Crypto in Poland

Poland treats cryptocurrency as legal but unregulated, with no dedicated licensing regime. The KNF (Komisja Nadzoru Finansowego) and National Bank of Poland (NBP) have issued warnings about risks, but crypto trading is not prohibited. In 2021, the KNF clarified that crypto exchanges are not subject to its supervision unless they offer services that qualify as financial instruments under the Act on Trading in Financial Instruments (2005). Poland has implemented the EU's Fifth Anti-Money Laundering Directive (AMLD5) via the Act of 1 March 2018 on Counteracting Money Laundering and Terrorism Financing, requiring crypto service providers to register with the General Inspector of Financial Information (GIIF). As of 2024, the KNF has not granted any licenses under the Markets in Crypto-Assets (MiCA) regulation, which will apply fully from December 2024. The NBP has been researching a digital zloty since 2021 but has not committed to issuance.

Poland imposes a flat 19% personal income tax on gains from cryptocurrency trading, as per Article 30a of the Personal Income Tax Act (1991). Taxable income is calculated as revenue minus costs, but costs can only be deducted from the same cryptocurrency, creating a barrier for offsetting losses across different coins. Since 2019, the Polish tax office has intensified monitoring of crypto transactions, requiring exchanges to report user data. In 2022, the Ministry of Finance clarified that crypto-to-crypto swaps are taxable events, triggering the 19% tax on each trade. Mining and staking income is taxed as revenue at the time of receipt, with costs deductible. Taxpayers must file an annual PIT-38 return by April 30 of the following year. The 19% rate applies regardless of holding period, and there is no de minimis exemption.

Poland has over 1.5 million crypto users, representing roughly 4% of the population, according to a 2023 report by the NBP. Retail adoption has surged, with local exchanges like zondacrypto (formerly BitBay) reporting over 1 million registered users in Poland. A 2023 survey by Kantar found that 12% of Polish adults have invested in crypto, with Bitcoin and Ethereum dominating. Institutional adoption remains limited; however, in 2022, the Warsaw Stock Exchange launched a blockchain-based private market platform. Crypto payments are accepted by some merchants, including the Polish airline LOT, which partnered with zondacrypto in 2021. The NBP's 2023 report noted that crypto is primarily used for speculation, not payments, with only 2% of users using it for transactions.