KNF on cryptocurrencies

After sudden collapses of BitCoin’s course, more and more is being said about the cryptocurrencies’ market risks. Polish Financial Supervision Authority (KNF) regularly monitors Polish payment market not only in terms of risks but also with regard to legality of operational activity of entities handling the cryptocurrencies transactions.

Warnings

It should be noted that BitCoin is not the only cryptocurrency. In last few days in Poland, KNF has put two cryptocurrency companies on its warning lists – BitBay form Katowice and Abucoins from Poznan. In both cases, KNF has submitted also notifications on suspicion of committing a crime of conducting unauthorised activities in the field of payment services. The notifications were submitted to appropriate public prosecution offices.

Penalties

Under the provisions of Polish law, any entity which would like to operate as a payment institution is obliged to obtain appropriate license issued by the Polish Financial Supervision Authority. Conducting such activity without a license is subjected to a fine amounting to 5.000.000 PLN, imprisonment up to 2 years or both.

Dudkowiak&Kopec Law Firm has obtained a license of a payment institution for one of its Clients recently (more information you can find here).

In case on any inquiries contact us on [email protected]