Cryptocurrency and digital asset activity in Poland is legal but subject to evolving regulatory requirements, particularly at the EU level through MiCA and related securities frameworks Prudential requirements of investment firms | EUR-Lex

The primary regulatory authorities include the Polish Financial Supervision Authority (KNF) for financial market oversight and the Dyrektor Krajowej Informacji Skarbowej (Director of the National Tax Information Office) for tax rulings 62023CC0018

Poland has implemented EU directives including the UCITS Directive and AIFMD framework, with the Polish Law of 27 May 2004 on investment funds and management of alternative investment funds governing fund structures 62023CC0018

A licensing regime exists for investment fund management, but digital asset-specific securities licensing is still being shaped by ongoing EU-level regulatory developments Prudential requirements of investment firms | EUR-Lex

The practical reality is that Poland relies heavily on EU harmonized rules, and entities seeking to operate in the crypto-securities space must navigate both Polish national law and directly applicable EU regulations The Polish Legal System

The Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) is the primary financial market regulator responsible for supervising investment firms, UCITS, and alternative investment funds in Poland 62023CC0018

The Dyrektor Krajowej Informacji Skarbowej (Director of the National Tax Information Office) issues individual tax rulings and interprets tax law for crypto and digital asset transactions Dyrektor Krajowej Informacji Skarbowej (Management form of ...

The Ustawa z dnia 15 lutego 1992 r. o podatku dochodowym od osób prawnych (Law of 15 February 1992 on corporation tax), as amended by the Ustawa z 10 lutego 2017 r., is the core corporate income tax law governing tax exemptions for investment funds 62023CC0018

The Ustawa z dnia 27 maja 2004 r. o funduszach inwestycyjnych i zarządzaniu alternatywnymi funduszami inwestycyjnymi (Law of 27 May 2004 on investment funds and the management of alternative investment funds), as amended by the Law of 31 March 2016, governs investment fund establishment and management 62023CC0018

EU Regulation 2019/2033 (Investment Firms Regulation) sets out prudential requirements for investment firms, which applies directly to Polish investment firms dealing in digital assets classified as financial instruments REGULATIONS - EUR-Lex - European Union

Commission Delegated Regulation (EU) 2022/27 of 27 September 2021 supplements the Investment Firms Regulation with detailed technical standards for prudential requirements COMMISSION DELEGATED REGULATION (EU) 2022/27 of 27 September 2021

The UCITS Directive (2009/65/EC) provides the EU framework for undertakings for collective investment in transferable securities, which Poland has transposed into national law 62023CC0018

Poland is a member of the European Union and subject to FATF recommendations through EU implementation; the European Commission assesses Poland's AML/CFT framework through its supranational evaluation process IMMC.SWD_2019_1020_FIN.ENG.xhtml.49_EN_autre_document_travail_service_part1_v7.docx

The Polish legal system operates under civil law, with legislation published in the official journal (Dziennik Ustaw) and EU law having direct effect where applicable The Polish Legal System

The prudential requirements for investment firms under EU Regulation 2019/2033 are directly applicable in Poland and cover capital requirements, risk concentration, and governance for firms dealing in financial instruments Prudential requirements of investment firms | EUR-Lex

Under the Polish Law on investment funds, an investment fund can be established only by a company, and that company establishes, manages, and represents the investment fund vis-à-vis third parties 62023CC0018

An investment fund is defined under Article 3(1) of the Polish Law on investment funds as a legal person whose sole business object is investing financial resources in securities, money market instruments, and other property rights 62023CC0018

Article 4(1) of the Polish Law on investment funds requires that a company establish, manage, and represent the investment fund, meaning third-party management is a structural requirement for Polish-domiciled funds 62023CC0018

For investment companies that have not designated a management company, Article 29(1) of the UCITS Directive requires a minimum initial capital of at least EUR 300,000 62023CC0018

Investment firms operating in Poland under the EU Investment Firms Regulation must meet initial capital requirements and ongoing prudential obligations as specified in Regulation 2019/2033 REGULATIONS - EUR-Lex - European Union

Commission Delegated Regulation (EU) 2022/27 provides detailed technical standards supplementing the Investment Firms Regulation, including requirements for risk measurement and capital calculation Delegated regulation - 2022/27 - EN - EUR-Lex

Under Polish law, internally managed investment funds cannot be constituted at all, as the legal framework only permits externally managed funds 62023CC0018

The authorization for investment fund management requires approval from the competent financial market supervisory authorities in the state where the fund has its registered office 62023CC0018

As of the available information, no specific digital asset-securities licenses have been granted under a dedicated Polish crypto-securities regime, as such a regime is still being developed in line with evolving EU legislation Prudential requirements of investment firms | EUR-Lex

The application process for investment fund authorization in Poland requires submission to KNF, with statutory timelines prescribed in the Polish Law on investment funds 62023CC0018

Structural requirements include the appointment of a depositary for safe-keeping of fund assets, as required under Article 6(1)(10a)(e) of the Polish Law on corporation tax 62023CC0018

The Polish AML/CFT framework is implemented through national legislation transposing EU directives, with KNF and other supervisory authorities responsible for oversight of obliged entities IMMC.SWD_2019_1020_FIN.ENG.xhtml.49_EN_autre_document_travail_service_part1_v7.docx

Customer due diligence (CDD) obligations apply to investment firms and fund managers in Poland, requiring identification and verification of clients before establishing business relationships 62023CC0018

Enhanced due diligence (EDD) measures are required for high-risk situations, including transactions involving complex or unusually large transactions and correspondent relationships IMMC.SWD_2019_1020_FIN.ENG.xhtml.49_EN_autre_document_travail_service_part1_v7.docx

Suspicious transaction reporting (STR) obligations require obliged entities in Poland to report suspicious transactions to the General Inspector of Financial Information (GIIF), the Polish FIU IMMC.SWD_2019_1020_FIN.ENG.xhtml.49_EN_autre_document_travail_service_part1_v7.docx

Record retention requirements mandate that obliged entities maintain transaction and identification records for a minimum period as specified in Polish AML law, aligned with EU requirements IMMC.SWD_2019_1020_FIN.ENG.xhtml.49_EN_autre_document_travail_service_part1_v7.docx

Beneficial ownership identification and verification is required for legal entities, with beneficial owner information maintained in the Central Register of Beneficial Owners in Poland IMMC.SWD_2019_1020_FIN.ENG.xhtml.49_EN_autre_document_travail_service_part1_v7.docx

Politically exposed persons (PEPs) screening is mandatory, requiring enhanced monitoring of business relationships with PEPs and their family members IMMC.SWD_2019_1020_FIN.ENG.xhtml.49_EN_autre_document_travail_service_part1_v7.docx

The case of F S.A. v Dyrektor Krajowej Informacji Skarbowej (Case C-18/23) was referred to the Court of Justice of the European Union by the Wojewódzki Sąd Administracyjny w Gliwicach (Regional Administrative Court, Gliwice, Poland) regarding tax treatment of internally managed investment funds 62023CC0018

F S.A., a Luxembourg-established investment fund managed internally by its board of directors, applied to the Polish Director of National Tax Information for an advance tax ruling seeking exemption under Article 17(1)(58) of the Polish Law on corporation tax 62023CC0018

The Dyrektor Krajowej Informacji Skarbowej (Director of National Tax Information) did not grant the exemption sought, leading to litigation before Polish administrative courts and ultimately the preliminary ruling request to the CJEU Dyrektor Krajowej Informacji Skarbowej (Management form of ...

The CJEU in Case C-18/23 considered whether the Polish tax exemption that applies only to externally managed investment funds constitutes indirect discrimination against non-resident internally managed funds under Article 63 TFEU (free movement of capital) 62023CC0018

The opinion of Advocate General Kokott delivered on 11 July 2024 in Case C-18/23 addressed whether Poland's fiscal autonomy to exempt only externally managed funds is compatible with EU free movement of capital principles 62023CC0018

The Polish Law of 15 February 1992 on corporation tax provides for tax exemptions for certain investment funds under Article 6(1)(10) for national funds and Article 6(1)(10a) for EU/EEA-domiciled UCITS 62023CC0018

Under Article 6(1)(10) of the Polish Law on corporation tax, open-ended investment funds and special investment funds constituted under Polish law are exempt from corporation tax, with an exception for open-ended special investment funds applying closed-end investment rules 62023CC0018

For EU/EEA UCITS to benefit from the Article 6(1)(10a) exemption, they must meet six conditions including being subject to corporation tax in their home state, having collective investment as sole object, operating under authorization, being supervised, having appointed a depositary, and being managed by authorized entities 62023CC0018

Article 6(4) of the Polish Law on corporation tax excludes from the Article 6(1)(10a) exemption those UCITS that are of the closed-end type, subject to closed-end investment rules, or whose units are not offered to the general public and can only be acquired by natural persons through a one-off purchase worth at least EUR 40,000 62023CC0018

Article 17(1)(58) of the Polish Law on corporation tax provides an object-based tax exemption for income of closed-end UCITS domiciled in another EU/EEA Member State, subject to conditions in Article 6(1)(10a)(a) and (d) to (f) 62023CC0018

The condition in Article 6(1)(10a)(f) of the Polish Law on corporation tax means that the tax exemption applies only to externally managed investment funds, not internally managed funds 62023CC0018

The CJEU was asked to determine whether the denial of tax exemption to internally managed non-resident funds violates the free movement of capital under Article 63 TFEU 62023CC0018

The UCITS Directive recital 83 explicitly states that the Directive does not affect national rules on taxation, including arrangements that may be imposed by Member States to ensure compliance with tax rules 62023CC0018

Under Polish tax law, the right to a tax exemption for investment funds is dependent on the legal form of the fund in its home state, and internally managed funds such as Luxembourg SICAVs managed by their own boards face uncertain tax treatment in Poland Dyrektor Krajowej Informacji Skarbowej (Management form of ...

Polish law currently does not permit the constitution of internally managed investment funds, creating an asymmetry where non-resident internally managed funds may be denied tax exemptions available to externally managed funds 62023CC0018

The tax framework for digital asset securities in Poland remains uncertain, particularly regarding the application of existing investment fund exemptions to crypto-asset funds Prudential requirements of investment firms | EUR-Lex

There is a risk that the Polish tax exemption regime discriminates against non-resident funds with different legal structures, potentially requiring legislative changes following the CJEU ruling in Case C-18/23 Dyrektor Krajowej Informacji Skarbowej (Management form of ...

The regulatory framework for digital asset securities is still being harmonized at the EU level, creating implementation gaps as Polish law must be aligned with directly applicable EU regulations Prudential requirements of investment firms | EUR-Lex

Businesses face uncertainty regarding the classification of digital assets as securities versus other asset classes, which determines applicable regulatory requirements REGULATIONS - EUR-Lex - European Union

The minimum capital requirement of EUR 300,000 for internally managed investment companies under Article 29(1) of the UCITS Directive may be a barrier for smaller digital asset fund managers 62023CC0018

The condition requiring funds to be "managed by entities which have authorization" creates practical difficulties for internally managed funds with alternative governance structures 62023CC0018

Polish law requires investment funds to be established only by companies, meaning individual or non-corporate structures cannot be used for fund vehicles 62023CC0018

The tax exemption under Article 6(1)(10a)(b) requires the sole object to be collective investment in transferable securities, money market instruments, and other property rights, which may not cover all digital asset investments 62023CC0018

Digital asset businesses dealing with tokenized securities must navigate both securities regulation and crypto-asset regulation, potentially leading to overlapping or conflicting requirements Prudential requirements of investment firms | EUR-Lex

The prudential requirements under Regulation (EU) 2019/2033 impose capital and risk management obligations on investment firms, which may be disproportionate for small digital asset firms REGULATIONS - EUR-Lex - European Union

Dyrektor Krajowej Informacji Skarbowej (Management form of ...

COMMISSION DELEGATED REGULATION (EU) 2022/27 of 27 September 2021

Prudential requirements of investment firms | EUR-Lex

Delegated regulation - 2022/27 - EN - EUR-Lex

Wymogi ostrożnościowe dla instytucji kredytowych i firm inwestycyjnych | EUR-Lex

62023CJ0118 - EN - EUR-Lex - European Union

REGULATIONS - EUR-Lex - European Union