Polish Financial watchdog has recently clarified that cryptocurrency trading is legal in Poland and crypto enthusiasts have no reason to panic.
Differing to reports by the media outlets, the Polish legal system has no laws prohibiting the operations of crypto exchanges, says the Polish Financial Supervision Authority (KNF).
According to the financial regulator’s website, Cryptocurrency trading and crypto exchanges themselves are not banned by law, and therefore its transactions are “legal on the territory of the Republic of Poland.”
KNF circular comes days after the commission launched a media campaign to inform citizens of risks associated with cryptocurrencies markets.
Consequently, the financial regulator mulls to develop new laws to regulate Bitcoin and altcoins. The new regulations slated to take effect from mid-July 2018, categorize digital currencies and crypto exchange platforms as “obligated institutions.” Therefore, the Polish crypto market, by this new laws, will be under money laundering and terrorist funding (ML/TF) legislation.
The KNF’s circular also noted that the ban on Initial Coin Offerings (ICOs) remains.
Polish Financial Authorities have on two different occasion been accused of spending taxpayers’ money on smear campaigns against cryptocurrencies. Last month, KNF held a tender order of $170,000 to plan and conduct a social media campaign that will focus on dangers of investing in crypto markets. In Mid-Feb, Central Bank of Poland and the KNF paid $27,000 to a famous Polish Youtube network to produce anti-crypto videos.