Is bitcoin legal in Poland?



19 października 2021
Is bitcoin legal in Poland?

Is bitcoin legal in Poland?

The appearance of cryptocurrency caused a lot of controversy.For a long time, many people did not know whether bitcoin was legal, but now cryptocurrencies in Poland are fully legal, as in about 40% of all countries in the world and throughout the European Union. What's more, many projects are underway in Poland, and the blockchain technology is constantly developing. Each country must implement legal regulations individually, so there is a huge division of the world community regarding the adoption of cryptocurrencies.

What is cryptocurrency?

There is a definition of the European Banking Authority, introduced into the Polish legal system by the AML Act, according to which a virtual currency is a digital representation of value, not issued by a central bank, credit institution or electronic money institution, which under certain circumstances may be used as an alternative to traditional money. From a legal perspective, it is not electronic money, although according to the Court of Justice of the European Union, bitcoin should be considered as such, and therefore trading in it should be exempt from VAT.

The most popular cryptocurrency is bitcoin, although there are also a number of other important cryptocurrencies known as "altcoins". Currently, there are about 1,500 cryptocurrencies, which are gradually increasing.

The beginnings of BTC are interesting, it is not the first cryptocurrency, earlier ones were created in 2008, but the first payment was made in 2010 and it was used to pay for two pizzas. Back then, 10,000 BTC was worth around $ 40, now the same amount is around $ 100,000,000. Bitcoin's history is rich in ups and downs, but the latter are definitely more numerous. It is worth noting that the current value of BTC has grown to horrendous amounts in just 5 years, because previously bitcoin was not worth much, and its price for one coin was around 1000 dollars.

Where does bitcoin come from?

Bitcoin is created in the mining process. Experts equate this term with the excavation of gold nuggets during the gold rush. Excavation is carried out using excavators, i.e. applications that use the performance of a computer with high computing power. "Digging" can be done by any person who has the appropriate quality equipment, but in order to be able to work, he must join a group dealing with this field. It is team work, but fully automated. The process consists in creating a remote supercomputer, which will work out a cryptographic algorithm. The process time depends on the power of the computers in the group. Currently, more and more electricity is needed to carry out mining processes, and interestingly, 4/5 of the world's mining capacity is located in China.

Poland - cryptocurrencies are not regulated

There are no regulations in Poland that would restrict or prohibit bitcoin. The Ministry of Finance has not introduced legislation regarding the operation of virtual currency or regulations regarding cryptocurrency trading in Poland. One of the few Polish regulations is the need to pay income tax on transactions based on digital currencies. Despite this, the legal status of bitcoin in Poland is still unregulated. The only act in which there was an attempt to define cryptocurrency is the Act on Counteracting the Financing of Terrorism and Money Laundering.

Bitcoin - Poland

There are many places where you can trade cryptocurrency. Such places are called exchanges, it is allowed to buy and sell cryptocurrencies, including BTC. Poland also has its own Polish bitcoin exchanges, which are as popular as global exchanges.

What is the cryptocurrency exchange?

Investors will find there a number of information necessary to start playing on the stock exchange, such as prices, cryptocurrency quotes, as well as statistics on the prevailing trends among other players. There is no limit to the experience of investors, both laymen and experienced traders can play on the Polish bitcoin exchanges.

Importantly for novice players, exchanges establish security systems that protect investors from loss of funds or theft.

Cryptocurrency exchange - an alternative for a stock exchange player

In addition to the possibility of playing on the stock exchange, you can also use the offers of online exchange offices. In the exchange office, unlike the exchange, prices are not shaped by the users. The currency you buy or sell in the exchange office is safer, the transaction is faster and also easier than on the exchange. Nevertheless, the way you invest is entirely up to you. It's worth trying both ways and choosing which one you feel more comfortable with. Be sure to check out our offer, where you will find many of the largest cryptocurrencies. You can pay for the purchase by bank transfer in PLN or Euro, but also via a payment card. Funds you get from selling currencies will be automatically transferred to your wallet. We do not offer the option of transferring purchased virtual currencies to external wallets, so there is no possibility for someone to intercept your money. Your cryptocurrencies are stored with us on wallets not connected to the network, and access to them is guarded by procedures ensuring the highest level of security.

If you plan to invest in bitcoin, buy it on the Polish bitcoin exchange or exchange office, it will give you confidence and security that the transaction is real and effective.

Attention! The above article neither in whole nor in part constitutes a "recommendation" within the meaning of the provisions of the Act of July 29, 2005 on trading in financial instruments or the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of April 16, 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6 / EC of the European Parliament and of the Council and Commission Directives 2003/124 / EC, 2003/125 / EC and 2004/72 / EC and Commission Delegated Regulations (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65 / EU of the European Parliament and of the Council as regards organizational requirements and operating conditions for investment firms and defined terms for the purposes of this directive. The content contained on the website does not meet the requirements for recommendations within the meaning of the above-mentioned act, incl. do not contain a specific valuation of any financial instrument, do not rely on any valuation method, and do not identify investment risk.

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