Coinquista and BitClude Secure Cryptocurrency License from Polish Regulator

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On January 21, 2019, the Polish Financial Supervision Authority (KNF) has granted two bitcoin-linked firms, Coinquista  and BitClude, licenses.

Two Polish Crypto Exchanges Get Lucky

Per sources close to the matter Coinquista and BitClude, two Polish firms offering clients cryptoassets exchange services, a functional wallet, and more, have been granted a license by the state’s financial watchdog, the KNF.

As stated in the KNF circular, the new license makes it legal for both firms to offer its Polish customers a vast array of payment-related products and services including cash deposits and withdrawals, as well as other banking transactions like funds transfer and direct debits among other operations.

Although the license failed to state explicitly whether the firms are allowed to render cryptocurrency-based services to Polish citizen’s the move may, however, be a sign of great things to come in the country’s cryptospace considering the recent draconian stance of regulators in the region.

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Polish Financial Regulator Gets Liberal with Bitcoin

While the KNF has not placed an outright ban on bitcoin trading and other cryptocurrency-related activities, Polish authorities have exhibited a harsh stance towards the local cryptospace in recent times, making it almost impossible for blockchain-based virtual currency startups to remain in business.

As reported by BTCManager in February 2018, the nation’s apex bank, the National Bank of Poland (NBP) admitted to orchestrating a slander campaign worth $30,000 via several social media platforms, including YouTube, labeling bitcoin and altcoins as nothing but Ponzi schemes, in a bid to propagate fear, uncertainty, and doubt (FUD) in the hearts of crypto investors.

In April 2018, Polish residents organized a nationwide protest, when reports emerged that the Polish Finance Ministry was planning to impose excessive (18 and 32 percent) taxes on all crypto transactions regardless of whether a profit was made or not.

Importantly, citizens’ efforts yielded significant results, as the Polish Ministry of Finance announced in May 2018 that it was suspending the crypto tax law, making it clear it would draft another regulation after carrying out “in-depth analysis” of the sector.