Poland refuses of “Irrational” Crypto Tax

The officials of Poland have understood how inapplicable their decision to tax all crypto transactions really is “accepts the irrational effect” of the tax
21 May 2018   631

The Polish Finance Ministry is going to publish a new regulation to “temporarily abandon” the tax on transactions with digital currency. It also intends to provide “in-depth analysis” and develop “system solutions” to regulate this particular economic space. This step arrives after an interpretation of the tax code in April caused angry reactions from the country’s crypto community, an online petition, and even protests in Warsaw.

The Ministry of Finance has accepted the irrational effect of the PCC tax on cryptocurrencies. So far, the Ministry hasn’t done anything about the PCC, except for recognizing cryptocurrencies as property rights, which automatically means obligation to pay the civil law transactions tax. 
Paweł Gruza
Deputy Finance Minister, Poland

Gruza meant a controversial decision to tax crypto earnings and profits, that was declared less than a month before the end of the tax campaign in Poland on April 30. In an official position published last month, Ministerstwo Finansów claimed that Polish residents should report on their tax returns all revenues from trade and exchange for cryptocurrencies like bitcoin, litecoin and ethereum.

After this realization, plans to tax crypto transactions have been ceased. The new regulation on the matter is anticipated by June 15.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   158

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.