The draft law on crypto assets is currently under review.

The Ministry of Finance has prepared a draft law regulating the cryptoassets market.

The law is intended to ensure the application of the provisions of Regulation 2023/1113 of 31 May 2023 on information accompanying funds transfers and certain cryptocurrencies and amending Directive (EU) 2015/849 and Regulation 2023/1114 of 31 May 2023 on cryptocurrency markets (“MiCA Regulation“) and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937.

According to the objectives of the draft, “Theintroduction of the new legislation is dictated by the need to prepare a legal framework for the proper functioning of the crypto-asset markets, it is thus necessary to ensure effective supervision and investor protection by endowing the Financial Supervision Commission, hereinafter referred to as the “FSC”, with adequate resources for this purpose.”.

The provisions are intended to promote financial stability and the proper functioning of payment systems, as well as to counteract the threats to monetary policy that cryptocurrencies may create.

The bill aims to ensure effective oversight of the cryptocurrency market and to protect investors. Among other things, the draft provides for the following:

• designating the FSA as the competent authority for the application of the MiCA Regulation and introducing tools for the FSA to effectively exercise its oversight and implement the provisions of the Regulation;
• specifying the obligations of issuers of crypto-linked tokens and e-money-linked tokens and crypto service providers, including an obligation for issuers to provide the FSA with information on their activities that is subject to supervisory review;
• in the event of violations of the MiCA Regulation, delegated or implementing acts, it is proposed to grant the FSC supervisory measures to counter violations that may be committed by supervised entities;
• the introduction of the possibility for the FSC to impose sanctions on offerors, issuers or persons applying for the admission of cryptocurrencies, as well as the introduction of the FSC’s supervisory powers regarding, inter alia, the possibility to impose a financial penalty on persons professionally intermediating in or carrying out transactions related to cryptocurrencies;
• it is also envisaged to equip the FSC with sanctioning measures addressed to crypto service providers;
• introducing criminal liability for supervised entities;
• establishing the scope and principles of professional secrecy covering information obtained in connection with the provision of crypto services;
• to introduce the possibility of making declarations of intent in electronic form in relation to crypto services or their public offerings. It is envisaged that a declaration of intent made in this way will be given the same force as a declaration made in written form reserved under pain of nullity.

As envisaged by the Council of Ministers, the cryptoassets bill should enter into force together with the MiCA Ordinance, i.e. on:

• 30 June 2024 (in relation to issuers of asset-linked tokens and e-money tokens);
• 30 December 2024 (in relation to cryptoasset service providers).

Author:
	advocate Katarzyna Gelo