Around the world, the legalities regarding crypto trading are something of a hot topic. It seems that only a select few countries have been able to present a clear and understandable message to traders – see Japan as an example of how things should be done. This problem seems to be particularly prominent in Europe, but it appears that one nation is doing more than most to rectify the situation. Poland might not be known as a cryptocurrency hub, but that could change given a recent ruling by the country’s financial watchdog. Making a serious statement, the Polish Financial Oversight Commission (KNF) declared that that crypto trading is 100% legal in Poland.
Casting Aside Legal Doubts
The news has come about through an official KNF press release, with the watchdog presenting clarification on the status of crypto trading in the country. The organization believed that it was “recognizing the emerging legal doubts related to the functioning of exchanges and exchange offices.” What likely triggered the commissions call for answers is a recent anti-cryptocurrency campaign that has rallied against the use of Bitcoin, Ethereum, and other cryptos in Poland.
Calming the storm, through further clarification, the latest statement from the KNF made it clear that there are “no regulations prohibiting trading of cryptocurrencies.” Making the situation as clear as possible, as things stand crypto trading is and will continue to remain legal in Poland. However, in an additional note, the financial authority did say that it remains committed to developing a regulatory framework that will reduce the risks linked to crypto trading. These measures will work to address money laundering, terrorist financing, and tax evasion – among other illicit uses.
Crushing the Anti-Crypto Brigade
The KNF’s recent announcement will come as a hammer blow to those that wish to see cryptocurrency trading outlawed in Poland. Many parties have been running anti-crypto campaigns in an attempt to generate interest in a cryptocurrency ban. Unsurprisingly, the roots of these efforts can be found within Poland’s banking industry. It was recently revealed that Poland’s Central Bank had privately funded a $27,000 anti-cryptocurrency campaign. Using YouTube videos depicting the story of a man losing huge sums of money by crypto trading, it represents an embarrassing episode for Poland’s Central Bank.
Poland Backs Bitcoin!
The KNF’s newly developed regulatory system will officially be launched in July, which should further legitimize cryptocurrency trading in the eyes of the Polish public. Poland’s anti-crypto protestors might be making a lot of noise, but Poland’s financial watchdog has spoken, so the world’s leading cryptocurrency is here to stay.