Poland May Start Regulating Cryptocurrencies

The Polish Financial Supervisory Authority (KNF) has begun to study the possibility of regulating digitalassets in the country.

KNF offers financial institutions in the countrydiscuss the legal framework for the cryptoindustry to develop a unified approach to market regulation issues. The document released on July 16 contains the formulation of the basic concepts of the cryptocurrency industry, the classification of digital assets and possible examples of its use in various areas of the economy.

Within a month, the regulator is waiting for proposals and amendments to the document from participants in the financial sector.

The circular issued is based on the first cryptocurrency transaction document published in 2018.Then the regulator said that it would not ban cryptocurrency trading in Poland, but was preparingLittle has changed in the country since the publication of this circular, however, many physical currency exchange pointsstarted accepting BTC and Ethereum.

Poland's position on cryptocurrenciesis ambiguous. A fairly conservative market is slowly adopting innovations and already has a negative experience with digital assets. Last summer, the Polish exchange BitMarket abruptly closed, citing a "loss of liquidity."

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