A New Era For Cryptocurrencies In Poland

With the appearance of Bitcoin ATMs on the streets the cryptocurrency business seems to be blossoming. But do Poland's new cryptocurrency laws address all the issues, especially the risks, in the right way?

What's the deal?

Cryptocurrencies are based on blockchain network technology that enables the transfer of an indefinite number of crypto assets to an indefinite number of users without an intermediary. They are easy to manage, less prone to state regulations and decentralised, which makes them solely dependent on their users. Despite its financial attractiveness and growing popularity, this branch of the financial sector has remained unregulated. Cryptocurrencies were the subject of several warnings from supranational and national regulatory bodies, including the Polish Financial Supervision Authority (the "PFSA"), all highlighting the lack of adequate supervisory measures over cryptosystems and their potential for being exploited by money launderers.