Nawrocki signed an important act. These transactions will come under the microscope of the tax office

President Karol Nawrocki signed an amendment to the act on the exchange of tax information with other countries. The new regulations include, among others, reporting of transactions on the cryptocurrency market. Information about the head of state’s decision was provided by the Chancellery of the President on Monday.

Data verification

Under the act, cryptocurrency service providers will be obliged to collect and verify their customers’ data. This mainly concerns information regarding the identity of users and their tax residence. Entities operating on the crypto market will also have to report details of transactions made by customers.

The new obligations will cover various types of operations related to cryptocurrencies. Transactions involving the exchange of cryptoassets for traditional currencies, as well as reverse operations, will be reported. Exchanges between various cryptocurrencies, transfers of funds and payments for goods and services made using cryptoassets are also subject to reporting.

The information provided will be sent to the head of the National Tax Administration. The data will concern cryptoassets that can be used for both payments and investment purposes.

The amendment also introduces reporting obligations for operators of cryptocurrency-related services. This applies to both entities operating in the European Union and those based outside its borders if they serve clients who are EU tax residents.

Operators who do not need to have special permits under the EU MiCA regulation will also be subject to the reporting obligation. In such a case, they will be obliged to register their business in one of the European Union countries.

Automatic exchange of information

The new regulations also relate to the system of automatic exchange of tax information between countries. The Act provides for the transfer of data in the context of the so-called equalization tax. This mechanism is intended to ensure that large groups of companies – both international and domestic – are taxed at an effective rate of at least 15 percent.

The regulations also specify the scope of information provided, the deadlines for reporting it and the principles of cooperation between countries in the exchange of tax data.

The amendment is part of broader activities aimed at increasing transparency in the cryptocurrency market and limiting the possibility of tax avoidance using digital assets. Thanks to the new regulations, tax authorities will gain greater access to information about transactions made by cryptocurrency users.