Overview of cryptocurrency adoption in Poland

Overview of cryptocurrency adoption in Poland

Poland occupies a special place among attractive jurisdictions for crypto businesses due to the prioritization of digital technologies. The country has created favorable conditions for running an IT business, and therefore, virtual assets are in high demand here. But although Poland is considered a crypto-friendly country, you will need a license to conduct business related to cryptocurrencies.

Why crypto regulation was necessary

Cryptocurrencies have become popular as an alternative to fiat currencies thanks to their anonymity and high level of confidentiality of transactions. However, this led to negative consequences in the form of financing illegal activities, money laundering, etc. In addition, crypto owners did not have a defense against fraudulent crypto companies. Therefore, Poland, like other countries, has taken the path of regulating the crypto market.

History of crypto regulation in Poland

• The legalization of cryptocurrencies in Poland began in connection with the 4th EU Directive, which requires checking suspicious crypto transactions. This was a part of the fight against money laundering and terrorist financing.
• In 2018, the Polish Parliament adopted several laws aimed at implementing this Directive.
• Since 2021, Poland has launched a cryptocurrency commercial register, which includes companies doing business related to crypto. This year marked the beginning of full regulation of crypto in Poland.

What happens if you run a crypto business without a license

If an individual neglects the requirements of the law and provides crypto services without obtaining a license, they will have to pay a fine. Its size is not small and reaches 22 thousand euros. Therefore, it is better to register and obtain all permits from the very beginning of your crypto business activity.

To get a license as quickly as possible, use the services of fintech lawyers from Fintech Harbor. Working in this field of jurisprudence for a long time, the company’s specialists will prepare all documents in the shortest possible time and bring you to the attractive crypto market in Poland.