The Markets in Crypto-Assets (MiCA) Regulation is one of the most significant legal frameworks shaping the cryptocurrency market within the European Union. For years, both investors and Crypto-Asset Service Providers (CASPs) have closely monitored its development, wondering how the new rules will impact their businesses. MiCA introduces a comprehensive set of regulations governing the issuance, trading, and oversight of crypto-assets, significantly altering the industry’s landscape. While the regulation primarily focuses on legal and operational aspects, it is essential to consider whether its implementation might also bring important tax implications.

Absence of Polish crypto law

Poland failed to implement national legislation aligning with MiCA before the December 30, 2024 deadline. As a result, a transitional period is now in effect, allowing Polish crypto businesses registered before the end of 2024 to continue operating under existing rules until June 2025. This means that a full adjustment of Poland’s legal system—including potential tax changes related to crypto-assets—may not take place until after this period. 

Why is the Polish crypto law so important from a tax perspective? While MiCA regulates the crypto-asset market across the EU, it does not directly address taxation. As a result, Poland’s future national legislation could introduce significant changes, shaping tax obligations for businesses and individual investors alike. 

Draft of Polish cryptocurrency law

The proposed Polish cryptocurrency market law aims to integrate MiCA into the national legal framework. Its main objectives are to regulate crypto-related businesses and ensure proper oversight and investor protection. Key provisions of the law include:

• designating the Polish Financial Supervision Authority (KNF) as the regulatory body overseeing the crypto market,
• defining operational rules for cryptocurrency firms,
• implementing financial penalties and administrative sanctions for non-compliance.

Although the December 30, 2024, deadline for MiCA implementation has passed, Poland has yet to adopt these regulations. This delay causes legal uncertainty for cryptocurrency businesses, particularly concerning potential tax changes.

0.5% supervision fee

One of the most controversial aspects of the proposed law is the introduction of a supervision fee for cryptocurrency businesses. According to the initial proposal, these companies would be required to pay a fee ranging from €500 up to 0.5% of their revenue to the Polish Financial Supervision Authority (KNF).

This proposal has sparked significant opposition, particularly among cryptocurrency exchanges, which operate on high turnover and low margins. Charging the fee based on revenue rather than profits could place excessive financial pressure on companies. As a result, some legally operating cryptocurrency exchanges may be forced to shut down, potentially driving more activity into the grey market.

Challenges for small crypto exchanges and firms

The new regulations could pose serious challenges for smaller cryptocurrency exchanges and companies operating in the sector.

• Licensing and regulatory costs – stricter licensing requirements will increase expenses,
• Supervision fee – a 0.5% fee on revenue could be an unsustainable financial burden,
• Advantage for large firms – bigger cryptocurrency exchanges and international companies can more easily comply with regulations, while smaller businesses may struggle.

As a result, many small businesses could either exit the market or move into the grey economy, increasing risks for both investors and cryptocurrency users.

Stablecoin taxation

MiCA may also impact stablecoin taxation in Poland. The regulation classifies electronic money tokens (EMTs) as electronic money, potentially altering their tax treatment under Polish law.

Currently, there are no clear tax regulations in Poland regarding stablecoins. This uncertainty creates a risk that exchanging cryptocurrencies for stablecoins could be considered a taxable event, meaning such transactions might be subject to taxation.

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Text based on: https://ksiegowosc.infor.pl/wiadomosci/6872618,mica-a-podatki-od-kryptowalut-w-polsce-czy-czekaja-nas-zmiany.html