Polish Bitcoin regulators recognized it within the country
Polish Bitcoin regulators decided to recognize the digital currency within the country.
In fact, the country’s Central Statistical Office (GUS) revealed its decision to recognize the trading and mining of digital currencies as an official economic business in Poland.
This is the reason why from now on companies active in the Polish industry are be able to register themselves with the agency.
Businesses who are involved in cryptocurrency trade and production activities can now apply to obtain an official PKD 64.19.Z registration, the GUS explained in a press release.
This news highlights a significant step forward for industry workers in Poland where currently there isn’t an official regulation or legislation about neither bitcoin or other digital currencies.
Earlier this year the Polish Ministry of Finance released a few documents that expressed the status of legality for bitcoin and cryptocurrencies in general.
Also, in a statement published back in November, the finance ministry commented what follows:
“there is a lack of a general, legal definition of virtual currency in international, European and national law”.
This explains that digital currencies are subjected to income tax, even if they are not subject to any separate regulation according to the Polish legislation.
Polish ministry also commented:
“It should also be stressed here that their use in Poland is fully legal.”
Polish Bitcoin studies
To explore the legal and financial implications of the use of the Polish Bitcoin use, government of Poland has created a new group of blockchain and virtual currencies experts.
This Polish Bitcoin task force was established under the surveilance of the Polish Ministry of Digital Affairs, and according to thePolish government’s program titled “From Paper To Digital Poland“ that was written by the Cabinet back in June 2016.
This task force will be responsible to prepare analyses for use by other government agencies in their legislative work and the possible chance of a Polish Bitcoin and digital currencies regulation is one of its goals and interests.
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Polish Finance Ministry says Bitcoin can be used as financial instrument
document confirming that under the country’s existing financial
regulations, bitcoin can be considered a financial instrument.
opposition member of Parliament for the liberal Twoj Ruch (Your
Movement) party. At the time, Pacholski asked Poland’s Ministry of
Finance to explain the legal status of bitcoin transactions.
Specifically, his query focused on whether or not “options and futures
contracts can be considered as a financial instrument” if they are
denominated in a digital currency.
“Options or futures contracts which are based on
[bitcoin] as a base instrument can be considered as derivative
instruments, and as such, they can be considered as financial
instruments, according to the bill on financial instruments.”
Bitcoin’s legal status clarified
recognized currency in Poland. He said in the policy document:
“An analysis of national regulations allows to conclude
that bitcoin … is not a legally defined and universally accepted
currency, because it cannot be classified as either a national currency …
or a foreign currency.”
possibility of issuing options and futures contracts in the form of
derivatives based on bitcoin market indexes. These issuances, he said,
would be similar to the derivatives which are based on stock market
indexes.
available to Polish investors. This, the Finance Ministry said, is in
accordance with the country’s banking services regulations.
Regulators accept bitcoin usage
derivatives markets suggests the continued evolution of government
policy toward digital currencies in Poland. While bitcoin can be used as
a medium of exchange and financial tool, it remains unrecognized as a
legal currency by regulators.
Szymon Wozniak, a Finance Ministry representative, said that the
ministry does not consider bitcoin to be illegal, but it does not
consider it to be a legal currency either. He remarked:
“What is not forbidden is permitted. However, we certainly cannot consider bitcoin to be a legal currency.”
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