The cryptocurrency market in Poland is entering another regulatory phase. The government has adopted measures introducing a new transaction reporting obligation for companies operating in the crypto industry. This is a significant change for businesses providing services related to the trading, storage and transfer of digital assets.
The new rules respond to the growing scale of the cryptocurrency market and the need for greater tax and financial transparency.
📌 What does the new obligation involve?
Companies operating in the cryptocurrency market will be required to provide the tax authorities with information on their clients' transactions. This means data enabling the identification of the transactions, their value and the parties involved in trading digital assets.
The aim of the regulation is to enable more effective market monitoring, prevent the concealment of income and reduce the risk of cryptocurrencies being used for illegal activities.
🧠 Who will the new rules apply to?
The new obligation applies to businesses that:
- operate cryptocurrency exchanges or trading platforms,
- act as intermediaries in cryptocurrency buying and selling transactions,
- offer custody or management services for digital assets,
- provide cryptocurrency wallets,
- provide other services related to cryptocurrency trading.
In practice, this means that the vast majority of crypto companies will have to adapt their procedures and systems to the new requirements.
⚖️ Why is the government introducing these changes?
The new regulations have several key objectives:
- increasing the transparency of the cryptocurrency market,
- more effective action against money laundering and the financing of illegal activities,
- improving tax control and information exchange,
- aligning Polish rules with the standards applicable in the European Union,
- levelling the competitive playing field between traditional finance and the crypto sector.
This is part of a broader regulatory trend that is gradually covering all segments of the digital asset market.
📊 What data will be reported?
The scope of the reported information is expected to include, among other things:
- clients' identification data,
- information on cryptocurrency transactions,
- the value and type of operations,
- details of digital asset transfers,
- data on counterparties involved in transactions.
Companies will have to ensure that reporting is carried out securely, in compliance with personal data protection rules and within the required deadlines.
🛠️ How can you prepare your company for the new obligations?
1️⃣ Compliance procedures
You will need to implement or update internal procedures covering reporting, AML and KYC.
2️⃣ IT systems
Companies should ensure they have suitable IT systems for collecting and securely transmitting data.
3️⃣ Data protection
Reporting involves processing sensitive information - meeting GDPR requirements will be crucial.
4️⃣ Team and training
In many cases, you will need to train staff or obtain support from specialists in law, tax and technology.
📌 What are the consequences of failing to comply?
Failure to meet the new obligations may result in:
- administrative sanctions,
- financial penalties,
- an increased risk of inspections,
- loss of trust among clients and business partners.
It is therefore essential to prepare for the changes in advance.
🏁 Summary
The new reporting obligation for cryptocurrency companies is another step towards full regulation of the digital asset sector. For business owners, it means having to adapt their procedures, systems and operating strategy.
It is a challenge, but also an opportunity to organise your processes and increase your company's credibility in the eyes of clients and institutions.
Need support in adapting your company to the new regulations?
If you run a cryptocurrency-related business and want to prepare for the new obligations in a safe and well-planned way, we invite you to a consultation with the Global Tax Partners team.
We will help you:
- implement lawful reporting procedures,
- put your tax matters in order,
- adapt your company to the new regulatory requirements,
- minimise the risk of penalties and inspections.
👉 Contact us and prepare your company for the new reality of the cryptocurrency market.
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