Republic claims that President Karol Nawrocki will veto the act on the crypto-assets market if it remains in its current form, among others. provision about the Polish Financial Supervision Authority as the body that is to supervise the industry. The new version of the regulation is to be prepared by, among others, prof. Krzysztof Piech from Lazarski University.
Will there be a veto?
The Polish cryptocurrency market is still waiting for the final decision regarding the draft law that is to regulate the digital assets industry. Particular concerns concern the fact that the Polish Financial Supervision Authority would supervise the industry. In addition, there are high penalties and complicated procedures. Anything may mean that Polish companies will become foreign on paper – they will move their headquarters to other countries. They will continue to operate in Poland, but on a passporting basis. The taxes will go to the budgets of other countries. There is no logic to it whatsoever.
However, according to media reports, President Karol Nawrocki will veto the current version of the bill. What will happen next?
New bill
The new version of the act is to be supported by prof. Krzysztof Piech, who has been promoting cryptocurrencies with us for years. Its version includes a proposal to establish a new supervisory office covering various areas of new technologies. The whole idea is based on the so-called soft regulation – warnings and tips, not severe penalties.
However, it will not be the case that the project will not ensure consumer protection – it is intended to help, among others: granting new powers to the Financial Ombudsman, thanks to which investors will be able to obtain support in disputes with foreign companies. In addition, there will be lower business fees, especially for startups.
In turn, supervision over electronic money will fall to the National Bank of Poland.
The new bill is not to be associated with any political party, which will make it easier to gain support from all groups.
However, the government side is currently defending its ideas. The Ministry of Finance claims that its detailed regulations will protect against the arbitrariness of the supervisor. In addition, the Polish Financial Supervision Authority is to be best prepared to supervise the industry. Moreover, it is supposed to take care of the well-being of consumers.
The ministry also warns that further delay in the entry into force of the regulations will hit the industry.
