What is the official ID of this bill?
The official print number for this legislation is PROJEKT USTAWY 2529.
New rules on the crypto market: greater safety and protection for clients
The act introduces clear rules for the crypto-asset market in Poland, increasing the safety and protection of crypto investors. The Polish Financial Supervision Authority (KNF) takes over market supervision, gaining tools to fight fraud, including the ability to block suspicious accounts and websites.
Key points
Protection of your funds: Clients' money and crypto-assets held by service providers cannot be seized to pay off the providers' debts.
Safe transfer in case of bankruptcy: If your crypto provider loses its license or goes bankrupt, the regulator can order the transfer of your funds to another, safe company.
Fight against scammers: A register of illegal crypto websites will be created, and internet providers will be required to block access to them immediately.
Blocking suspicious accounts: In case of suspected fraud or market manipulation, the financial regulator can block a crypto or bank account for up to 6 months.
Professional advice: Persons offering advice and information on crypto must have appropriate knowledge and competence, reducing the risk of misleading clients.
Severe penalties for breaking the law: Operating without a license or committing information fraud carries multi-million fines and prison sentences.
Status:
Vetoed
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