Coinquista and Biclude are set to be the two next crypto startups working in Poland now, as the Polish financial regulator has decided to give licenses to them both. The companies have registered as payment providers in the country and, despite the generally negative stance of the Polish regulator on these assets, they got their licenses.
This was registered on the site of the Polish Financial Supervision Authority, known also as KNG. The two companies, Coinquista and Bitclude, will provide crypto services for their clients, including acting as exchanges in the country and as crypto wallet providers.
The license will let the two companies provide many payment services for Polish citizens as well as to accept the Polish fiat currency in deposits. They can also handle payment transactions, execute debit exchanges, transfer funds and issue payment instruments for their clients.
A Pro-Crypto Move
One could consider this to be a turn for Poland, which has seen its largest exchange, BitBay, suspend operations last year due to the fact that banks refused to provide services for it.
According to the website of the KNF, crypto assets are not prohibited in the country, so all transactions are legal. All of this can be considered a pro-crypto move as the country is attempting to regulate aspects of cryptos without banning them and preventing the use of the tokens for criminal activities.
The New Polish Act
Last July, a new Polish act was created to regulate entities of the financial area like exchanges and other digital asset companies. The act banned Initial Coin Offerings (ICOs), which are today seen as dangerous, but this caused some friction at the time.
During the act, the country has also launched a campaign to educate its citizens about the dangers of investing in highly volatile assets like cryptocurrencies. The campaign also noted that the lack of current regulation could hurt investors as they would be in a grey area of uncertainty if they decided to invest in assets before they are properly regulated.
The main positive news for crypto investors in the country is that the government is currently not taxing crypto gains from transactions as it needs more in-depth analysis.