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Cryptocurrencies have been operating on the border of technological innovation and legal regulations for years. Decentralization, anonymity and global reach make their regulation a huge challenge for states and international institutions. Currently, the number one topic is regulations regarding stablecoins and requirements KYC (Know Your Customer) i AML (Anti-Money Laundering) for DeFi platforms. Governments around the world are beginning to shape regulations to increase market security and transparency, prompting mixed reactions from the crypto community.
New Stablecoin Regulations
Stablecoins, which hold value tied to fiat currencies like the dollar or euro, are now a major target for regulators. Their popularity has grown due to their use in payments, DeFi, and protecting capital from crypto market volatility. The introduction of regulations overseeing their issuance and custody aims to prevent stablecoins from becoming a tool for financial fraud or market destabilization.
Examples of global regulations:
- USA: The US Stablecoin Trust Act requires issuers to have appropriate licenses and full reserve asset coverage, a move that aims to provide greater consumer protection.
- Europe: European regulation MiCA (Markets in Crypto-Assets) includes stablecoins as one of the key elements to be regulated. It requires full transparency and audits, which will increase investor confidence.
KYC/AML Requirements and Their Impact on DeFi
One of the biggest challenges for regulation is the DeFi (Decentralized Finance) sector. Thanks to smart contracts and the lack of centralized entities, DeFi platforms allow for the free exchange of assets without intermediaries. However, the lack of user identity verification raises concerns about money laundering and terrorism financing.
Global regulations:
- European Union: According to the AMLD6 directive, every platform offering financial services, even in a decentralized model, is obliged to implement identity verification mechanisms.
- USA: DeFi platforms that offer lending services must register as financial services providers and apply AML procedures.
Challenges to decentralization:
The implementation of KYC requirements in DeFi raises concerns about the loss of their original philosophy – complete decentralization. Critics argue that it will force many projects to move their services to the “grey zone” or abandon their operations.
Poland in the context of global regulations
In Poland, the cryptocurrency market is still developing in the shadow of vague regulations. The main challenges include the lack of clear regulations regarding taxation, platform operations, and stablecoins.
- Taxes: In Poland, any income from cryptocurrencies is subject to taxation as capital gains. Crypto settlement requires users to report each transaction, which can be complicated and time-consuming.
- Stablecoins: Polish law does not yet have separate regulations regarding stablecoins, which puts users and investors in a difficult situation in case of potential legal problems.
- DeFi: The lack of regulations regarding DeFi platforms means that their users in Poland operate in a state of legal uncertainty.
Cryptocurrency taxation in Poland in 2024 depends on the type of transaction and its nature. Here are the detailed rules that may dispel your doubts:
1. Income tax
In Poland, cryptocurrency income is taxed as capital gains. The rate is 19%, which applies to both individuals and entrepreneurs. Income is calculated as the difference between the income from selling cryptocurrencies and the costs of acquiring them.
When do you have to pay tax?
- FIAT currency exchange transactions (e.g. PLN, EUR) – Each such exchange is a taxable event on which tax must be paid.
- Exchange between cryptocurrencies – Since 2019, such an exchange in Poland is not a taxable event. You do not pay tax if you exchange, for example, BTC for ETH.
2. Settlement and documentation
To settle correctly, you must keep detailed records of transactions. It is necessary to collect documents such as:
- Transaction confirmations,
- Stock exchange extracts,
- Invoices confirming purchase.
The settlement is done using the PIT-38 form, which must be submitted by the end of April of the following tax year. In case of doubt, it is worth using the services of accountants specializing in cryptocurrencies.
3. VAT
Cryptocurrency transactions are exempt from VAT, according to a ruling by the Court of Justice of the EU. This applies to the exchange of cryptocurrencies for traditional currencies and vice versa.
4. Stablecoins and DeFi
New regulations (e.g. MiCA in the European Union) introduce requirements for increased transparency and reporting of stablecoin transactions and the use of DeFi platforms. Although these regulations are being implemented gradually in Poland, investors should be aware of the tightening of KYC (know your customer) and AML (anti-money laundering) requirements.
Summary
If you are planning to be active on the cryptocurrency market in Poland, remember to:
- Documenting every transaction and retaining evidence for at least 5 years.
- Avoiding problems related to the incorrect classification of revenues and expenses.
- Monitoring legal changes, especially those related to EU regulations.
Recommended sources and more information:
Regulations – opportunity or threat?
benefits:
- Greater security: Regulation can help eliminate fraud and increase investor protection.
- Trust: Transparency will attract more institutional investors.
- Market stability: Regulation will reduce the risks associated with excessive volatility and unfair practices.
threats:
- Impact on decentralization: Excessive control can undermine the core idea of cryptocurrencies – freedom from centralized institutions.
- costs: Implementing new regulations can be costly for smaller projects.
- Lack of harmonization: Differences in regulations across countries can make international cryptocurrency trading difficult.
Quotes from experts
- Christine Lagarde, President of the European Central Bank:
“Cryptocurrencies must be regulated to ensure financial stability and consumer protection.” - Vitalik Buterin, creator of Ethereum:
“Regulation is inevitable, but it must be carefully considered so as not to stifle the innovative nature of the sector.”
Summary
The cryptocurrency market is on the threshold of significant changes. Regulations can both accelerate the industry's development and stifle its innovation. A key challenge is finding the golden mean between transparency and security, and freedom and decentralization. Investors should monitor regulatory changes to adjust their strategies and avoid unforeseen consequences.
Would I buy tokens in light of the new regulations? The answer depends on the specific projects. Projects that comply with regulations and offer real value have a greater chance of success in the future.
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