Cryptocurrency Trading in Poland is Legal
Cryptocurrency trading in Poland is absolutely legal in the country, that is what Polish financial watchdog recently confirmed in its official announcement from 6.06.2018.
The last months in Poland were tough for cryptocurrency traders. First, the tax interpretation, where the Polish tax office said, that traders should pay 1% of every transaction, even crypto-crypto. Then there was an official anti-cryptocurrency campaign financed by the financial watchdog – the Polish Financial Oversight Commission (KNF)
This is the first good information for Polish traders, as we can find in the announcement, there are “no regulations prohibiting trading […] of cryptocurrencies.” The KNF also said that the government is focused on the development of a regulatory framework to minimize risks involved in cryptocurrency trading.
Also, the financial watchdog wants to highlight that:
“From 13 July 2018, entities operating in the field of exchanges and cantors of cryptocurrencies will become obligated institutions within the meaning of the Act of March 1 2018, on counteracting money laundering and financing of terrorism; (Anti-Money Laundering Acts) and will, therefore, have to perform all the duties indicated there.”
However, to anticipate the expectations, the Polish financial watchdog will introduce new project which will help companies understand rules, which they need to follow, better.
“,entities that declare the will to act in accordance with Polish law and the will to provide proper security of funds entrusted to them by their clients (including those operating on the cryptocurrency market), and need help in identifying the appropriate regulations and legal obligations necessary to conduct this activity, The KNF Office has established the Innovation Hub Program, within which it is possible to determine, together with the KNF, the legal and organizational framework for such activities in a manner ensuring legal compliance of these entities’ activities and the security of funds entrusted to them by clients.”
However, there is still the campaign in social media “Who you will be when the bubble bursts?”
— Urząd KNF (@uknf) 1 czerwca 2018
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