Kanga Local - The easiest way to buy cryptocurrencies with cash!
Everyone around you is talking about cryptocurrencies and you still don't know how to get them? Nothing simpler, join the Kanga Local community and gain experience by trading with your friends.Exchanging cryptocurrencies for cash has never been so easy!
What is Kanga Local?
Kanga Local is a community where you can exchange digital currencies for cash, quickly and without verification. Kanga Local is ideal for people who are new to cryptocurrencies as well as for experienced players.
Kanga Local isn't just about trading, it's also about regular meet-ups and events centred around hot events from the crypto world. Join us, don't let the blockchain revolution pass you by!
FAQ
What is the difference between Kanga Local and Kanga Kantor?
Kanga Local is a solution dedicated to individuals who have decided to buy or sell cryptocurrency directly with other people and with cash. Kanga Kantor, on the other hand, is a Kanga service that allows businesses to offer their customers to buy and sell cryptocurrencies for cash. To summarise - Kanga Local is not a business: they do everything on their own account and for themselves, they don't operate with the intention of developing a business. A Kantor, on the other hand, is someone who wants to do business- a great one!
Okay, so what exactly is the difference?
I will explain! Individuals trade with other individuals. They are not operating as traders. Among other things, it means that Kanga Local is not subject to the AML Act which imposes specific obligations on businesses (which are already subject to the Act). An example of such obligations is, for example, the reporting of transactions to the appropriate authorities.
Wait a minute, isn't Kanga Local an attempt to contravene AML regulations?
Not at all! Is the person trading on the exchange an exchange point? Of course not! Kanga Local is just such a user, only instead of on the exchange you will meet him on the street.
When can I operate as a Kanga Local and when do I have to have the status of a cantor?
There is no clearly defined boundary here. The regulations say that in order to provide virtual currency services, you must have a registration in the virtual currency register and therefore have the status of a cantor.
And do I, as Kanga Local, provide virtual currency services and need to have an entry in the virtual currency register?
With properly adjusted activity - no. The point is that, just as on a cryptocurrency exchange, traders do not obtain cantor status, neither does off-exchange trading.
What is an acceptable activity for a person who wants to be a Kanga Local?
Your activity cannot meet the definition of a business, so you cannot have this activity organised, continuous and for profit.
Why would I not carry out my activity in a profit-making form? Then why should I do it?
In order to fulfil the conditions of business activity, all three elements (organisation, continuity and profitability) are required. The characteristic of profitability cannot be avoided, so you can be profitably active and not worry about this characteristic at all.
How do I avoid meeting the element of continuity?
There is no legislation or court case law on continuity for virtual currencies. The feature of continuity should be considered through the perspective of the time over which the activity is carried out. If someone does a single one, fifth, or tenth activity as a purchase/sale of cryptocurrency, it certainly cannot yet be said to be 'continuity'. If someone is active for a day, a few days or 2 weeks, it also certainly cannot yet be said to be a 'continuous' activity. The rule of thumb is simple - the longer you operate as Kanga Local and make more and more cryptocurrency purchases and sales, the greater the risk that the characteristic of continuity has been met.
How do I avoid fulfilling the element of organisation?
Again, there is neither legislation nor court case law on organising for virtual currencies. The feature of being organised has to be considered through the professionalism of your activity. If you want to become a Kanga Local because you are counting on partners to approach you themselves in connection with your map marker and you have a close circle of friends who wanted to possibly buy/sell virtual currencies with you, then you have little to worry about. However, if your aim is to actively search for customers and advertise on social media and generally online, then the risk increases significantly. We will give you practical advice on what should indeed NOT be included in Kanga Local's activities: your own website, a dedicated separate phone number, business cards, flyers, specific "opening" hours, etc.
Can I use my bank account or BLIK to carry out exchanges?
It is not prohibited by the regulations, but it significantly increases the risk of assessing your activity in terms of whether you can be a Kanga Local or whether you should, however, set up a business and obtain a registration. We strongly suggest using cash trading.
If I have another business activity can I be Kanga Local?
Formally, there is no provision prohibiting such activity, but unfortunately, this also increases the risk. We do not recommend having Kanga Local status while having another business activity at the same time.
What is the real risk of inspections?
Unfortunately, increasingly high. Whereas in the past the authorities were only just getting to know virtual currencies, they are now ready for inspections. We are getting indications that there are checks and inspections by the tax authorities.
What are the possibilities of sanctions?
On the administrative side - a fine for the provision of virtual currency services of up to PLN 100 000. On the tax side - the necessity to settle profits from virtual currencies instead of as capital gains at 19%, then on the general principles, i.e. 12% and from the surplus over PLN 120 000 up to 32%!
On whose side does the responsibility lay if I decide to be a Kanga Local and it is eventually decided that I should operate a registered cantor business?
It is the person undertaking the activity who adjusts the scale of their activity to the legal possibilities. It is Kanga Local's responsibility to have an organised, continuous and profit-making activity, which is the kind of activity that should be carried out by a business.
Here you can find frequently asked questions about Kanga Local. If some questions are missing, ask us. Fill the form and we will answer to your questions.