Ahead of next month’s details of cryptocurrency regulation, Poland has at least clarified its legal position on crypto…
At the end of last month, the cryptocurrency exchange BitBay announced that it was relocating its services, after battles with the Polish banking system. That following Polish banks one by one refusing to cooperate with it, BitBay was leaving its home nation to set up in Malta instead. Our full story on that is here.
It’s played to the narrative that Poland isn’t welcoming for cryptocurrencies, a message enforced by the fact that the Polish Financial Supervision Authority (KNF) has funded a special 30-day advertising campaign, that’s warning of the dangers of crypto. Few positive messages are coming from the Polish legislature.
However, in a very slight softening of its position, the KNF has put out a new statement on its website, that at least hints at a slightly softer tone. It reads: “Trading in crypto assets and trading venues themselves are not prohibited by law, and therefore its transactions are legal in the territory of the Republic of Poland”.
You can read the full statement here (although it’s in Polish, so you’ll need your translation tool of choice at hand, if that’s not your native language)
Still, all eyes are on what happens next month, as the KNF will be launching its system of regulation for Bitcoin and cryptocurrencies on July 13th. That’ll be a better indicator of just how friendly, or otherwise, Poland is towards crypto. Few are expecting a soft approach, however…