Polish bitcoin exchange Bitcurex has announced that it will be the first exchange in Poland to add a certified compliance department, adapting internal procedures to the most stringent standards operating in the financial sector.
The new compliance department will be overseen by the Poland Compliance Association. The Poland Compliance Association (Stowarzyszenie Compliance Polska) is the professional body for compliance officers and experts from the financial sector and is a registered association.
It is intended to be the center for thought leadership, providing a balanced and authoritative voice on matters relating to regulatory compliance and business ethics in the financial services industry in Poland. The association provides training and the professional certificates in compliance to industry members.
For Bitcurex, they will be adding a new compliance department with an internal compliance officer from the Poland Compliance Association supervising the implementation and maintenance of the new team. Bitcurex has said the new compliance department will have the main tasks of:
- prevention of money laundering and terrorist financing
- preventing the use of confidential information
- assessment of customer risk and providing appropriate information to customers
- preventing conflicts of interest
- personal data protection
In 2014, Bitcurex suffered from an exchange hack that shut down their platform for a short period of time, but they were able to recover and add in place new security measures. Since then they appear to have been running without incident.
In Poland, bitcoin and blockchain tech have been seeing a surge of activity, when the ministry decided to consider it amid a broader push toward the digitization of government services. The ministry has had two meeting so far on this topic, and has created a bitcoin/blockchain working group to cover digital currencies and blockchain.
As part of the working group, Bitcurex has taken part of the process. In a tweet they sent out today, Bitcurex said they are helping to develop bitcoin tech with the ministry.
— Bitcurex (@Bitcurex) July 12, 2016
“The European Union and many countries, not only in our continent are trying for some time to find a balance between the protection of clients, ensuring the reasonable interests of the state, and offer businesses in the industry of digital currencies of the respective field of law for the conduct of its business.”
This discussion comes on the heels of the new rules that the EU is imposing on bitcoin exchanges and wallets, which look to tackle terrorism financing, tax avoidance and money laundering.
The working group will reconvene again in a few weeks to continue the discussion on bitcoin and blockchain tech and how Polish law can adapt to it.