Announcement of upcoming polish regulations for the crypto-asset market
The Polish government is intensifying its efforts to introduce comprehensive regulations for the cryptocurrency market in Poland. Draft regulations have been prepared based on a proposed cryptocurrency market act. These include guidelines for document management, personnel qualifications, and specific details regarding security and service organisation, signalling important changes ahead.
Key elements of the projects
1. Electronic document handling
A regulation established under Article 3 of the proposed Act outlines specific guidelines for creating, storing, and securing documents on electronic carriers. The priorities include ensuring data integrity, safeguarding against unauthorised access, and archiving in accordance with the carrier’s shelf life.
2. Staff expertise and skills
According to the draft based on Article 4 of the proposed Act, individuals working for companies that provide crypto services must meet specific knowledge and experience criteria. Mandatory competency development and qualification certifications aim to professionalise the industry.
3. Financial and technical safeguards
The draft regulations outline the process for securing receivables and managing client assets. Requirements include fund segregation, technical safeguards, and maintaining records corresponding to each client’s rights to crypto assets.
4. Information obligations towards the PFSA
Token issuers and service providers must regularly report to the The Polish Financial Supervision Authority (the PFSA). The regulation outlined in Article 24 of the proposed Act specifies the scope and timing of the information that needs to be submitted, which is anticipated to enhance market transparency.
Objectives of the new regulations
The proposed changes have the following objectives:
- Enhance the security of market participants, including both investors and users.
- Align national legislation with EU regulations, particularly Regulation 2023/1114 (MiCA).
- Establish a legal framework that supports the growth of blockchain technology and cryptoassets in Poland.
Challenges for the market
Drafts of the new regulations require businesses to adjust their internal procedures, provide employee training, and invest in technologies that comply with specific standards.
Additionally, there is a growing need for open communication between the market and regulators to develop the most effective solutions. More details on the draft regulations will be available once they are enacted.
Further details on the draft regulations will be available once they are enacted. Do you want to stay up to date? Sign up to our newsletter and we will send you highlights once a month.
You are also welcome to contact us to discuss how the new regulations may affect your business.