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This Company Is Not Afraid of Cryptocurrency Regulation in Poland. Luno Wants to Expand with Bitcoin Trading App

Since the company has worked with PayU on other markets, it's possible Luno will allow Polish customers to invest in cryptocurrencies using pay by link tools

Luno is a digital currency wallet that allows its users to buy, sell and trade cryptocurrencies, including Bitcoin, with the use of mobile apps for Android and iOS devices, as well as internet browsers. The company boasts having around 1.5 million customers in 40 countries across Asia, Africa and Europe. Polish customers will soon be able to join that group.

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Magdalena Gołębiewska, Luno's new regional manager for Eastern Europe, says the app does not have a Polish language version yet and it is not possible to top up an account with Polish złoty. - Despite these inconveniences, we see a significant interest in our services on the Polish market. We see euros being transferred to wallets from Poland and a large number of website visits from Polish IP addresses. After analyzing this data, we decided to develop this market - she said.

The app should therefore get a Polish language version and users should be able to transfer złoty to their wallets within a few months. The company is in the final stages of working on those solutions. After they are implemented, Luno will start a promotional and educational campaign with several partners, but the company's representative did not want to disclose who that might be. What we do know is that on other markets Luno has been working with PayU, an online payment integrator that has a strong presence in Poland. Does this mean Polish customers will be able to transfer money to their Luno wallets with PayU's pay by link transfers?

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We don’t know that yet. But we do need to remember that the cryptocurrency investment market is under careful scrutiny from the Polish Financial Supervision Authority, whose approach is very critical. Meanwhile, PayU is a national payment institution supervised by the regulator. Making it easier for investors to buy cryptocurrencies in Poland could mean that the company might expect to be in conflict with the institution. On the other hand, PayU has long been offering - without any major consequences - solutions that use screen scraping, another technology that the regulator would like to see disappear from Poland. Such fears may therefore be unwarranted.

Goębiewska doesn't seem to be worried by the increasing talk of strict regulation on cryptocurrencies in Poland. - A lack of regulation is a bigger problem for us than regulation. Legal frameworks increase people's trust in digital currencies, educate customers and make them aware of both the risks and the potential of such investments. The regulation of the digital money market can only help us - she said.


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