The first meeting of the Kryptoactive and Blockchain Technology Team took place in the Sejm. Representatives of the cryptocurrency industry and deputies appeared on the spot.
Kryptoactive and Blockchain Technology Team in the Sejm
On September 2, the Blockchain Kryptoacti and Technology Technology Team was inaugurated in the Sejm. This is a supreme initiative of MPs who want to help in developing wise regulations for the cryptocurrency industry in Poland. So far, the team includes: Michał Grammar (Deputy Minister of Digitization, Poland 2050), Michał Jaros (KO) and Adam Gomoła (independent).
However, only grammar and Gomoła appeared at the inaugural meeting.
Voice of the industry
During the meeting, he spoke, among others Sławek Zawadzki, Co-Coo Kanga Exchange. Of course, he talked about how the market is to be regulated soon. The problem remains that the KNF is to stand over the industry, which is famous for their dislike of cryptocurrencies.
The establishment of a regulator like the PFSA will simply kill this market in Poland. The biggest drama will be, as we will meet here in two or three years, when only large international institutions will have licenses in Poland, and those who have built cryptocurrency market in our country will not receive such a license
– he observed in the open part of the discussion of the inaugural meeting.
During the debate, the topic regarding the fees that the government wants to impose on the industry. Prof. Krzysztof Piech noted that the PFSA does not support financial innovations. In addition, he reminded the current coalition that this does not care about the interest of as many as 6 million cryptocurrency investors in Poland – after the introduction of the law, which is processed by the Sejm, they will all de facto use foreign exchanges.
Nobody with their healthy names will apply for a license in Poland, even by fees
Piech noted.
The Polish authorities want to propose one of the highest fees in Europe, only Latvia proposes a higher rate, added an economist who has been promoting cryptocurrencies for years. However, it is not only about costs.
Someone here mentioned that the German law has 80 pages, Poland – 104. (…) Spain – 6 pages, Latvia – 5 pages, Hungary – 9 pages, Cyprus – 2 pages.
– Piech pointed out, adding that Poland has created the most complex law in the region.
To sum up, according to the economist, regulations are created that will not be implemented anyway, because there will be no cryptofirma in Poland. He also criticized the PFSA for seeing only a risk in cryptocurrencies, not a chance.
The topic of fees was also discussed by lawyer Maciej Wieczorkowski, representative of the delegation of Kanga Exchange:
The existing proposals assume that the fee will be 0.4% on income. Such a level can kill the market because Polish companies will not be competitive to foreign. The upper fee without limit would be a murder for Polish cryptocurrency enterprises.
The meeting in the Sejm was also commented on by a representative of Zondacrypto especially for Bitcoin.pl.
I have the impression that the supervisory party has its vision of introducing these regulations, which assumes the solutions they specify while switching on that consultations with market participants are taken into account.
It is very good that from the mouth of the national team of finance it was said that cryptocurrencies are already part of the financial system – it gives them seriousness as the latest instruments under the upcoming – probably KNF – supervision. What’s more, at the end (meetings) from the mouth of Mr. Sub -Commerer MF Jurand Dropa fell – in response to the allegation of combating cryptocurrencies in Poland in a public domain – a statement that I would like to understand like an announcement, a declaration that due to the current lack of regulation of cryptocurrencies KNF recognized (digital assets) for highly risky. Having no grounds in the law, there was no possibility to shape another, from the perspective of the UKNF, a picture of this area of activity. Today, shaping, literally affecting these provisions, the basis for changes will be already. I keep the word that it will result in this visible, positively felt change
– Dawid Sendecki, Chief Risk & Compliance Office of the Stock Exchange.
Market expectations remain virtually minimal, as evidenced by the commentary of Jakub Bartoszek, president of the Cashify cryptocurrency exchange network:
The point is not for the state to promote cryptocurrencies, but to create honest, transparent rules of the game. It is worth noting that today only five countries throughout the Union, including Poland, do not yet have the National Act on the cryptoactic market. Does this mean that all the rest – from Germany, to France – put on a bad card? It is rather difficult to adopt such an assumption.
Company boards are asking today about specific solutions: how to safely store assets, how to report them in reports, how to reconcile innovation with compliance requirements. There were no such questions two years ago. Today, this is a real need that shows that strategic Bitcoin reserves cease to be an abstraction in Poland. Just a few days ago, Ice Code Games announced the first purchase of Bitcoin for its company treasury. The market sends a bright signal and the supervision gives the impression that it has not heard it
he added.
Michał grammar comment
We also asked the government for a comment. Deputy Minister of Digitization Michał Grammar described how he sees the cryptocurrency regulation process:
Understanding the needs, expectations, but also the fears of entrepreneurs, organizations and investors – both retail and institutional – in the cryptoactic sector is crucial for building lasting financial success of Poland and Poles. We base it on developing good practices, monitoring the market and adapting regulations to the dynamically changing economic reality.
Today, the government’s role is, among others Preparation and implementation of regulations resulting from EU regulations, which create solid foundations for the further development of the cryptoactic market in Poland. My priorities coincide with those that representatives talked about, including Ministry of Finance and the Institute of Digital Technology: construction of a stable financial ecosystem, introduction of appropriate incentives and security that increases the comfort of investing, as well as encouraging Polish investors to return from foreign stock exchanges and platforms to the domestic market.
Today’s meeting has shown that in the area of cryptocurrencies and blockchain technology – in addition to standard consultations under specific legislative projects – constant communication of public institutions with citizens is necessary. The newly appointed team is to serve as a durable dialogue forum. The conclusions and positions presented during the meeting allow you to look optimism at further work and give hope that the developed solutions will really contribute to the creation of a safe, yet attractive and competitive market.
Everyone who feels competent in this matter and has proposals for valuable solutions is invited to participate in this public debate.
The beginning of a new road?
It remains to be hoped that the start of the Parliamentary Cryptocurrency Team is the beginning of a new regulatory process in Poland and a change in the author’s approach to the blockchain industry. However, there is a fear that the act currently processed in the Sejm will be voted in its current form and only the announced veto of President Karol Nawrocki will cause that in the ruling environment there will be sobering up and a change in the position.
As PiS MP Janusz Kowalski announced earlier, the head of state is to veto the current project and in this place the new law is to be introduced, which Nowogrodzka is to write. The question is whether the new version of the regulation will get the acceptance of the ruling coalition. Otherwise, the Polish market will be suspended and still without clear regulations.
The entire report from the meeting can be seen on the website of the Sejm.
