Poland Plans to Bring Cryptocurrency Under AML Regulations
- The rules are expected to come into effect in the next three months.
The Polish government is planning a crackdown on Bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion.
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The Council of Ministers has adopted a draft law to regulate Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to bring them in line with anti-money laundering and counter-terrorism financial legislation.
The new Polish act lists the entities subject to this Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, which are referred to as “obligated institutions”. The list of these entities is long, and does not explicitly refer to cryptocurrencies, but it appears that Bitcoin exchanges and other entities that facilitate the trade of digital coins as part of their main business can be regarded as obligated institutions.
Under the AML-wide regulation, online platforms where bitcoins are traded will be required to carry out due diligence on customers and report suspicious transactions. The government has introduced amendments to the anti-money-laundering directive to ensure cryptocurrency firms’ activities are overseen by national authorities.
The rules are expected to come into effect in the next three months, but there was a suggestion that some articles should apply after 18 months from the date of its publication in the Journal of Laws.
Extending AML regulations to cryptocurrency activities is being considered in several countries around the world such as Australia and the UK, and already tracks the EU’s recent push to regulate Bitcoin.
The Polish government is planning a crackdown on Bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion.
Discover credible partners and premium clients at China’s leading finance event!
The Council of Ministers has adopted a draft law to regulate Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to bring them in line with anti-money laundering and counter-terrorism financial legislation.
The new Polish act lists the entities subject to this Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, which are referred to as “obligated institutions”. The list of these entities is long, and does not explicitly refer to cryptocurrencies, but it appears that Bitcoin exchanges and other entities that facilitate the trade of digital coins as part of their main business can be regarded as obligated institutions.
Under the AML-wide regulation, online platforms where bitcoins are traded will be required to carry out due diligence on customers and report suspicious transactions. The government has introduced amendments to the anti-money-laundering directive to ensure cryptocurrency firms’ activities are overseen by national authorities.
The rules are expected to come into effect in the next three months, but there was a suggestion that some articles should apply after 18 months from the date of its publication in the Journal of Laws.
Extending AML regulations to cryptocurrency activities is being considered in several countries around the world such as Australia and the UK, and already tracks the EU’s recent push to regulate Bitcoin.