The KNF issued an official, non-binding statement, in which it said it wanted to clarify the status of cryptocurrencies and cryptocurrency trading, "recognising the emerging legal doubts in respect of functioning of exchanges and exchange offices".
The KNF said that:
"In the Polish system, there are no regulations prohibiting the conduct of an activity as an exchange or an exchange office for cryptocurrencies, which means that conducting [in Poland] activities in the form of an exchange [in] cryptocurrencies, as well as trading in cryptocurrencies, is not prohibited and is therefore legal."
The statement notes, however, that from 13 July 2018 entities operating as an exchange or an exchange office for cryptocurrencies will have to abide by anti-money laundering and terrorism financing rules.
In addition, cryptocurrency activities may be related to activities of entities on the financial market, meaning that certain KNF permits may need to be obtained, such as the authorisation to perform payment services in respect of cryptocurrency wallets and the execution of payment transactions.
"Consequently, [cryptocurrency] activity, just like any other manifestation of economic activity, must take place in full compliance with the applicable legal provisions."
The KNF also warned entities operating in the cryptocurrency space that if they provide regulated services not having a relevant permit, the KNF will have to "take appropriate supervisory actions".