Act on the cryptititive market on the government's wallpaper

On Tuesday, the government will deal with the bill on the cryptoactive market, which, among others indicates the PFSA as a supervisor of this market and introduces penalties for fraud for emission of tokens – according to information about the planned agenda of the Council of Ministers.

According to the prime minister published on Monday, the order of the government's agenda shows that it will deal with the draft of the Cryptoactic Market Act on Tuesday. The project prepared by the Ministry of Finance aims to implement EU regulations in this area.

The project includes Determining the supervisory commission as a body responsible for the supervision of this market. The duties of tokens related to assets and tokens that are e-pecunts and cryptoactic service providers were also determined. Tokens emitters will also be obliged to provide KNF information regarding their activities. The planned act also provides for the equipment of the PFSA in the right to request from supervised entities, but necessary information from these entities, to properly perform supervision.

KNF – according to the project – will be equipped with supervisory agents to counteract violations that supervised entities may allow. The Commission will be able to order the public offer of cryptoctives, interrupting its course for a specified time, prohibit the start of the public offer or prevent cryptoctives for marketing. The PFSA will also be authorized to impose sanctions on offering, issuers or applicants for admission of cryptoctives, as well as to impose financial penalties on persons intermediaries in the conclusion of transactions related to cryptoactives or implementing such transactions. The Commission will also be able to impose administrative sanctions on cryptoactic service providers.

The project also contains provisions regarding the introduction of criminal liability for crimes committed, among others in connection with the emission of tokens related to assets or tokens that are e-money or the provision of cryptoactic services.

“A fine, a penalty of restriction of liberty or imprisonment will be threatened for committing acts. Criminal liability has been introduced in relation to the most serious violations. This approach, as well as the severity of the penalties, coincides with the approach resulting from other acts regulating the functioning of the financial market, where the criminal liability was provided for similar or even identical. Therefore, it depends on the degree of offense and is closely related to the type of criminalized act.

The authors of the project also proposed to introduce a professional secrecy related to the provision of cryptoactic services and to determine its principles and sharing information constituting this secret. The designed solution provides for creating a catalog of situations in which information constituting a professional secrecy may be disclosed to the said bodies or entities on request. The draft act also defines the catalog of entities, towards which disclosure of information constituting a professional secrecy will not be a violation.

The planned act is to enter into force 14 days from the date of publication. (PAP)

MS/ Mick/