Banking & Fintech

Final KNF guidelines on cryptocurrency

On December 10th 2020 Polish regulator Financial Supervision Committee (KNF) published final guidelines on matters related with issuance and trade in cryptocurrency. This is the effect of consultations carried out with representatives of the financial market based on the draft guidelines from July 2020

Similar to the July draft, the final guidelines consist of two main parts:

  1. dictionary, within which KNF introduces (non-legal) definitions of the most significant terms related with cryptocurrency, blockchain and DLT (distributed ledger technology),
  2. regulatory assessment of different types of tokens, including currency / exchange tokens, utilty tokens and investment / security tokens.

Even though the KNF guidelines are not binding and are not an official interpretation of law, they will surely be respected by all Polish authorities.

Author team leader DKP Legal Piotr Putyra
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