Poland Temporarily Suspends Taxation of Cryptocurreancies
Poland has temporarily abandoned collecting taxes for cryptocurrency transactions. The country’s Finance Ministry is conducting a comprehensive analysis of the industry and preparing for what they call, a “system solution regulating this economic space”. Draft regulations are expected to be published by June 15th. Crypto investors in Poland had long been awaiting the government’s official stance on the taxation of virtual currencies although after being published last month, calculations suggested some crypto investors would have to pay over 100% in tax, due to the complex system of paying contributions, based on trading volumes and the laws on economic activity. The new legislation should be more comprehensive of the market, reducing the outrageous amounts previously established.