Poland Plans AML Cryptocurrency Regulation To Deal with Tax Evasion


Numerous reports online argue that cryptocurrencies can be potentially used for money laundering and tax evasion purposes. In order to deal with both the issues at hand, Poland Plans AML Cryptocurrency Regulation.

24 January, AtoZForex The government of Poland intends to clamp down on Bitcoin due to the increasing concerns that this cryptocurrency is being used for money laundering and tax evasion purposes.

Poland Plans AML Cryptocurrency Regulation To Deal with Tax Evasion

According to the Polish Council of Ministers, it has drafted a law for cryptocurrency regulation. The drafted legislation has been created to bring the digital currencies in line with anti-money laundering and counter-terrorism financial guidelines.

The new Polish legislation outlines the entities that will fall under this regulation. The list of entities appears to be long, and the firms are referred to as “obligated institutions”. Reportedly, not all the entities on the list are related to cryptocurrency market. However, it appears that Bitcoin exchanges and some other intermediaries for digital currency trading can be seen as obligated institutions.

As per the AML-wide regulations, the online Bitcoin trading platforms will be obliged to carry out due diligence on customers. They will also need to report suspicious activities. The Polish government has also introduced some changes to the anti-money-laundering directive in a bid to ensure that the activities of cryptocurrency firms are supervised by national officials.

Will Poland issue its own national cryptocurrency?

The market experts expect these new Polish cryptocurrency regulation rules to be applied in the next three months. However, there was a suggestion that some of the articles should come into effect after 18 months from the date of publication in the Journal of Laws.

In fact, other countries have also been considering expanding AML regulations to cryptocurrency activities. Some of the latest nations to join the camp – Australia and the UK.

In the meantime, Poland has been always quite active in terms of the technology development. This EU country has been also very progressive with respect to the latest technology phenomena – Blockchain. In fact, Poland has its own Polish Blockchain Technology Accelerator (PATB). The organization functions under the Ministry of Digitalization.

In fact, Poland has made another step in becoming the most developed country in terms of digital technology. In the latest news, PATB has revealed that it is working on the creation of a digitized national cryptocurrency, Digital PLN (dPLN)

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