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Poland Ministry of Finance Calls for EU-Level Bitcoin Regulation

Poland’s Ministry of Finance has stated that digital currencies due to their cross-border characteristics should be regulated at the EU level and that the Polish Government would not create own regulation..

The opinion was written in response to questions in January from two members of parliament (MPs), Jan Warzecha and Bogdan Rzońca.

polish ministry of finance 1In their inquiry, the two MPs note that piracy, cybercrime, thefts, hacking of online accounts and the attacks on owners of digital currencies steadily increased, multiplying in 2004-2014 from 404 to more than 22,000 cases. The two leaders asked the Ministry whether as a result there were plans for regulation of digital currencies.

The Ministry responded saying that there are currently no plans to regulate Bitcoin or other digital currencies.

The government department stipulated that the Bitcoin regulation should take place at EU-level. Although the Treasury Department and tax authorities monitor the digital currency sector, it believed that cryptocurrency users know the risks and would have to carry some responsibility.polish ministry of finance 2

The two MPs had also asked whether the tax authorities knew of any cases of bitcoin money laundering in Poland. The Ministry responded that “no cases are known to this day” in Poland of cryptocurrency for use in money laundering or the financing of terrorism.

The government referenced the year-long legal fight between Swedish tax authorities and a Swedish exchange over whether Bitcoin should be subject to Value Added Tax. An Advocate General of the EU’s highest court issued a legal opinion in July 2015 that Bitcoin currency services should not be subject to VAT.

Journalist, policy analyst, and evangelist of new, disruptive technologies including big data analytics, Internet of Things, and cryptocurrencies. Internet industry veteran with regional c-suite experience, and journalist credentials earned at internet.com, Internet World magazine, and Mecklermedia Corporation.
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