of severe penalties if you operate in breach of VASP regulations.

Virtual currency exchange intermediaries are obliged to identify themselves and their beneficial owners. They also have to monitor transactions and report suspicious transactions. They must also be registered in the relevant register.

Payment service providers (PSPs) are allowed to charge a fee for a user’s payment method, as agreed in a mutual contract. The most common fee model is a percentage of the transaction amount. These fees are generally charged on a periodic basis. There are restrictions on charging for using certain payment methods, such as surcharging for interchange fees.

MT4 vs MT5 vs MT6

The MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most popular trading platforms in the world. They are available for both desktop and mobile devices. MT4 is designed for forex trading, while MT5 is a multi-asset platform that supports stock and futures trading.

Each platform offers multiple timeframes, orders and drawing tools. However, MT5 is the more advanced of the two. Its multi-threaded strategy tester allows you to use all your computer’s resources to make trades.

MT5 features an economic calendar that lets you stay up to date with important economic news from around the globe. This is especially helpful for traders who trade several different assets.

MT5 also has an embedded community chat and a mail system that allows you to receive important information from the platform. You can also transfer funds between your accounts.

Regulation of crypto-to-crypto trades

If you are planning to set up your own business in Poland, you may need to know how the regulation of crypto-to-crypto trades works in the country. Although Polish law has not been specifically adjusted to the trading of virtual currencies, the law is still quite flexible and allows for a hands-off regulatory environment.

Companies engaged in the cryptocurrency business are subject to a number of existing taxes. These include VAT, Stamp Duty, Corporate Income Tax and Excise Duty. The rates depend on the company’s size and its activities.

In order to trade virtual currencies, a company must obtain a VASP licence. There are four types of licenses. Each type covers a different digital currency activity. A company can obtain one or all of the licenses.

Taxation of cryptocurrencies in Poland

If you plan to do business in Poland, it is important to understand the taxation of cryptocurrencies. The Polish government is currently working on a new tax regime for virtual currency trading. This will apply from January 2019 and will not apply retroactively until January 2018.

To conduct economic activity in Poland, a cryptocurrency company must register. Those who work for the company must pay social security contributions. They are collected for pensions, health insurance for employees, and disability benefits.

Virtual currency exchanges in Poland are also subject to the Anti-Money Laundering and Terrorist Financing Act. You can apply for a tax credit for R&D costs. Companies of any size may be eligible.

For legal entities, income from virtual currency trading is distributed based on the entity’s monetary capital. Then the amount of the cost of generating income is deducted from the total by 100%. You can learn more about this at Bybit https://www.bybit.com/en-US/.