📈 Disclosure obligations for CASPs under the Polish Cryptocurrency Act

Poland is currently developing a draft law to facilitate the implementation of MiCA. This draft, known as the Cryptocurrency Market Act, outlines specific disclosure obligations for Crypto-Asset Service Providers (CASPs), aiming to enhance transparency and regulatory oversight. 

Key requirements include:

Financial and Operational Reporting: Issuers of asset-referenced and e-money tokens must report to the Polish Financial Supervision Authority (KNF) on their financial status and any events affecting their token issuance activities. They are also required to disclose compliance with MiCA regulations, including data on token value and asset reserves. CASPs must report their operational activities, financial health, and any significant events that may impact their services.

Prompt Notification of Changes: Both token issuers and CASPs must promptly inform the KNF of any changes in the information initially provided in their MiCA authorisation applications.

Verification of Information: Entities must provide the KNF with documents verifying the accuracy of reported information when necessary.

Electronic Submission: All required information and documentation must be submitted electronically via a designated information system provided by the KNF, with data formats specified by the KNF’s website.

Immediate Disclosure on Request: Individuals and entities, including issuers of asset-referenced tokens and those seeking admission to trading on a crypto-asset trading platform, must promptly provide information or explanations in writing or orally upon request by the KNF. They are also responsible for submitting copies of documents or other information carriers at their own expense.

Financial Review: If there are doubts regarding the accuracy, reliability, or completeness of financial statements or consolidated financial statements provided by token issuers or CASPs, the KNF may require an audit by an external audit firm for the concerned CASP or its controlling entity.

These obligations are designed to ensure that the KNF maintains a comprehensive understanding of the financial and operational health of CASPs, in line with MiCA’s objectives. 🔍