🔍 Stablecoins in Poland – Are They the New Fiat? Law, Practice, and the Growing Role Bitcoin ATMs

💡 Introduction

In an era of rapid growth in the crypto market, stablecoins have gained a reputation as the "digital equivalent of fiat currencies." Pegged to the value of the dollar, euro or gold, they were supposed to be a stable alternative to volatile cryptocurrencies.

But does Polish law really treat stablecoins as money? Can they be used on par with PLN or EUR? And what about Bitcoin ATMs, which today allow them to be bought and sold instantly?

Let's check.

⚖️ Are stablecoins a fiat currency according to Polish law?

❌ No. Stablecoins are not legal tender in Poland.

Polish law clearly indicates that the only applicable currency is the Polish zloty (PLN). Moreover:

• Stablecoins (e.g. USDT, USDC, DAI) are not issued by a central bank.
• They do not meet the definition of e-money unless they comply with the regulations of the Payment Services Act.
• The Ministry of Finance and the FSC do not recognize them as legal tender or financial instruments.

🏛️ How does MiCA classify them?

According to the EU MiCA (Markets in Crypto-Assets) regulation, which Poland is currently implementing, stablecoins can be considered:

• EMT - E-money tokens if they mimic the value of a single currency (e.g. USDT as a digital dollar).
• ART - Asset-referenced tokens if associated with a basket of assets.

In both cases, their issuance and distribution will require registration and supervision - by the Financial Supervision Commission (FSC), among others - which significantly changes the previous freedom of stablecoin trading in Poland.

🤝 Stablecoins in practice - buy them in a Bitcoin ATM

Despite the lack of formal recognition as "money," stablecoins act in practice like digital cash.

An increasing number Bitcoin ATMs in Poland—including those from operators such as MonkeyCoin, FlyingAtom, and Kanga Exchange—allow users to:

• Purchase stablecoins (e.g., USDT TRC-20 or ERC-20),
• stablecoin sales and withdrawal of physical cash (PLN),
• 24/7 operation

This solution may be convenient for users looking for information about available locations, supported assets, and transaction terms.

🛠 How does it work?

1. You select stablecoin in the Bitcoin ATM interface.
2. You deposit or withdraw funds (PLN).
3. The transaction is carried out on-chain - for example, in the TRON network (low fees).
4. You receive a confirmation or cash withdrawal.

🧾 Legal and tax implications

Since stablecoin is not fiat,...

• transactions stablecoin ↔ crypto or stablecoin ↔ PLN are not treated as currency exchange - but as barter.
• They generate potential tax liability (PIT/CIT), especially if the exchange rate difference generates a profit.
• There is no VAT exemption or tax benefits as with traditional means of payment.

🗣 Are stablecoins the future of payments?

Although not formally recognized as fiat, stablecoins already serve its function - especially in cross-border, DeFi and local peer-to-peer settlements. Bitcoin ATMs which allow them to be operated, are becoming a bridge between the digital and physical worlds.

But with the implementation of MiCA and the increase in the authority of the FSC, it may turn out that the stability of stablecoin will depend not only on its exchange rate... but also on regulatory compliance.