Polish Ombudsman Calls for Regulation of Cryptocurrency

Polish flag over the state institution - CoinShot

The industrial group in Poland is trying to challenge the banks that allegedly refuse to provide services to firms associated with cryptocurrencies.

The Polish Bitcoin Association (PBS) appealed to the Office of Competition and Consumer Protection (OCCP) with a request that the antimonopoly authority initiate an investigation into the alleged restriction of competition, Financial Magnates reported.

The association was outraged that the article published by the news site shows that PBS criticized 15 financial institutions for refusing to register bank accounts with 52 legal entities and closing bank accounts to 25 legal entities.

According to the statement, MBank, the country’s fourth largest banking group for assets and loans, allegedly made nine refusals and closed three accounts.

It’s not yet clear whether the OCCP will agree to consider the case filed by PBS, but the Polish ombudsman has already reacted to this situation.

Although Poland made previous attempts to regulate the local cryptocurrency industry, it hasn’t formally established rules around exchanges with cryptocurrencies, with the exception of the draft law on criminal activities, such as money laundering.

Aleksandra Wiktorow, the Financial Ombudsman in the country, urged the country’s Ministry of Finance to regulate the local cryptocurrency industry early last year, but then she said any resolution “should not be excessive.”