Interesting facts about Polish crypto market

On 18th April, the deadline for quarterly reporting for the first quarter to the General Inspector of Financial Information (GIIF) via its ICT system imposed on virtual currency operators (those registered in the Polish register of virtual currency operations) have passed.

In this regard, we have prepared some interesting facts about the results of the implementation of the indicated obligation by VASPs operating in Poland. According to the information provided recently by the GIIF…

... From 424 obligatory institutions, 5 did not indicate the reporting period for 1Q2024, which resulted in the need to submit a correction to the report

.... 36% of registered VASPs operate through the website

.... There were 104,000 cases of refusal to establish business relations due to the inability to apply financial security measures to customers of obliged institutions

.... There were 5700 cases of termination of business relations due to inability to apply financial security measures to customers of the obliged institution

In addition, there are interesting statistics on the differences, between the activities declared in the register and those actually undertaken by obliged institutions in the field of virtual currencies:

1. the activity of exchange between virtual currencies and means of payment - 51% of the declared institutions actually conduct such activity (207 out of 410);

   
   

2. the activity of exchange between virtual currencies - 21% of the declared obligatory institutions actually conduct this activity (81 of 379);

   
   

3. provision of intermediary services for exchanges indicated in items. 1) and 2) - 18% of the declared institutions actually conduct this activity (58 out of 322);

   
   

4. maintaining accounts that allow the use of units of virtual currencies - 17% of the declared institutions actually maintain it (48 out of 290);

We take this opportunity to remind obligated VASPs that the window for submitting reports to the GIIF for the second quarter of 2024 is scheduled from 1 to 18 July.