This article about Crypto Story Bank was published in Forbes Poland: https://www.forbes.pl/finanse/crypto-story-bank-umiesci-400-terminali-pos-na-terenie-polski-inicjatywe-poparlo/jrpkmes
Crypto Story Bank is set to enable merchants to accept cryptocurrency payments in Poland. The first wave of POS terminals will be deployed in major retail chains in Warsaw, followed by expansion to other cities throughout the country. The initiative has garnered support from representatives of Poland's business community.
As a pioneer in its sector, Crypto Story Bank offers users a comprehensive platform for conducting familiar cryptocurrency operations in one convenient application. With a presence in 40 networks, CSB combines investment tools, secure storage and transfers of cryptocurrencies, a social network, payment cards, credit products, and business solutions. Founder Ivan Grinev emphasizes that the bank holds all the necessary licenses to operate within the European Union, with two registered legal entities in Lithuania and Estonia. Currently, Crypto Story Bank is conducting a funding round to scale its business, aiming to raise $8 million.
Business POS Terminals
Сrypto Story Bank integrates two types of cryptocurrency terminals specifically designed for businesses. Physical store owners can utilize the Terminal mobile application, while websites can integrate an online payment solution. Owners of Crypto Story Bank POS terminals receive complimentary corporate service during the initial months of operation. The company can be registered by its CEO only. Modern POS terminal models or any smartphone can function as crypto terminals. All debit, refund, and collection transactions can be conducted through such POS terminals.
Rising Popularity of Digital Assets: Digital assets are gaining popularity, with Forbes reporting over 33,000 cryptocurrencies worldwide and a total market capitalization of $1.1 trillion. However, there is a lack of major banks that conduct transactions, ensure fund security, issue crypto cards, and offer mobile banking acquiring services. Establishing a significant crypto bank to consolidate the market is a crucial step in the industry's development, which is precisely the objective of Crypto Story Bank founder Ivan Grinev. Clients can rest assured that their transactions are entirely secure, and they receive only verified and clean cryptocurrencies, as CSB adheres to anti-money laundering policies. More and more people are turning to cryptocurrencies to safeguard their assets against inflation and facilitate cross-border payments. To cater to this affluent audience, merchants must provide convenient transaction methods.
Regulation of Cryptocurrencies in Poland
Poland leads Eastern Europe in the rapid development of digital technologies and maintains a crypto-friendly policy. The trading, exchange, and wallet management activities related to cryptocurrencies are regulated by the state. Entrepreneurs must register with the Tax Administration Chamber in Katowice and operate as virtual asset service providers. The cryptocurrency tax in Poland stands at 19%, but entrepreneurs have the right to deduct the cost of goods sold and servicing expenses from their taxable income. According to Ivan Grinev, the acceptance of cryptocurrency payments in Poland does not lead to increased taxation. Entrepreneurs ultimately pay the same tax as in fiat currency. It's worth noting that no double taxation is imposed on entrepreneurs, as emphasized by Grinev.
About Crypto Story Bank
Crypto Story Bank is a startup founded in 2022 by entrepreneur Ivan Grinev. The project aims to create a secure and convenient platform for everyday cryptocurrency use. Crypto Story Bank provides all the necessary tools for investments, fund storage, and access to credit. The developed CSB ecosystem allows clients to obtain all the essential information within the application.
Ivan Grinev highlights that CSB combines traditional banking with popular financial mechanisms and the latest developments associated with cryptocurrency operations and investments. The project is rapidly expanding, with branches in the European Union, the United Arab Emirates, the Seychelles, Canada, and South America.
Currently, legal entities can integrate CSB's POS terminal into their websites to accept cryptocurrency payments. The Crypto Story Bank application is in its final stages of development, with a full release planned for the end of 2023.