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Polish Government Says Cryptocurrencies are Legal. Still Oppose ICOs

Bitcoin & Cryptocurrency Poland Flag

In February of 2018, news broke that the the Polish National Bank (NPB) had admitted to paying youtubers ~$21,000 to release propagandized videos discouraging Polish citizens from buying cryptocurrencies.  While the NPB stated this was an ‘educational campaign’ to encourage investors to be smart in their decision making, it came off to most as having a malicious intent towards the cryptocurrency market at large.

This was followed by the Polish government launching a six-figure campaign warning citizens against the dangers of investing in cryptocurrencies featuring the slogan “Who will you be when the bubble bursts?”

Smear campaigns aside Poland’s relationship with cryptocurrencies has been recently moving in a positive direction for crypto-enthusiasts. Yesterday, the country’s financial regulator, the Komisja Nadzoru Finansowego (KNF), stated on their website that traders have no reason to panic, and that trading is legal in the country.

“In the Polish legal system, there are no regulations prohibiting trading as exchange or cantors of cryptocurrencies, which means that conducting on the territory of the Republic of Poland activities in the form of an exchange or exchange office cryptocurrencies, as well as trading in cryptocurrencies is not prohibited and is therefore legal.”

With that said, the KNF has also made it clear that they are working to put strict and active regulation on the market to fight against illegal activities including money laundering and the funding of terrorism.

“Cryptocurrencies will become obligated institutions. Consequently,  their activity, just like any other manifestation of economic activity, must take place in full compliance with the applicable legal provisions.”

The continued legality of cryptocurrency trading in Poland is complimented by the goverment’s recent suspension of its tax collection on cryptocurrencies. Prior to this suspension in May,  Polish citizens were being mandated to pay between %18 and 32% tax on their crypto investments. The initial tax proposal was met with tremendous resistance, and a petition opposing the legislation received over 5,000 signatures leading to the policy’s repeal.

What the future holds for taxation surrounding cryptocurrencies in Poland, however, remains unclear.  The Ministry of Finance has stated that a “Temporary abandonment of tax collection will allow for an in depth analysis and preparation of a system of solutions regulating this economic space, including in the tax context.”

While a draft for the new tax regulations is to be released by June 15, The Polish government is holding to their strong stance against ICOs. The KNF statement revealed that they will maintain Poland’s ban on ICOs which at present do not meet with government financial regulations.

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