In the Sejm, he is hard about cryptoctives and the PFSA. An application was made to reject the act

On Tuesday in the Sejm, the first reading of the draft law on the cryptoactic market took place. During the debate, MPs criticized, among others Given the KNF supervision over this market and the burden that arise from the Act. During the debate, a request was made to reject the project at first reading.

On Tuesday in the Sejm, the first reading of the draft law on the cryptoactic market took place. As deputy finance minister Jurand Drop said, the act aims, among others Implementation of EU regulations, i.e. the MICA regulation (The Markets in Crypto-Assts Regulation).

– In Poland, 18 percent He has experience with the investment in cryptoache. These provisions are important to strengthen the protection of investors and clients of the cryptoactic market – said Jurand Drop.

He added that there are currently no regulations on the Polish market, protecting customers investing in cryptoaches against fraud.

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– 20 percent Investing in this market declares that he has been victims of some fraud or abuse – said Drop.

The bill provides that the supervision of the cryptoactic market will be exercised by the Polish Financial Supervision Authority (KNF), which will be equipped with appropriate supervisory and control tools. Some duties of tokens related to assets and tokens being e-fencing, as well as cryptoactic service providers, are also to be clarified. In the event of a violation of the regulations, the PFSA will be able to make entries in its registry of dishonest internet domains used to conduct cryptoactive activities. This will be aimed at – as indicated – customer and market protection against dishonest entities.

The project also provides for the introduction of criminal liability for crimes committed, among others in connection with the emission of tokens or the provision of cryptoactic services. The perpetrators of the most serious violations will be threatened by a fine, the penalty of restriction of liberty or imprisonment.

Deputy Minister Drop also said that the second part of the Act is not related to EU regulations.

– The second part of the Act regulates the issues of online currency exchange offices. She is associated with the KNF initiative. It assumes the CNF's supervision under the operation of the exchange offices – said Jurand Drop.

The planned act assumes, among others The obligation that the online currency exchange office keep an individual payment account for its clients. This is to enable, among others Protection of clients' financial resources, and will also allow them to be available at any time. During the debate, MPs criticized the bill. They indicated, among others to the high loads, which it imposes on companies dealing with cryptocurrency market. MP Janusz Kowalski from KP PiS proposed to introduce a limit of the amount of loads that were saved. He also criticized, among others Giving supervision on this market of the Polish Financial Supervision Authority, which – according to his words – will have “the same effect on the development of the cryptocurrency market as if to increase the popularity of German, it had to make Janusz Kowalski to the German Language Plenipotentiary.”

MP Ryszard Wilk from the Confederation asked when the last cryptocurrency exchange would take out after the introduction of the planned law from Poland. MP Artur Łącki from KP KO pointed out that the implementation of the law should be one to one, and “here we have added four times more”. He also added that “he would start looking for a company on this market that is based in Estonia.”

During the debate, on behalf of the parliamentary circle of the confederation of the Polish Crown, an application was submitted to reject the law in the first reading. Voting is to take place in the voting block. (PAP)

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