Fintech

Cryptocurrency Trading

A few years ago, only a few people understood the rules governing the cryptocurrency market and what virtual currency actually is. However, today, awareness is growing, and the European Union has begun regulating this previously uncontrolled area through Regulation No. 2023/1114 of 31 May 2023 on markets in crypto-assets (the so-called “MiCA” – Markets in Crypto-Assets Regulation). This regulation introduces rules for the issuance of crypto-assets and the provision of services within the European Union.

The provisions of the MiCA Regulation regarding ART (Asset-Referenced Tokens) and EMT (Electronic Money Tokens) will apply from 30 June 2024, with the remaining provisions coming into force on 30 December 2024.

Until 1 July 2026, CASPs (Crypto-Asset Service Providers) will still be able to operate within the EU without a license. A transitional period may apply to CASPs continuing operations that began before 30 December 2024.

Furthermore, on 13 November 2023, Council Directive (EU) 2023/2226 of 17 October 2023 on administrative cooperation in the field of taxation (the so-called DAC8 Directive) came into force, which regulates, among other things, the issue of reporting in the field of crypto-assets (CARF) and the exchange of cross-border tax rulings.

Currently, Polish lawmakers are working on the draft Cryptocurrency Act, which:

Designates the Polish Financial Supervision Authority (KNF) as the competent authority for the application of the MiCA Regulation and oversight of the cryptocurrency market.
Establishes the obligations of issuers of asset-referenced tokens and e-money tokens, as well as crypto-asset service providers, including the obligation for issuers to provide the KNF with information on their activities, which will be subject to KNF’s evaluation.
Introduces the possibility of imposing sanctions by the KNF on issuers or individuals seeking to admit crypto-assets, including the possibility of imposing financial penalties on individuals professionally intermediating in transactions related to crypto-assets or executing such transactions.
Introduces criminal liability for cryptocurrency market players.
Defines the scope and rules of professional secrecy, covering information obtained in connection with the provision of crypto-asset services.

We offer extensive legal support in helping CASPs—crypto-asset service providers—adapt to the new legal requirements, including those imposed by DORA.

Legal Support for Electronic Payment and Financial Services

We provide legal services to players in the OTC market operating on Forex, conducting fixed-rate or spot transactions, offering deposit services based on smart contracts, or offering other financial products or instruments, including on NFT platforms.

We ensure compliance with alternative trading system regulations, including MiFID II Directive, MiFIR Regulation, as well as national and implementing laws enacted in connection with their implementation, including the guidelines of the Polish Financial Supervision Authority (KNF). As part of our legal services:

We verify the financial instruments used, the existence of reporting obligations, the fulfillment of disclosure obligations, the implementation of the best execution principle, and the regime for Systematic Internalisers (SI).
We check the performance of transaction reporting obligations, the identification of financial instruments, and the fulfillment of technical standards.

We offer legal advice to national payment institutions, payment service providers (TTP), and e-money issuers, including, among others, AIS (Account Information Service Providers), providing access to client bank account information, and PIS (Payment Initiation Service Providers), enabling payments to be initiated directly from a client’s bank account. All our recommendations comply with the applicable regulations such as PSD2/PSD3 Directives and the PSR Regulation.

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