Poland’s KNF Impersonated in Cryptocurrency Scam

Poland’s financial regulator is reporting a surge in impersonation scams over the last months, with cryptocurrency fraudsters have been doing the rounds claiming to offer investment offers .
The Polish Financial Supervision ‎Authority explains it was aware of investment cold-calls featuring the regulator’s name as being involved to monitor the course of proposed crypto-asset transactions. The general setup seems to be that they ring a consumer, ask them sell or buy cryptocurrencies and then tell them that KNF staff will participate to ensure the legality of their investment.

Once fraudsters have targeted an investor for one of these crypto scams, they are relentless in their communications. Phone calls start out as friendly and business like, albeit usually very persistent. Meanwhile the regulator urged customers that are concerned or got involved in such transactions to get in touch.
“If, during the interview, you have been informed that a given person performs activities with the participation or in agreement with the PFSA or the KNF, refrain from further contacts and immediately notify the nearest Police unit. Try to collect and present as much detail as possible about the event in the notification. Any piece of information can be useful,” the regulator said.
According to the KNF’s website, trading in crypto assets and trading venues themselves are not prohibited by law, and therefore its transactions are “legal on the territory of the Republic of Poland.”
The also notes the lack of proper regulations in place which means ‎that crypto assets are somewhat murky for investors to be kept safe, unlike ‎strictly regulated traditional financial markets.
Nevertheless, Poland has made localized attempts to . While some of those instances are more concerning than others, none of it has officially banned the virtual asset class. Instead, the country has only taken a stance similar to other countries to regulate the sector and to prevent its use for criminal activities.
Additinaly, Poland’s finance ministry updated the country’s tax ‎code to regulate the taxation of proceeds received from cryptocurrency trading.‎ The MoF ‎justified its taxing decision by stating that it considers ‎conducting an in-depth analysis to better regulate the ‎emerging industry.‎

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