On October 31, 2021, new regulations regarding the cryptocurrency market in Poland will enter into force.
The changes apply to all companies that provide services for the purchase, sale and exchange of digital assets.
They concern the protection of clients in accordance with the AML policy, related to counteracting money laundering and terrorist financing, which is included in Art. 2 clause 1 point 12 of the relevant act within the following scopes: exchanges between virtual currencies and means of payment, exchanges between virtual currencies, brokerage in the exchange referred to in point a or b, keeping accounts that allow trading in such currencies, referred to in paragraph 2 point 17 lit. of the e Act.
The last of the above-mentioned points reffers to an electronic set of identification data, which is to ensure that authorised persons can use virtual currencies and carry out exchange transactions based on them.
Entities whose activities are based on the above services were thus obliged to register their activities in a specially prepared register. In addition to the need to register activities under the new regulations, entities providing services based on cryptocurrencies had to update internal procedures.
The most important information for customers is that from November 1, the limit of the occasional transaction will be reduced – from EUR 15,000 to EUR 1,000. In the event that the customer wishes to make a transaction above this amount, it will be necessary to perform identity verification.
11-10-2021, Mr Advice TEAM