The Crypto-Assets Bill In Poland In The Pipeline

• Published date: 03 April 2024
• Subject Matter: Technology, Fin Tech
• Law Firm: Schoenherr Attorneys at Law
• Author: Paweł Baran

The proposed law aims to align national regulations with EU Regulation (EU) 2023/1114 on crypto-assets, ensuring uniformity across Member States while fostering innovation, fair competition and investor protection. It introduces a comprehensive framework for crypto-asset markets, including provisions for issuing permits to crypto-asset service providers and regulating various token categories, such as asset-referenced tokens and electronic money tokens. The law designates the Financial Supervision Commission (KNF) as the competent authority responsible for supervising and enforcing regulatory compliance. It outlines obligations for token issuers and service providers, including reporting requirements to the KNF and granting the authority additional powers to request necessary information for oversight purposes.

Moreover, the law introduces supervisory measures to prevent violations, including the ability to suspend public offerings of crypto-assets and impose sanctions on offenders. These sanctions may include fines, arrest or imprisonment, depending on the severity of the offence. Additionally, the law addresses confidentiality in crypto-asset services...