The end of Eldorado. The government will reach for our cryptocurrencies

In the second quarter of 2024, the government is to adopt a draft law on the cryptocurrency market in Poland. This will be another area supervised by the Polish Financial Supervision Authority.

This of course has advantages and disadvantages. On the one hand, investing will be safer, on the other – we will pay for it with freedom and anonymity.

An example comes from the European Union

The draft act is primarily a framework for the work of the Polish Financial Supervision Authority as the body supervising the Polish cryptocurrency market. The Polish Financial Supervision Authority will be able and will have the obligation to implement the provisions of the upcoming regulation.

The Polish Financial Supervision Authority will also impose new obligations on issuers of tokens related to digital currencies. They will, for example, have to provide the Commission with details of their activities. This will probably limit the freedom to act anonymously, but will provide additional investment security. The regulation will also regulate communication with clients and investors and professional secrecy.

The ability of the Polish Financial Supervision Authority to react to violations will certainly be to the benefit of investors. This will be bat on entities operating on the cryptocurrency market unfairly. The Polish Financial Supervision Authority will be able to impose fines on such entities. The regulations also include: mentions of criminal liability.

The draft act is a direct consequence of the adoption of similar rules at the level of the European Parliament and the Council. This concerns Regulation 2023/1114 of May 31, 2023 on crypto-asset markets.