Bad news for the market in Poland. KNF and cryptocurrencies: “We are skeptical”

The portal talked to the current head of the Polish Financial Supervision Authority (KNF), Jacek Jastrzębski. The topic of cryptocurrencies came up in the interview. We don't have good news for you.

The Polish Financial Supervision Authority is skeptical

The portal talked to Jastrzębski during the Capital Market Conference in Bukowina. It was an opportunity to talk about, among others, an attempt to regulate the cryptocurrency market in Poland. However, the head of the Polish Financial Supervision Authority is not favorably disposed towards the digital assets industry. He indicated that he appreciated the importance of blockchain technology. However, there is no good opinion about the bitcoin and altcoin markets.

As for the asset classes we call cryptoassets, here they are our approach is much more skeptical and is based on the observation that these assets are not used to achieve the goals served by the financial marketand it's about converting savings into investments

– he said.

We are skeptical about promoting solutions that would in any way encourage or develop interest in this asset class. We are not enthusiastic about cryptocurrencies being seen as part of the classic financial market. However, we understand that these regulations mainly have a protective function, because it is estimated that as many as 3 million Poles invest their money in cryptoassets. The question is whether it should be protection like the financial market

– Jastrzębski continued.

This should worry us because, according to the draft law being processed by the Polish authorities, it is the Polish Financial Supervision Authority that will supervise the cryptocurrency market.

Will the issue become political?

The mentioned document is an implementation of MiCA, i.e. the EU regulatory package. The problem is that Polish politicians have added provisions that may cause smaller companies to disappear from the Polish market. This includes: o high costs of continuing business.

However, it is possible that the regulations will be changed. If the head of the Polish Financial Supervision Authority is right and as many as 3 million Poles invest in cryptocurrencies today, a blow to this industry would mean the loss of a considerable number of potential voters. Maybe that's why the leader of the Confederation, Sławomir Mentzen, became interested in the matter.

You can read more about what fate may await companies in the cryptocurrency market in our article Cryptocurrency market regulations in Poland: opportunity or threat? We asked representatives of stock exchanges and currency exchange offices for their opinion.