A Step Forward in the Work on the Draft Act on the Crypto-Asset Market

On August 12, 2024, the Draft Act on the Crypto-Asset Market, dated August 9, 2024, was published on the website of the Public Information Bulletin of the Government Legislation Center. The draft, marked with number UC2 in the List of Legislative Work of the Government, includes the justification and Regulatory Impact Assessment.

Next Stage: Consultations and Arrangements Are Ongoing

On the same day, August 12, 2024, the draft act was again submitted for inter-ministerial arrangements, public consultations, and opinions. Less than a month later, on September 6, 2024, the Government Legislative Process website saw another update to the legislative process stage, including consultation positions on the current version of the draft.

Who is Involved in the Consultation Process?

Various entities shared their views in the consultation process, including:

• Polish Financial Supervision Authority (UKNF),
• Polish Chamber of Electronic Communications (PIKE),
• President of the Personal Data Protection Office (PUODO),
• Fiscal Administration Chamber in Katowice (IAS),
• Ombudsman (RPO),
• President of the Office of Competition and Consumer Protection (UOKiK),
• Scientific and Academic Computer Network (NASK).

When Will the Act Come into Effect?

In its current form, the draft law is expected to come into effect on December 30, 2024. However, it is important to note that the law will not replace the EU regulation on crypto-asset markets no. 2023/1114, known as MiCA.

MiCA will be applied directly in EU member states, including Poland, from December 30, 2024. It is also worth mentioning that MiCA regulations regarding e-money i.e. stablecoins and tokens linked to assets have been in force since June 30, 2024, as outlined in Article 149 of the Regulation.

We look forward to finalizing the government’s legislative process and submitting it to Parliament.

For more information, visit: Government Legislative Process.

Do you have questions about the new crypto-asset law? Contact us at [email protected]! Our team of specialists will be happy to answer any concerns and help you understand the upcoming regulations.

Don’t want to miss the latest updates? Follow our blog to stay informed about the newest legal developments in crypto-assets and other regulations!