Poland’s Financial Ombudsman Calls on Finance Ministry to Regulate Local Bitcoin Exchanges

Rage Review : With the rapid development of the Polish cryptocurrency market, the Polish Financial Prosecutor called on the Ministry of Finance to regulate the local cryptocurrency industry and follow regulations to protect cryptocurrency trading customers. It is not surprising that Poland wants to regulate cryptocurrencies, because last October, the Polish Lower House hosted the country's first public consultation meeting specifically on cryptocurrency and blockchain technology.

Translation: Nicole

Poland’s financial ombudsman has called on the country’s Ministry of Finance to regulate the local cryptocurrency industry.

The Financial Prosecutor’s Office has submitted a formal letter to the Finance Ministry, which says Poland’s cryptocurrency market is developing rapidly and should be subject to regulations to protect customers of cryptocurrency exchanges, official Aleksandra Wiktorow told local broadcaster Polskie Radio.

Wiktorow pointed out that currently, the industry is not subject to any regulations in Poland. The Ministry of Finance should evaluate and compare the best practices among countries that regulate cryptocurrencies and select the best tools to implement in Poland.

However, she added that regulations "should not be overly restrictive".

Aleksandra Wiktorow

The Financial Ombudsman’s Office plans to publish a report on the impact of new technologies on financial services, including cryptocurrencies, in the second quarter of 2017. The report will include the agency’s recommendations on potential regulations that could apply to the sector.

Wiktorow’s statement is also the latest in a series of recent regulatory announcements in the cryptocurrency industry.

Last October, Poland’s lower house of parliament hosted the country’s first public consultation session devoted entirely to cryptocurrencies and blockchain technology.

The meeting also released a working document calling on the Ministry of Finance to issue tax interpretations covering cryptocurrencies and to issue relevant regulations for startups.