UK-based RegTech startup Coinform has partnered with Poland’s largest financial institution, Bank Polski, to launch a blockchain solution that enhances the security of customer data. The bank will use Coinform’s Trudatum to provide blockchain-issued documents to its five million customers.
“Blockchain offers huge potential to increase the competitiveness of the Polish banking sector,” says Adam Marciniak, Vice President of the bank’s board of managers. “This is a relatively new technology for which further applications are constantly being found worldwide.”
Marciniak adds that the FI “is successfully implementing a strategy focused on digitisation, and the implementation of blockchain-based solutions is part of this process and should strengthen our position as a technological leader in Polish banking.”
Bank Polski and Coinform joined forces in March to design a system aimed at providing customers with a secure way to access banking documents with information regarding regulations, transactions, fees and commissions.
“It shows that the Polish financial industry is still open to innovation and sets international trends,” Coinfirm CEO and Co-Founder Pawel Kuskowski says. “The implementation of Trudatum in an institution as large as PKO is a breakthrough on a global scale.”
Poland’s crypto taxation
The partnership comes asPolish legislators have presented a draft introducing some not-so-friendly fiscal measures on crypto-related income. The document has been sent for consultation and adoption the Council of Ministers is expected before the year ends.
According to the lawmakers, the purpose of the amendments is to simplify and clarify the procedures for reporting and paying taxes on revenues from cryptocurrency activities. The draft comes after a previous governmental decision to tax digital money transactions, which caused protests from the Polish crypto community.