Poland will not prohibit cryptocurrency

Financial regulators in Poland have decided to clarify and clearly define its position in relation to cryptocurrency and ICO. According to the statement of the Commission for financial supervision (KNF), the financial regulator of the country, the traders of the virtual currency have nothing to worry about.

KNF assured investors in Poland that there is no ban on trading of virtual currency is not planned. On the website of the financial regulator even says that trade in digital currencies is legal in the country. However, Poland is serious to regulate the market to prevent money laundering, tax evasion and terrorist financing.

KNF plans to introduce a new regulation for bitcoin and altcoins. Laws that will come into force in mid-July of 2018, klassificeret cryptocurrency exchange platform as a «responsible institution». Thus, under the new legislation the Polish cryptocurrency market is subject to regulation associated with the fight against money laundering and the financing of terrorism.

However, the KNF submits that the ban on IPOs tokens (ICO) remains in force. ICO is a mechanism of raising funds that are used by virtual currencies and blockchain startups to raise capital for their projects in exchange for digital tokens. ICO controversial because of its unregulated nature and high level of fraud in the industry.

Poland also stepped up its efforts to inform citizens about the dangers of crypto-currency markets. Authorities ‘ campaign focuses on the lack of reliable regulation in the sector and advises investors to exercise greater caution when investing in cryptocurrency assets. In February it became known that the financial regulators in Poland have spent
taxpayers money on an advertising campaign to Youtube and Facebook, the purpose of which was to discredit the investment in cryptocurrencies.

In addition, recently the Polish government has caused discontent
capturadora in connection with the statement of the Ministry of Finance, which stated that the income from cryptocurrency transactions will be regulated according to the rules of income tax that is taxed at 18% and 32%. However, a month later, authorities may be under pressure from industry, has announced that it will temporarily cancel
tax the cryptocurrency.

However, adverse climate cryptocurrency is still able to affect the community. Recently the Polish stock exchange BitBay said that, under pressure from regulators moved
Malta. As local banks refuse to work with the largest cryptocurrency exchange in Poland, the company decided to suspend its activities in the country and to move it to Malta is the most user-friendly jurisdiction for international cryptocurrency companies. And they’re not the only one who took such a decision. Recently, Chinese exchange OKex also said that they will open a branch in Malta after Binance.

 

 

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