Bitcoin regulation in Poland has taken a step forward with the news that the country’s Central Statistical Office (GUS) has recognized the trading and mining of virtual currencies as an official economic activity.
As a result, companies active in the industry will now be able to register with the agency.
Firms involved in virtual currency trade and production can apply to obtain an official PKD 64.19.Z registration when filing their entities with the official court register, the GUS said in a statement.
The development marks a significant advance for industry players in Poland where, to date, the state has not issued any specific legislation that regulates bitcoin and other virtual currencies.
That said, the Polish Ministry of Finance has previously released a number of documents that address bitcoin’s legal status.
In a statement from 2nd November, the ministry said that “there is a lack of a general, legal definition of virtual currency … in international, European and national law”. It concluded that, while virtual currencies are not subject to any separate regulation under Polish legislation, it is subject to income tax.
The ministry also stated:
“It should also be stressed here that their use in Poland is fully legal.”
Further exploration
To further explore the legal and financial implications of the use of virtual currencies in Poland, the country’s government has established an expert group on blockchain and virtual currencies.
The task force was set up under the auspices of the Polish Ministry of Digital Affairs, and it is part of the government’s “From Paper To Digital Poland” program that was launched by the Cabinet in June 2016.
The group is responsible for preparing analyses for use by other government entities in their legislative work, and the potential regulation of virtual currencies is one of its fields of interest.
Krakow image via Shutterstock