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CryptoIntelligence 2025-01-17 20:33:00

Binance Updates Procedures in Poland to Align with EU MiCA Regulations

Binance Updates Procedures in Poland to Align with EU MiCA Regulations

Binance has revised its cryptocurrency deposit and withdrawal procedures in Poland to adhere to the European Union’s Markets in Crypto-Assets Regulation (MiCA). In a blog post dated Jan. 17, Binance stated, “Starting Jan. 20, users may need to provide more information when performing crypto deposits and withdrawals.” The updated requirements apply to cryptocurrency deposits exceeding 1,000 euros ($1,030.80) and all withdrawals. For deposits, users must submit the sender’s full name, country, and the name of the crypto exchange. For withdrawals, similar details about the recipient are necessary. Binance emphasized that these changes are limited to crypto transfers. However, the company cautioned that transactions might face delays or be returned if the required information is not provided. Understanding MiCA and Its Implications The MiCA framework, officially enacted on Dec. 30, 2024, establishes standardized regulations for cryptocurrencies across the EU. It aims to enhance consumer protection, address Anti-Money Laundering (AML) concerns, and regulate Crypto Asset Service Providers (CASPs). One of its requirements mandates that crypto transfers exceeding 1,000 euros must include detailed sender and recipient information to ensure greater transparency. Stablecoin issuers must also maintain full reserves and secure operational licenses under MiCA. Poland’s Crypto Regulatory Landscape In Poland, cryptocurrency activities, including mining and trading, are legal. Crypto income is taxed at a flat rate of 19% for both individuals and businesses. On Dec. 9, 2024, the Government Legislation Center introduced the fourth version of the Crypto Assets Market Act. This draft regulation requires Virtual Asset Service Providers (VASPs) to transition to the CASP licensing system by June 30, 2025, ahead of the EU’s MiCA transition deadline in July 2026. Meanwhile, Sławomir Mentzen, a presidential candidate, has pledged to make Poland a “cryptocurrency haven” if elected. The first round of the election is set for May 18, 2025.

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