ENTRY TO THE REGISTER – What is the legal basis for the operation of the register of activities in the field of virtual currencies?
The register of virtual currency activities operates under:
The Act of March 1, 2018 on anti-money laundering and preventing financing of terrorism (Journal of Laws of 2021, item 1132, as amended),
The Act of March 6, 2018 – Entrepreneurs’ Law (Journal of Laws of 2021, item 162 as amended).
When will I be able to start doing virtual currency business?
You can start your virtual currency business after obtaining an entry in the Register of virtual currency activities, in accordance with the provision of Article 129m of the Law on Anti-Money Laundering and Countering the Financing of Terrorism:
Business activities involving the provision of services referred to in Article 2, paragraph 1, item 12, hereinafter referred to as “virtual currency business,” are considered regulated business within the meaning of the provisions of the Law of March 6, 2018 – Entrepreneurs’ Law and may be performed after obtaining an entry in the register of virtual currency activities.
On June 28, 2022, the Polish Ministry of Finance sent for arrangements and consultations public projects, another amendment to the so-called Polish Order (group of tax legal acts), this time in the field of Corporate Income Tax in Poland.
On 14 July 2022 KIELTYKA GLADKOWSKI KG LEGAL took part in the webinar organised by The International Renewable Energy Agency (IRENA). The webinar covered the topic of critical materials for energy transitioning, particularly focusing on deep-sea mining.
The loan agreement, the subject of which are cryptocurrencies classified as property rights, is not subject to tax on civil law transactions – as was confirmed by the director of the Polish National Tax Information.
The question was asked by the entity considering taking such a loan from an individual or entrepreneur. The enquiring entity explained that the subject of the contract will be a specific amount of cryptocurrency, and the return will be made after the time specified in it. The enquiring entity wanted to make sure that it would not have to pay tax on civil law transactions on such a loan.
On September 21, 2022 KIELTYKA GLADKOWSKI KG LEGAL will take part in Compliance Institute organized by New York City Bar, as its member.
Corporate ethics and compliance responsibilities are becoming increasingly complex. There are increasingly more anti-money laundering provision implemented. As for the US market, the SEC has been busy proposing regulations that significantly increase the compliance burdens on regulated companies on matters ranging from disclosure obligations to cybersecurity. In addition, compliance professionals have had to deal with new and evolving data privacy and cybersecurity laws, in a progressively multi-jurisdictional environment, with a significant portion of the workforce still working remotely due to the COVID-19 pandemic. The application of new and more sophisticated technology, artificial intelligence, and machine learning solutions, and the evolution of digital assets and cryptocurrencies, have also increased the challenges facing compliance officers.
