Binance has changed how it handles deposits and withdrawals of cryptocurrencies in Poland, aligning with the regulatory guidelines set by the European Union’s Crypto-Assets Regulation (MiCA).
On January 17th, Binance announced that as of January 20th, additional details might be required from users when making cryptocurrency deposit or withdrawal transactions.
Under these new regulations, any crypto deposits surpassing 1,000 euros ($1,030.80) and all withdrawal transactions will be subject to the rules. When making a deposit, users should disclose the full name, country of origin, and crypto exchange name of the sender. For withdrawals, it’s necessary to provide similar details about the recipient, including their full name, country, and the name of the receiving crypto exchange.
Binance made it clear that the changes apply solely to transferring cryptocurrencies. The firm cautioned users that their transactions could potentially experience delays or rejections if crucial details are missing.
What MiCA means for crypto in Europe
As of December 30, 2024, MiCA (Markets in Crypto-Assets) comes into effect, creating a unified regulatory structure for cryptocurrencies throughout the European Union. Its purpose is to harmonize regulations governing crypto asset service providers (CASPs), enhance consumer protection, and tackle Anti-Money Laundering (AML) issues.
The MiCA framework establishes more stringent regulations for stablecoin providers, mandating that they hold sufficient collateral and acquire permits to function within the European Union. With MiCA in place, crypto transactions exceeding 1,000 euros will require extensive details about both the sender and receiver, promoting transparency.
In Poland, cryptocurrencies are considered legal tender, allowing activities like mining, purchasing, and trading within the existing regulations. For both individuals and companies, crypto earnings are subject to a uniform tax rate of 19%.
On December 9, 2024, the Government Legislation Center unveiled the fourth edition of the much-anticipated Crypto Assets Market Act, which outlines a proposed regulatory system for Poland’s cryptocurrency industry. This bill mandates that Virtual Asset Service Providers (VASPs) must migrate to the new CASP licensing system by June 30, 2025 – significantly earlier than the EU MiCA’s transition deadline of July 2026.
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The proposal includes dismantling the existing VASP registration system as of October 1, 2025, with a requirement that entities continue to operate legally by obtaining CASP licenses. At this point, the draft still resides within the government and has not been presented to Parliament for formal approval.
In the year 2025, Sławomir Mentzen, a candidate for Poland’s presidency, has promised to make the country a welcoming place for cryptocurrencies if he wins the election. The initial voting is set for May 18, 2025.
DeFi activity surges 40% YoY in Eastern Europe
In Eastern Europe, Poland is increasingly making its mark as a significant contender in the field of Decentralized Finance (DeFi), based on the findings from Chainalysis’ October 2023 report.
Approximately one-third of all cryptocurrency inflows originate from Eastern Europe, positioning it as the third most active region worldwide in terms of DeFi (Decentralized Finance) activity. This region has also shown a robust 40% increase in DeFi adoption when compared to the same time period last year, trailing only Latin America and Sub-Saharan Africa in global rankings for year-over-year (YoY) growth in DeFi adoption.
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2025-01-17 16:07