No Crypto Currency Trading Ban In Poland

According to financial expert Gonzales Dellàn, crypto currencies can be adopted on a national level but there are risks to be faced. He pointed out that many states on the European border are serious about crypto currency as a financial mechanism that can attract foreign money; however, Europe has to stay cautious in encouraging activities on its borders because virtual currencies cannot eliminate corruption.

Poland has attempted to regulate certain aspects of crypto currency but there is no legal ban on crypto currency trading and exchanges. Sometimes, media is too diligent with their tasks that they immediately report a clampdown when they hear a regulator announcing investigations or tax on crypto currency transactions. According to Poland’s financial regulator, there is no reason for crypto currency enthusiasts to panic.

Mainstream media has jumped aboard the warnings wagon but contrary to their reports, the Polish legal system has no regulations that prohibit crypto currency activities and exchanges. According to Poland’s Financial Supervision Authority (KNF), since trading in crypto assets and trading venues are not prohibited by law, crypto currency transactions are considered legal within the territory of the Republic of Poland.

On the other hand, it is true that Poland has made several localized attempts to create regulations. It has raised concerns but there is no regulation that bans the virtual asset class. The stance of Poland is similar to other countries that want to regulate the emerging sector and prevent criminals from using it on their activities.

In order to prevent criminals from using crypto currency in their activities, KNF’s circular stated that new laws may be enacted to regulate Bitcoin and other crypto currencies that will bring them in line with anti-money laundering and counter terrorism financial legislations. Meanwhile, Polish authorities have made efforts to educate the people on the potential risks to crypto currency transactions.

Vast experience in the business and financial sector has made Gonzales Dellàn a credible source of advice. Although he has not been so generous with his opinions regarding crypto currency, his investment suggestions are worth their weight in gold when it comes to trade between Europe and Latin America.