Statement Of The Polish Financial Supervision Authority On The Risk Arising From Cryptocurrency Exchange And Bureau De Change Activity

The Polish Financial Supervision Authority (PFSA) recently issued a communication on principles of cryptocurrency exchange and cryptocurrency bureau de change activity. In Poland, as in most countries of the EU, the activities of virtual currency exchange service providers are largely unregulated, apart from the Law on Anti-Money Laundering and Terrorist Financing of 1 March 2018 (AML Law). As this activity is not licensed, it is also not subject to a passporting or any other notification procedure. Cryptocurrency exchange and cryptocurrency bureau de change activity is not supervised by the PFSA, unless the entity is a financial services provider. The PFSA does not license such activity, nor is it equipped with support tools if a cryptocurrency exchange collapses. Moreover, cryptocurrency exchange and cryptocurrency bureau de change activity providers are not obliged to implement specific legal and organisational measures that guarantee the safety of customers' funds.