Polish Ministry Of Finance To Improve Crypto Regulation, Cuts Taxes

Polish Ministry Of Finance To Improve Crypto Regulation, Cuts Taxes

The Polish Press Agency (PAP) reported good news for Polish crypto players and enthusiasts. Poland’s Ministry of Finance will temporarily stop taxing cryptocurrencies while doing an “in-depth analysis” of the crypto industry to improve taxation guidelines.

In April, the Polish Ministry of Finance issued a statement declaring crypto transactions as the transfer of property rights. The Ministry explained such transactions will be taxed at 18 and 32 percent, plus a 1 percent levy.

The move triggered a petition at Change.org garnering 5,000 signatures asking to “release of the crypto market, and the abolition of all taxes related to this technology.”

The Ministry acknowledged that in the current cryptocurrency taxation procedures, “the obligation may arise to pay tax in an amount often exceeding the funds invested,” stating:

“Temporary abandonment of tax collection will allow for an in-depth analysis and preparation of system solutions regulating this economic space, including in the tax context.”

PAP observes that the Finance Ministry’s updated regulation will be rolled out by June 15.

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