Poland’s Financial Oversight Commission (KNF) has recently approved cryptocurrency trading in the country, as revealed in the country’s financial authority’s announcement on June 6.
The announcement comes after the country’s concerted campaign against the use of cryptocurrencies in different affairs in the country. KNF said that there exist ‘no regulations prohibiting [the] trading… of cryptocurrencies’ in the country, thereby assuring entrepreneurs that they will not be banned from participating in the activity.
Consequently, the financial watchdog informed that the government is already beginning to develop a regulatory framework for the market, so as to shield it from risks that are tied with crypto, such as tax evasion, money laundering, even the shady issue of terrorist financing.
KNF also revealed its imminent introduction of a regulatory system for cryptocurrencies such as Bitcoin (BTC) and other altcoins, which will be on July 13, 2018, a full month later from the time of their announcement.
In May, KNF revealed plans to upstart a social media campaign regarding cryptocurrency investments and the risks that they entail. This is not their first attempt to warn the public about the risks they would be taking; in February, Poland’s very own Central Bank admitted to having funded an anti-crypto campaign for $27,000. The campaign contained a YouTube video of a man becoming broke after putting all his money in cryptocurrencies.