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Blockchain in small business - opportunities and challenges in the light of Polish regulations
What is blockchain?
Blockchain is technology, which enables the storage and transfer of data in a decentralized, transparent, and secure manner. It is most often described as a distributed digital ledger that records transactions in blocks, linked together in a chronological chain. Each block contains a set of data (e.g., information about transactions), and its integrity is secured using cryptography.
Due to its structure, blockchain offers several key features:
Immutability
Transparency
Security
Initially, blockchain was mainly associated with cryptocurrencies such as Bitcoin. Today, the technology is used in many sectors, including logistics, medicine, finance, and small and medium-sized enterprises.
Blockchain Applications in SMEs
Small businesses can use blockchain to:
- Supply Chain Management: Enables tracking of products from producer to consumer, ensuring transparency and authenticity of goods.
- Data security: Thanks to its decentralized structure, blockchain offers a high level of security for stored information, protecting it from unauthorized access.
- Process automation: So-called smart contracts allow for automatic execution of contracts when certain conditions are met, which can streamline business operations.
Blockchain technology, associated mainly with cryptocurrencies, is gaining popularity among small and medium-sized enterprises (SMEs) in Poland. Its potential goes far beyond the financial sector, offering innovative solutions in areas such as logistics, supply chain management and data protection. However, implementing blockchain involves the need to take into account applicable legal and tax regulations.
Blockchain Applications in SMEs
Small businesses can use blockchain to:
- Supply Chain Management: This technology allows products to be tracked from manufacturer to consumer, ensuring transparency and authenticity of goods.
- Data security: Thanks to its decentralized structure, blockchain offers a high level of security for stored information, protecting it from unauthorized access.
- Process automation: So-called smart contracts allow for automatic execution of contracts when certain conditions are met, which can streamline business operations.
Legal regulations in Poland
There are no comprehensive regulations on blockchain technology in Poland. However, depending on the application, different regulations may apply:
- Anti-Money Laundering (AML): Entities providing services related to virtual currencies are obliged to apply customer identification procedures (KYC) and report suspicious transactions.
- Civil law: Smart contracts, which are autonomous computer programs operating on the "if-then" principle, are subject to analysis in the light of Polish contract law. For a contract to be valid, it must meet the general criteria for the validity of a contract, which in the case of smart contracts may raise certain doubts.
Taxation of blockchain transactions
In the tax context, Polish law does not contain specific regulations regarding blockchain-based transactions. However, general taxation principles apply:
- Income tax: Income generated from blockchain-related activities is subject to taxation under general rules.
- VAT tax: The provision of blockchain-based services may be subject to VAT, depending on the nature of the services provided. In its ruling of July 11, 2023, the Regional Administrative Court in Gdańsk found that the inability to identify a specific recipient of the service in the crowdfunding model prevents VAT taxation.
Future regulations – MiCA Regulation
The European Union is working on the Markets in Crypto-Assets Regulation (MiCA), which aims to unify crypto-asset regulations across the EU. MiCA will introduce licenses for crypto-asset service providers and impose transparency and consumer protection obligations on them. MiCA will apply from December 30, 2024, with some exceptions.
Challenges and recommendations for entrepreneurs
For small businesses planning to implement blockchain technology, it is crucial to:
- Monitoring legislative changes: Following the work on the MiCA Regulation and national legislative initiatives will allow for appropriate adjustments to the new requirements.
- Legal consultations: Working with experts in technology law and tax will help you avoid potential legal and tax pitfalls.
- Education and training: Investing in knowledge about blockchain technology and its regulations will increase the company's competitiveness on the market.
In summary, blockchain technology offers small businesses in Poland many opportunities to innovate and streamline business processes. However, before implementing it, it is necessary to thoroughly familiarize yourself with the applicable regulations and monitor upcoming legislative changes to ensure legal compliance and avoid potential risks.
Renting a traditional office involves high costs, especially in large cities. Virtual office allows you to save money on rent, utilities and administrative costs while providing access to key services.
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