The government hits the crypto. New law with severe penalties
The new Act on the cryptoactic market assumes the supervision of the PFSA, high penalties and criminal liability for abuse when emissioning tokens.
On Tuesday, the Council of Ministers will deal with the bill on the cryptoactic market prepared by the Ministry of Finance. The document aims to implement EU regulations and introduces a number of significant changes regarding the functioning of the cryptocurrency sector in Poland.
Cryptocurrencies under control
According to the project, the Polish Financial Supervision Authority will be responsible for the supervision of the cryptoactive market. It is to control the activities of token issuers – both those associated with assets and electronic money – and companies providing cryptoactic services. Issuers will be obliged to provide KNF with information on their business. The Commission will also have the right to demand additional data necessary for effective supervision.
The project also provides for the award of KNF tools to counteract irregularities. In the event of suspected violation, the authority will be able to prohibit the start of the public offer of cryptoctives, suspend its course or prevent them from marketing. In addition, the PFSA will obtain competence to impose sanctions – both financial and administrative – towards issuers, offering and persons participating in cryptocurrency transactions.
Consumer protection
The bill also provides for criminal liability for serious violations of the law in the issue of tokens or the provision of services in the area of cryptoctives. Depending on the importance of the act, the perpetrators will be in danger of limiting freedom or imprisonment. As emphasized in the justification, the proposed level of penalties is in line with other financial market regulations and is intended to protect consumers and investors.
In addition, the bill assumes the introduction of professional secrecy in the area of cryptoactic services. A catalog of situations in which the information covered by the secret may be made available to specific bodies is provided, and the cases in which their disclosure will not be violated.
