The Ministry of Finance is preparing a draft law on cryptocurrencies. The document is intended to ensure effective supervision and protection of investors in the cryptoassets market. Information about the regulation under preparation has been included in the list of legislative and programme work of the Council of Ministers. The draft is to set out the obligations of issuers of cryptocurrency-linked tokens and e-money-linked tokens.

“The introduction of new regulations is dictated by the necessity to prepare a legal framework for the proper functioning of crypto-asset markets; thus it is necessary to ensure effective supervision and protection of investors by equipping the Financial Supervision Commission (KNF), with adequate means for this purpose”, says the Prime Minister’s Office.

The bill envisages the introduction of new solutions in the cryptocurrency market sector aimed at the implementation of the tasks arising from Regulation 2023/1114, in particular with regard to effective supervision and investor protection. They include the designation of the KNF as the authority that will supervise this market and the granting of the KNF “supervisory measures to counter violations that may be committed by supervised entities”.

The KNF in the draft is to be given the ability to impose sanctions on offerors, issuers, or applicants for cryptocurrency admission, and will also be able to impose fines on persons professionally brokering or executing crypto-related transactions. The proposed law is also expected to include the introduction of criminal liability for supervised entities.

“The severity of the penal measures will depend on the degree of the offence and will be closely related to the type of act subject to criminalisation. The solution is aimed at ensuring the safety of trade, including, above all, consumers, protection of the state and investors,” says the information on the proposed law.

Arkadiusz Słomczyński