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!

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.

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.

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.

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.

Your activity cannot meet the definition of a business, so you cannot have this activity organised, continuous and for profit.

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.

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.

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.

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.

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.

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.

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%!

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.