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This material was prepared by Ewa Stawasz-Grabowska (University of Lodz) for the Ethics & Finance course within the project Localizing Economic Education for V4 Countries and Beyond. The project was co-financed by the governments of Czechia, Hungary, Poland and Slovakia through Visegrad Grants from the International Visegrad Fund. The mission of the fund is to advance ideas for sustainable regional cooperation in Central Europe. See https://visegrad.webflow.io/ for more information.
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Financial innovation and crypto-industry in POLANDCommentsData source
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Size of the crypto-industry in Poland:
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Do you have some measures available? US$46 millionData as of 2023https://www.analyticsinsight.net/cryptocurrency-analytics-insight/polkadot-dot-or-lightchain-aiwho-will-lead-the-next-blockchain-revolution (retrieved: 10 Dec 2024)
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How is the sector growing?Expected to reach US$77 million in 2028.https://www.analyticsinsight.net/cryptocurrency-analytics-insight/cryptocurrency-in-poland-a-strategic-economic-shift
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What are the main market participants?Key players: Coinbase, Binance & RobinhoodCryptocurrencies - Poland | Statista Market Forecast
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Is it possible to invest in crypto-ETFs in Poland?It is possible to buy ETF Token on the official site of pre-sales.
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Main crypto-activities in Poland:
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TradingAaccess to a variety of digital assets (altcoins and new tokens other than BTC and ETH) provided to license holders.
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MiningNot prohibited.Crypto Regulation in Poland 2024s
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OthersCustiodal services, fiat to crypto exchange, crypto to crypto exchange
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Regulation of crypto in Poland:
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Is this sector regulated? If so, how and since when?In general, the sector is not rgulated but for the AML act.Crypto Regulation in Poland 2024
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Fiscal lawsUntil MiCA comes into force (December 30, 2024), the crypto legislation status is governed mainly by the Polish Anti-Money Laundering (AML) and Terrorist Financing Law.https://www.dudkowiak.com/fintech-in-poland/crypto-license-poland/
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Financial regulations"Polish AML law has no specific requirements for crypto transaction monitoring. Until the Transfer of Funds Regulation becomes applicable on 30 December 2024, there is no travel rule requirement for transactions with virtual currencies."https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/poland/
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Other regulationsEU law ("[..] the supervision of crypto-assets in the EU is regulated by the same provisions of the directly applicable MiCA Regulation or by provisions of national law implementing that Regulation within the limits specified in that Regulation. The key matters, i.e. the authorisation rules, the documents required, the supervisory measures, the powers to carry out inspections, and the minimum level of fines, apply in all Member States according to the same principles.")https://www.knf.gov.pl/en/ABOUT_US/The_Polish_Financial_Supervision_Authority_UKNF/UKNF_Supervisory_Blog?refresh=true&articleId=89748&p_id=19
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What is the definition of crypto-currencies/assets? "A digital image of value that is not considered fiat money, electronic money, a financial instrument, a promissory note or a cheque and is accepted as means of exchange with an option to be electronically stored, transferred or the subject of electronic trade."https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/poland/#:~:text=Polish%20law%20has%20defined%20virtual,the%20subject%20of%20electronic%20trade.
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Sanctions involving cryptos in Poland (Y/N)N
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Description of the sanctions: numbers, years, breaches, parties at stake, set by who, verdictsNo sanctions
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What is the "reputation" of the crypto-industry in Poland?The reputation of the crypto-industry in Poland is very heterogeneous and depends on the risk appetite of investors.
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Are crypto-currencies used in Poland to circumvent international sanctions?"On 10th June 2022, the Polish Financial Supervision Authority issued a communication on sanctions against Russia and Belarus and applying financial security measures under the Polish AML Act in the context of the cryptocurrency business."https://www.dudkowiak.com/blog/do-cryptocurrencies-help-circumvent-sanctions-against-russia-new-knf-communication/
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