Draft Cryptocurrency Act: Protecting professional secrecy through CASP obligations
- Admin
- Sep 10, 2024
- 1 min read
The proposed draft Polish Cryptocurrency Act establishes stringent professional secrecy obligations for CASPs, aiming at ensuring the protection of sensitive information related to the interests of entities availing crypto asset services. Here's what service providers and related personnel need to know:
Comprehensive Coverage: The professional secrecy covers all information related to the lawful interests of entities using crypto asset services, including transactional data, legal agreements, and financial conditions. In consequence, all identifiable details, contract contents, and asset information remain confidential.
Broad Responsibility: The obligation extends beyond CASPs to include all personnel within organizational structures or in contractual relationships with CASPs. This includes employees, board members, and other associated entities.
Enduring Obligation: The duty to protect sensitive information continues even after employment or contractual relationships end.
Liability for Breaches: Individuals responsible for unauthorized disclosure or improper use of secret information face liability for resulting damages. This holds all parties accountable for the protection of confidential data.
Legal Exceptions: Disclosure of confidential information is strictly regulated, permitted only under certain legal conditions such as court orders or regulatory requirements.
In line with MiCA, these obligations aim at reinforcing the protective framework around the sensitive information within the crypto asset market in Poland.
