Criminal provisions in the Polish draft Cryptocurrency Act: what you need to be aware of
- Admin
- Jul 11, 2024
- 1 min read
The recent draft Cryptocurrency Act which is currently subject to consultation, introduces, among others, some significant criminal provisions aimed at enhancing market integrity and investor protection.
Key criminal measures in the draft Act:
Unauthorized crypto services: conducting unauthorized crypto asset services can lead to fines up to 5 million PLN, emphasizing the necessity for proper licensing and adherence to regulatory standards.
Public offering and trading without approval: entities conducting public offerings or seeking admission for crypto assets without necessary documentation face up to 10 million PLN in fines or up to two years in prison, or both.
Misrepresentation in information documents: providing false or withholding essential information in crypto asset documents can lead to fines up to 5 million PLN and imprisonment ranging from six months to five years.
Breaching professional secrecy: disclosing confidential information can result in fines up to 1 million PLN and up to three years in prison.
Misuse of crypto service designations: falsely indicating association with crypto services in business names or advertisements without proper authority results in fines up to 1 million PLN and up to two years in prison, aimed at preventing deceitful practices and maintaining market clarity.
Obstruction of regulatory oversight: obstructing or preventing regulatory inspections or audits carried out by the Polish Financial Supervision Authority can result in a fine of up to PLN 500,000 and up to two years' imprisonment.
