Polish financial regulators have denied rumors of possible cryptocurrency crackdowns in the country. The Financial Supervisory Commission (KNF), the country's financial regulator, says there is no reason for cryptocurrency traders to panic.
KNF wants to reassure investors in Poland that there will be no ban on digital currency trading. According to the official website of the financial regulator, cryptocurrency trading is legal in the country. Despite this, the Polish government says it is serious about regulating the market to prevent cases of money laundering, tax evasion and terrorist financing.
Consequently, the KNF plans to introduce new laws to regulate Bitcoin and altcoins. The bills, which are due to come into force from mid-July 2018, classify cryptocurrencies and crypto exchanges as “responsible institutions”. Thus, the Polish cryptocurrency market, within the framework of future legislation, will operate in accordance with the law on combating money laundering and terrorist financing.
KNF also reported that the ban on ICOs will continue to apply. According to their statement, initial coin offerings are a controversial way to raise funds mainly due to their unregulated nature and widespread fraud.
Poland is also stepping up efforts to educate residents about the dangers of the cryptocurrency market. This campaign aims to inform the public about the lack of proper regulation in the industry, and advises extreme vigilance when investing in cryptocurrencies.
In parallel, the country's Ministry of Finance announced an update to the controversial cryptocurrency tax laws. An early ruling established two tax rates on cryptocurrency transactions - 18% and 30%. However, after sharp condemnation of this decision by the public, the Ministry of Finance backed down from its idea of taxing virtual currency transactions.
In February 2018, the country's central bank sponsored a campaign against digital currencies. The bank paid a couple of YouTube bloggers to create a video that portrayed cryptocurrencies in a negative light.
BitBay, the largest crypto exchange in the country, recently announced its decision to cease all operations in the country and moving to Malta.. The creators of the platform accused banks of being unwilling to support their business, which was their reason for choosing a more suitable climate.
According to bitcoinist
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