Preparations for lex cinkciarz? Operator 13 online currency exchange offices with a license from KNF

The Polish Financial Supervision Authority granted a great group of the national payment institution (KIP) a great group, thanks to which the company can provide payment services on a basis similar to banks. The new status of the operator of 13 online currency exchange offices will also enable him to operate uninterrupted in the event of the so -called Lex Cinkciarz, i.e. regulations for companies providing online currency exchange services.

On May 9, the Polish Financial Supervision Authority awarded the company Super Group Status of the National Payment Institution (KIP). The company operates on the market as a consortium of several internet currency exchange offices, including Kantoronline.pl, Kantor.pl, Dobrykantor.pl, Leaderwalut.pl, Konikonline and TOPFX. The company is referred to as the largest integrated entity in this segment in Poland, connecting 13 websites under one technological infrastructure.

Thanks to the Super Group license obtained, it will be able to expand the offer with new payment services, including the implementation of financial transfers and settlements regardless of banking institutions. The company's authorities announce further development and implementation of solutions addressed to individual and business clients, including in terms of faster transfers and more favorable exchange rates.

However, the new super group license is important for one more reason. It is about the so -called Lex Cinkciarz, i.e. a plan to regulate online currency exchange offices through a throw -in to the Cryptoactic Market Act. The funds proposed in it may force the majority of entities providing online currency exchange services to terminate, which the legal advisor Maciej Raczyński spoke in an interview with Bankier.pl at the end of last year.

Preparations for lex cinkciarz?

According to the proposed principles that were included in the still conducted cryptitic market, non -cash exchange exchange will be able to be carried out only via payment accounts, and only business services providers, i.e. companies with MIP licenses (small payment institution) or KIP (National Payment Institution) can be conducted in such exchanges.

Applying for the status of MIP, which is simpler, however, it would not make sense for the vast majority of internet exchange office. As Maciej Raczyński pointed out, small payment institutions are covered by a limit of up to EUR 2,000 of stored funds per person. “In other words, if the online currency exchange was to take place via payment accounts, then a currency exchange office that would apply for a MIP license could exchange currency for one customer only with a limitation of up to EUR 2,000. In practice, such an exchange office is not a reason to exist” – explained the expert.

– The company places a lot of emphasis on the safety of its clients' funds and building trust in fintech services. The current status will allow the company to introduce a currency exchange model via payment accounts, which is recommended by the PFSA as part of new statutory changes. It should be added that the new act does not require the status of a national payment institution, however, by a limit of EUR 2,000 euros accumulated on the payment account de facto without having a KIP license, running a currency exchange website is impossible – commented Paweł Kidaj, COO Super Groups.

Michał Misiura

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