Given Poland has handed down KYC and AML guidelines in addition to the EU guidelines it looks like they’re moving to up regulations and may make Poland less attractive for ICOs.
Poland is located in Europe (EU): The countries of the European Union hold a patchwork of individual attitudes towards cryptocurrency regulation, but all of them also fall under the jurisdiction of the EU Commission.
Cryptocurrency trading in Poland
As of late January 2018 the Polish Council of Ministers adopted a draft law to regulate Bitcoin and other cryptocurrencies, focusing on bringing them in line with anti-money laundering and counter-terrorism financial legislation.
The online platforms where bitcoins are traded will be required under AML to carry out due diligence on customers and report suspicious transactions.
This is in line with recent EU regulations laid down.
In January the EU came out with new directives on cryptocurrencies, asserting that “gaps still exist in the oversight of the many financial means used by terrorists, from cash and trade in cultural artefacts to virtual currencies and anonymous pre-paid cards. This proposal seeks to address those gaps while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens and businesses, so balancing the need to increase security with the need to protect fundamental rights, including data protection, and economic freedoms.”
Mostly focused on ending anonymity among the crypto community, and preventing nefarious individuals from buying, funding, or selling orgs or resources. It does include the sharing of company and individual information with public entities at times, and affects exchanges and wallets.
Regulation of ICOs in Poland
ICOs were warned against, but not regulated prior to the recent EU regulations that will affect them as well.
Cryptocurrency markets in Poland
Poland has a nascent crypto community due to the lack of regulation in the country.
IBC’s planning and strategy team can provide expert advice on ICOs in different jurisdictions. If you’re thinking of holding an ICO in COUNTRY and you’d like more information, contact us here.
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