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Poland, as a member of the European Union, has so far been a country that, despite its conservative regulations, has allowed the development of the cryptocurrency industry. However, the latest decision of the Ministry of Finance has sparked an avalanche of comments and concerns among investors and owners of VASPs (Virtual Asset Service Providers), i.e. crypto exchanges and exchange offices. The new "Communiqué No. 87" issued by the Ministry, announcing the implementation of the so-called Travel Rules in an extremely short time, caused a shock on the Polish cryptocurrency market.
What is the Travel Rule and why is its implementation crucial?
The Travel Rule is a part of the regulations aimed at increasing the transparency of cryptocurrency transactions and combating money laundering and terrorism financing. In practice, it obliges VASPs to strictly track and report cryptocurrency transactions. Implementing the Travel Rule requires not only advanced technological solutions, but also appropriate resources and time to implement all aspects of security and compliance with regulations. Many European Union countries, such as Spain or Włochy, aware of the difficulties of implementing these regulations, granted its cryptocurrency markets a transition period. Poland, on the other hand, decided on a radical approach.
Poland vs. EU: Will regulatory arbitrariness harm the market?
The Ministry of Finance in Poland, issuing "Communiqué No. 87", decided to set a deadline of less than two months for full compliance with the "Travel Rule". For the crypto industry, this means drastic changes without time for proper preparation. This approach is perceived by the community as a blow to the young blockchain technology sector, which has been building its base in Poland from scratch. Instead of investing in the development of this industry, the government has set an unrealistic schedule, risking the outflow of Polish specialists and investors.
Risk of GDPR violation: The Travel Rule requires the collection of a huge amount of personal data of cryptocurrency users, which in such a short time and in the absence of tested tools may pose a risk of violating the principles of personal data protection (GDPR). Irresponsible implementation of the Travel Rule without full compliance with GDPR may make the data of millions of Poles vulnerable to leaks and abuse.
What could be the consequences for the Polish economy?
The cryptocurrency industry in Poland, despite its young age, has so far attracted many talented specialists and significant capital. Many entrepreneurs, both individual and institutional, have created innovative projects related to blockchain, DeFi and NFT in the country. Poland was on track to become one of the key centers of blockchain technology in the region. However, imposing the "Travel Rule" without a transition period will effectively limit the development opportunities of local companies that will not be able to implement complex transaction monitoring and reporting mechanisms in such a short time.
Risk of capital and talent outflow: Introducing regulations in a hurry and without taking into account the opinion of the industry leads to a situation in which investors and specialists start to move their activities to more friendly markets. Kambodża, Spain, Czy Włochy are countries that have decided to gradually implement regulations. By providing flexibility, they attract Polish entrepreneurs who are looking for stable conditions to develop their businesses.
Poland may lose its competitive advantage in blockchain
The lack of a transition period and the restrictive approach of the Ministry of Finance may turn the Polish cryptocurrency market into a “ghost town” — a place devoid of innovation and investors. Meanwhile, competing European countries are attracting blockchain startups, offering them stability and support. Poland, by rejecting a flexible approach, risks blocking the development of a young industry that could contribute to the country’s technological development.
Conclusion: What does this mean for investors?
For cryptocurrency investors and blockchain entrepreneurs, the decision by the Polish Ministry of Finance is a wake-up call. It could spell the end of dreams about Poland as a blockchain innovation hub, leading to a withdrawal of investments and relocation of operations outside the country. Entrepreneurs may intensify their efforts in the coming months towards markets with friendly regulations, where the crypto sector can develop based on a stable legal framework.
