Poland - cryptocurrency YES, ICOs - NO, tax exemptions for crypto transactions

sergiudemerji (37)in #cryptocurrency • 6 years ago

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Poland's financial regulator Komisja Nadzoru Finansowego (KNF) has published a series of statements aimed at ensuring that the population with Cryptocurrency transactions is perfectly legal and the new package of laws to be adopted in mid-July 2018 will clarify obligations on which operators have on this market.

To prevent money laundering, tax evasion and terrorist financing, the Polish authorities will introduce a set of obligations that will have to be taken by companies operating on the market for cryptocurrency.

When it comes to ICOs, the KNF states that this kind of initiative remains illegal in this country because of the difficulty of regulating the field and the prevalence of fraud. In fact, this year, the Polish authorities have carried out several campaigns to alert the population about crypto and especially ICOs. The Polish Central Bank, for example, has sponsored a YouTube Coin Criticism campaign on YouTube, in collaboration with two popular vloggers. The public is cautioned about the very high risks associated with investment in the cryptos market.

Tax Exemptions for Crypto Transactions

With all due caution, the Polish Finance Minister announced that there was a change in the laws on fees charged for cryptomonas transactions and it was decided to eliminate them. Initially, the Finance Ministry had decided to apply two categories of transaction fees. 18 and 30 percent, but the public's reaction to this announcement, manifested by numerous online protests and vocal criticism, has led the authorities to give up the idea.

Poland's largest exchange, Bitbay, announced last month that because Poland's banks refuse to cooperate, they would suspend activity and move to Malta because it has more friendly legislation and offers some tax exemptions for crypto transactions.

It is possible that the new attitude of the Polish authorities on cryptocurrency may cause banks to return to better feelings when it comes to supporting the activities associated with the activities associated with digital coins.