Apr 18, 2018
Recognized as a global leader in RegTech for blockchain, Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that solves compliance and transaction risk issues in blockchain and cryptocurrencies. The blockchain agnostic platform is currently used by anyone ranging from major financial institutions to exchanges. In addition, Coinfirm develops dedicated blockchain solutions such as the data provenance platform Trudatum that was recently integrated by the largest bank in CE.
Paweł Kuskowski - CEO and Co Founder of regtech leader Coinfirm comments on recent blockchain legislation
It is not Malta, not Singapore, not even Japan… it is Poland.
The law signed by the President of Poland on the Prevention of Money Laundering and Counter-Terrorist Financing is effectively one of the most progressive laws in the world, implementing the 5th Money Laundering Directive.
In Poland, the new law was signed and to be in force from the 13th of July 2018. Although Poland is not perceived as the leader in crypto businesses this new law can open completely exciting new business opportunities. And don’t forget Poland is not a small market itself with an open access to other countries in Europe.
Ok, so what does this new law tell us? In principle, this new law treats all players in the same way, regardless if this is a bank, payment processor or… cryptocurrency exchange. If a cryptocurrency related entity complies with regulations, banks should not refuse to open an account – which is one of the largest pains for the young but growing industry. This is also the most concrete law in comparison to any country in the world. It is not a principle-based approach, but a rule-based approach describing what needs to be done to be compliant.
So does it mean that it is now a country where you are free to operate as a cryptocurrency business? Let’s see what the law says.
The new group of entities falling into the wider group of Obliged Institutions is being created:
So what does mean to be AML compliant as a cryptocurrency exchange in Poland?
In order to be in line with the law, you need to establish: appropriate procedures, appoint a Money Laundering Reporting Officer, but most notably have the right KYC procedure and transaction monitoring in place.
KYC is pretty standard and similar to other FS. Collect documents from new clients, verify it with external sources and do it on an ongoing basis.
More complex and not standard processes are related to transaction monitoring and source of wealth and source of funds. However, being the CEO of Coinfirm, a global blockchain regtech leader, we have the solution for this part as well. It is more effective and efficient than anything in the traditional system and is recognized as a standard by banks around the world already!
Is Poland to become a center for regulated virtual currency businesses?
It’s hard to predict at the moment, but there is certainly a standard being set and a large debate within the government and in banks, both large and established as well as the smaller challengers. It’s surely a move in the right direction and another proof that the cryptocurrencies are here to stay.
Coinfirm serves as a foundation for the safe adoption and use of blockchain. A recognized leader in their field and among the most influential blockchain and regtech companies, the blockchain agnostic Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that increases efficiency, reduces costs and streamlines compliance to near automation. In addition, Coinfirm develops dedicated blockchain solutions such as their data provenance platform Trudatum, currently being piloted for adoption by multiple financial institutions. Coinfirm has also recently released their AMLT Token to allow for market participants to help rate others and democratize the financial system.
If you want to know more about doing business in the cryptocurrency space in Poland or you want to know more about AML and KYC solutions in this space, contact us at firstname.lastname@example.org