Cryptocurrencies in the Sejm, several dozen amendments were adopted. Now the president's move

On Friday, the Sejm adopted several dozen Senate amendments to the cryptocurrency market act; most of them were legislative and editorial in nature. Now the bill will go to the president for his signature.

The Act aims, among other things, to: implementation of EU regulations, i.e. the MiCA regulation (The Markets in Crypto-Assets Regulation). The new regulations provide that supervision over the crypto-assets market will be exercised by the Polish Financial Supervision Authority, which will be equipped with appropriate supervisory and control tools. Some obligations of issuers of asset-linked tokens and e-money tokens, as well as crypto-asset service providers, are also to be clarified.

In the event of a violation of the regulations, the Polish Financial Supervision Authority will be able to make entries in its own database register of fraudulent internet domains used to conduct crypto-asset activities. This is to protect customers and the market against dishonest entities.

The Act introduces criminal liability for crimes committed, among others, in connection with the issuance of tokens or providing services in the field of cryptoassets without prior notification to the Polish Financial Supervision Authority. The perpetrators of the most serious violations will be threatened with, among others: a fine of up to PLN 10 million.

The new regulations also assume regulation of online currency exchange offices – they are also to be supervised by the Polish Financial Supervision Authority. Pursuant to the Act, online currency exchange offices are to maintain individual payment accounts for their clients, which will enable, among others, protect customers' money and allow them to use it at any time.

According to data from the Ministry of Finance, 18 percent Poles have experience with investing in cryptoassets. The Ministry of Finance also reported that approximately 20 percent investing in this market declares that they have fallen victim to some fraud or abuse. (PAP)

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