Crypto assets have come to the forefront of society quickly. In an area where technology has surpassed the law in many jurisdictions, this guide aims to provide a current snapshot of the legal status of crypto assets around the world, current regulations, and forthcoming or proposed legislation.
Special thanks to Martin Sloan (Brodies) as well as the leaders of the TerraLex Technology & Digital Business Industry Sector Team and Finance & Banking Practice Group for developing the questions for this guide.
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Under the EU Markets in Crypto-Assets Regulation (MiCA), which became fully applicable in the European Union on December 30, 2024, a crypto asset is defined as a digital representation of value or rights that can be transferred and stored electronically using distributed ledger technology or similar technology.
With the implementation of MiCA, crypto assets are now subject to a comprehensive regulatory framework across the European Union, including Poland. This framework provides legal certainty for crypto assets, categorizing them into specific types such as asset-referenced tokens, e-money tokens, and other crypto assets, each with tailored regulatory requirements.
Yes, crypto assets are regulated in Poland under the MiCA framework. MiCA establishes uniform rules for crypto asset issuers and service providers, focusing on transparency, disclosure, authorization, and supervision of transactions.
The primary regulatory authority responsible for overseeing crypto assets in Poland is the Polish Financial Supervision Authority (pl. Komisja Nadzoru Finansowego, KNF). The KNF supervises compliance with MiCA provisions, including the authorization and supervision of crypto asset service providers (CASPs).
Yes, Poland has implemented anti-money laundering (AML) measures in line with the European Union's directives. Entities involved in crypto asset activities are considered obligated institutions under the act of 1 March 2018 on Counteracting Money Laundering and Financing of Terrorism (the "AML Act") and must adhere to AML/CFT obligations, including customer due diligence, transaction monitoring, and reporting suspicious activities to the General Inspector of Financial Information (GIIF).
The use of blockchain technology in the financial services sector is regulated through various legislative measures, including MiCA and other EU regulations. While MiCA focuses on crypto assets, other regulations may apply depending on the specific use case of blockchain technology, such as the EU DLT Pilot Regime for market infrastructures based on distributed ledger technology.
Profits from cryptocurrency transactions (such as trading, exchanging, mining, or staking) are taxed in Poland at a flat rate of 19% as income from capital gains.
Cryptocurrency transactions are generally exempt from VAT, in line with the Court of Justice of the European Union’s ruling that the exchange of traditional currencies for cryptocurrencies qualifies as a VAT-exempt financial service. However, Polish tax authorities apply a more nuanced interpretation, particularly when cryptocurrencies are used as payment for goods or services. In such cases, the transaction may involve two separate legal acts: the supply of goods/services and a VAT-exempt financial service (i.e., the use of crypto as consideration). As a result, businesses accepting cryptocurrency payments should be mindful of potential VAT implications and are advised to maintain accurate records and apply consistent valuation methods.
Since July 1, 2020, transactions involving the sale or exchange of virtual currencies have been exempt from the tax on civil law transactions (PCC). This exemption was introduced to prevent excessive tax burdens on active traders and to provide greater legal clarity on the taxation of digital assets.
Yes, crypto assets are recognized as property under Polish law. They are considered property rights, which allows them to be subject to civil law transactions, including sales, exchanges, and inheritance.
Polish private international law addresses conflicts of laws by applying the closest connection principle to determine the applicable legal framework. In the case of intangible assets such as crypto assets, relevant connecting factors may include the domicile of the parties, the location of the server infrastructure, and the place where the transaction was concluded. However, due to the inherently borderless and decentralized nature of crypto assets, identifying the applicable law can be particularly complex and often requires case-by-case analysis.
Nonetheless, where crypto assets are offered to consumers, and the offering party either conducts its business activity in Poland or the offer is directed to Poland (whether specifically or as part of a broader cross-border offering), Polish law will apply. This includes the application of mandatory provisions concerning consumer protection, which cannot be excluded by choice of foreign law.
Smart contracts can be considered legally binding in Poland, provided they meet the general requirements for contract formation under Polish civil law, including mutual consent, a defined object, and a lawful purpose. The digital form of smart contracts does not preclude their enforceability, but practical challenges may arise in proving the terms and the parties' intentions.
Yes, it is possible to take security over crypto assets in Poland. This can be achieved through a pledge or financial collateral arrangement. However, due to the intangible nature of crypto assets and the lack of specific regulations governing such security interests, parties must carefully structure the security agreement to ensure its enforceability, including clear identification of the secured asset and compliance with relevant formalities.
Polish inheritance tax is calculated based on the value of the inherited assets at the time of acquisition. Currently, there are no specific reliefs or adjustments that account for market fluctuations in the value of inherited assets, such as crypto assets. As a result, beneficiaries may face challenges if the value of such assets declines significantly after the tax has been assessed.
However, close relatives, classified under tax group I (including descendants, ascendants, spouses, stepchildren, stepparents, and parents- and children-in-law), are exempt from inheritance tax, provided they comply with statutory reporting requirements within the prescribed deadline.
Poland is in the process of adopting a new law on crypto assets to align national legislation with MiCA. The draft Crypto Assets Market Act aims to implement MiCA's provisions and establish a comprehensive regulatory framework for crypto assets within Poland.
Yes, the European Union has introduced a comprehensive regulatory framework for crypto assets through the MiCA, which became fully applicable on December 30, 2024. MiCA standardizes the legal treatment of crypto assets across EU member states, including Poland, providing clear rules for the issuance, trading, and custody of crypto assets. It also introduces licensing requirements for crypto-asset service providers (CASPs) and aims to enhance consumer protection, market integrity, and financial stability in the digital asset space.
MiCA is part of the EU’s broader Digital Finance Strategy, which seeks to foster innovation while managing risks associated with digital transformation in the financial market.
In addition to the implementation of MiCA, several domestic initiatives are shaping the crypto regulatory landscape in Poland. These include:
These combined efforts aim to foster a secure and innovation-friendly environment for the crypto and blockchain industry in Poland, while ensuring consistency with evolving EU regulatory standards.
Disclaimer: This guide contains summaries of general principles of law. It is not a substitute for specific legal advice and should not be relied upon in relation to the application of the law or subject matter covered.
