Poland’s Financial Ombudsman Calls for Bitcoin Exchange Regulation

Poland’s Financial Ombudsman has called on the country’s Ministry of Finance to regulate the local cryptocurrency industry.

The official, Aleksandra Wiktorow, told local radio broadcaster Polskie Radio that her office has filed an official letter to the ministry in which it said that Poland’s cryptocurrency market is experiencing rapid growth and should be subject to regulations that would protect customers of cryptocurrency exchanges.

Wiktorow pointed out that, currently, the sector is not subject to any regulations in Poland. The finance ministry should evaluate and compare the best practices from those countries that have regulated cryptocurrencies, and implement the best instruments, she said.

However, she added the caveat that the regulations “should not be excessive”.

The Financial Ombudsman’s office is planning to publish a report in Q2 of 2017 on the impact of new technologies on financial services, including cryptocurrencies. The report may include the institution’s recommendations for potential regulations that could be applied to the sector.

Wiktorow’s statement is the latest in a number of recent efforts to bring regulation to the Polish cryptocurrency industry.

Last October, the lower chamber of Poland’s Parliament hosted the country's first public consultation that was devoted solely to cryptocurrencies and blockchain tech.

The conference was accompanied by the launch of a working paper that called for the Ministry of Finance to release a tax interpretation covering cryptocurrencies and to issue relevant regulation for startups.

Polish Ministry of Finance image via Shutterstock