The Polish Financial Supervision ‎Authority (KNF) reaffirmed the country’s position regarding the legality of cryptocurrencies this week, in reaction to media accounts suggesting Poland is looking to prohibit all activity on cryptocurrency exchanges.

False reports of a crypto ban

While Poland did announce a government-led investigation into cryptocurrencies, allegations reportedly made by mainstream media outlets suggested that Poland was looking to ban all activities on cryptocurrency exchanges.

The KNF released a statement on their website to put truth to the claims, stating cryptocurrency assets and trading are “legal on the territory of the Republic of Poland“, as reported by Finance Magnets.

It is likely that the media outlets wrongly interpreted the investigation as signaling a clampdown, which the KNF has assured citizens it is not considering right now.

Several crypto areas are regulated

Several specific areas of cryptocurrencies are regulated by Polish officials, however, in much a similar way to other European states that look to prevent criminal activity in the sector.

New EU regulations have required Poland to update its cryptocurrency laws in order to align them with anti-money laundering and counter-terrorism financial legislation, with the policies due to be enacted on 13 July.

Poland’s ban on initial coin offerings still remains, with authorities campaigning to educate citizens on the associated risks of cryptocurrency trading. The campaign notes a lack of regulation as a potential facilitator for fraudulent activities to take place.

Last month, Poland’s largest cryptocurrency exchange BitPay left the country for the Republic of Malta, citing a lack of cooperation from Polish banks as the cause.

While this announcement came as a surprise to many considering several Polish banks’ recent blockchain testing, it would appear the country still has a ways to go if it is looking to be seen as a crypto-friendly nation.

 

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