Poland has surpassed EL Salvador to become the fifth largest Bitcoin ATM operator in the world. After the US, Canada, Australia, and Spain, Poland now has the fifth-largest cryptocurrency ATM network in the world, according to official data.
The country at present has 219 operating Bitcoin ATMs. The leading position for the nation comes as it has undertaken a spree of establishing more Bitcoin ATM machines amid a rise in crypto userbase in the nation.
Poland Installs More Bitcoin ATM Machines
In October 2024, Poland started a four-month installation campaign that resulted in the addition of 24 cryptocurrency ATMs.
This expansion is anticipated to be fueled by the growing use of cryptocurrencies by both individuals and organizations, as well as the continuous advancement of DeFi and other blockchain-based systems.
Cryptocurrency companies frequently register and obtain approval in Poland because of the nation’s friendly policies.
The Polish crypto license applies to both fiat-to-crypto and crypto-to-crypto transactions. Poland is believed to have a better structure than other jurisdictions in terms of costs and operational requirements for crypto firms.
Also Read: Binance Updates Cryptocurrency Procedures In Poland To Comply With EU MiCA Regulations
Poland’s Crypto Friendly Laws
To make it simpler for Polish citizens to record their cryptocurrency taxes, Polish authorities introduced the new PIT-38 (personal income tax) form in November 2020.
Crypto is not regarded as a “currency unit, a payment instrument, or electronic money” by the Polish government but yet its trading and investment has risen in the nation.
To accurately disclose their cryptocurrency trading earnings, Polish citizens must submit financial statements from the cryptocurrency exchange they used to buy and sell the digital tokens.
Residents of Poland are able to deduct investment expenses from one year to the next. Polish citizens, however, are not permitted to deduct other revenue streams, such as the sale of stock.
Furthermore, when the Polish Financial Supervision Authority (KNF) granted licenses to two cryptocurrency businesses to function as payment providers, the country’s first crypto-friendly regulations were established. These companies, Bitclude and Coinquista, have been authorized to “process payment transactions, transfer funds, and execute direct debits.”
Controlled primarily by the Polish Anti-Money Laundering and Terrorist Financing Law, Poland provides a simple and business-friendly environment for cryptocurrency operations.
With its tech-savvy workforce, growth-oriented populace, and affordable registration fees, Poland offers a vibrant Bitcoin investment environment. Poland’s FinTech industry is flourishing and ready for more growth, per the FinTech Foundation Report 2023.
Over 1,600 entities are currently registered as VASPs as of November 2024. But not all registered businesses are active, which makes space for new competitors.
Also Read: US Bitcoin ATM Giant Byte Federal Reports Data Breach, 58,000 Users Potentially Affected