Cryptocurrency regulation in Poland

cryptocurrency regulation in Poland

As virtual currencies became more popular, Poland became one of the few countries in the European Union to regulate the market for virtual currency.

The Polish Financial Supervision Authority is responsible for monitoring the Polish financial market, keeping it effective and developing.

Cryptocurrency dealers in Poland are now provided with solutions to taxation and registration problems. 

As part of the new regulation in Poland, crypto companies operating in the country enjoy support in the following areas:

  • The Chamber of Commerce in blockchain and new technologies represents their interests.
  • The Innovation Center advises and provides virtual “SAND BOX” to fintech start-ups.
  • Replacing cryptocurrencies, exchanging cryptocurrencies for fiat money.
  • Cryptocurrency brokerage.
  • Accounting and maintenance services for virtual currencies (cryptocurrencies).

The Polish Financial Supervision Authority is working to increase transparency and is at the forefront of anti-money laundering and terrorist financing systems in Poland.

The institution's tasks in the field of increasing transparency include:

  • Update of Polish laws: Law enforcement such as the enforcement of anti-money laundering law.
  • Poland shares information on cryptocurrency transactions between financial institutions in the world that are authorized to share information with them.
  • Understanding how factors in the financial market might be related to money laundering or terrorist financing can help the user of this AI.
  • Poland has the authority to suspend suspected crypto-related transactions and blocks crypto wallets.