The financial watchdog of Poland, Komisja Nadzoru Finansowego (KNF) has recently affirmed that cryptocurrency trading is completely legal in the country, according to an official announcement published on its website June 6.
Nevertheless, Poland has made localized attempts to regulate specific aspects of cryptocurrencies. While some of those instances are more concerning than others, none of it has officially banned the virtual asset class. Instead, the country has only taken a stance similar to other countries to regulate the nascent sector and to prevent its use for criminal activities.
The KNF’s circular also noted the new laws to regulate Bitcoin and other cryptocurrencies which bring them in line with anti-money laundering and counter-terrorism financial legislation. Consequently, the KNF plans to introduce new regulatory laws for Bitcoin and altcoins.
The laws — which take effect from the middle of July 2018, classify cryptocurrencies and exchange platforms as “obligated institutions.” Thus, the Polish cryptocurrency market, by this new act, will be under money laundering and terrorist funding (ML/TF) legislation.
However, the ban on initial coin offering (ICO) remains. In line with action taken in other jurisdictions, Poland’s authorities have recently launched a campaign to educate its ?citizens on the potential risks involved when it comes to cryptocurrency and margin ?trading?.?
The campaign also notes the lack of proper regulations in place which means ?that crypto assets are somewhat murky for investors to be kept safe, unlike ?strictly regulated traditional financial markets. ?
In a related development, the country’s finance ministry announced an update to the controversial cryptocurrency tax laws. An earlier ruling has stipulated two tax brackets of 18 and 30 percent for cryptocurrency transactions. However, after a barrage of condemnations and online protests, the finance ministry has backtracked, stating that there will be no taxes on cryptocurrency transactions.
Read more: Poland Temporarily Waves off Tax on Cryptocurrencies
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