Legal Aspects of Running a Business on the Virtual Currency Market in Poland

Abstract

The aim of the article is to analyze the legal norms related directly or indirectly to running an economic activity in the field of virtual currencies. Virtual currencies were created as an alternative to fiat money. They are not issued and guaranteed by central banks, and the idea behind their creation was the possibility of making electronic payments bypassing financial institutions. Currently, they are the subject of investments based on fluctuating rates of their value. The article focuses on the analysis of selected definitions of virtual currencies and an attempt to qualify them. The considerations also concern the issue of legal regulation of activities in the field of virtual currencies, with particular emphasis on the provisions of the Act on Counteracting Money Laundering and Terrorist Financing. This made it possible to assess the current legal status and indicate which aspects of the functioning of the virtual currency market should be regulated.