How much will crypto exchanges pay? The government and the Senate want to raise the fee limit

On Wednesday, the Senate committee dealing with the bill on the crypto-assets market voted in favor of increasing the maximum fee for the Polish Financial Supervision Authority's supervision over this market, even though the Sejm had previously reduced it. The fee – as government representatives argue – is to depend on the real costs of supervision.

On Wednesday, the Senate Committee on Budget and Public Finance discussed the act on the crypto-assets market. The main topic of the discussion was the issue of the maximum fee payable to the Polish Financial Supervision Authority from entities from this market. The fee in the Sejm was reduced to 0.1%. their revenues compared to 0.4 percent proposed in the government project.

The Senate committee supported increasing this fee to a maximum level of 0.5%. As emphasized during the discussion, the fee is not to be charged for the first year, and in subsequent years its level will be determined based on the actual costs of supervision. Reducing the maximum fee – as argued by Deputy Minister of Finance Jurand Drop, who was present at the meeting – would limit the possibility of financing these costs from the fee if they turned out to be higher. Drop also emphasized that the KNF projection shows that the fee will not exceed 0.1 percent, but may change as a result of market development.

The remaining provisions of the act are identical to those included in the act vetoed by President Karol Nawrocki. In addition to the fee, the date of entry into force of the provisions of the Act also changed.

The purpose of the adopted Act on Crypto-Assets is to ensure the application of the EU MiCA regulation (The Markets in Crypto-Assets Regulation) regarding the crypto-assets market. The Act introduces supervisory measures aimed at counteracting violations that may be committed by supervised entities, including enabling the Polish Financial Supervision Authority to suspend the public offering of cryptoassets, interrupting its course for a specified period of time, prohibiting the commencement of a public offering or prohibiting the admission of cryptoassets to trading.

The Polish Financial Supervision Authority will also be able to impose sanctions on those offering cryptoassets, issuers or persons applying for admission to cryptoassets. The Commission will be able to impose fines on persons professionally intermediating in transactions related to cryptoassets.

In the event of a violation of the regulations, the Polish Financial Supervision Authority could enter unfair Internet domains used to conduct crypto-asset activities in its register. This would protect customers and the market against such entities. The Act also provides for criminal liability for crimes committed, among others: in connection with the issuance of tokens or the provision of crypto-asset services without prior notification to the Polish Financial Supervision Authority.

The perpetrators of the most serious violations would be threatened with, among others: a fine of up to PLN 10 million. The regulations also provide for the regulation of online currency exchange offices, which are also to be supervised by the Polish Financial Supervision Authority. Pursuant to the act, they would have to maintain individual payment accounts for their clients, which would include, among others: it would protect customers' money and allow them to have it at their disposal at any time. (PAP)

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