POLAND Law and Practice Contributed by: Michał Wołoszański, Łukasz Kudela and Marta Solarska-Kaleńczuk, Wołoszański & Partners
No Dedicated Tokenisation Regime Poland does not have a separate, comprehensive tokenisation regime. As a result, tokenisation projects are usually structured under existing legal frameworks, such as securities law, company law, fund regulation, contract law or property-law arrangements, depend- ing on the asset being tokenised. The use of block- chain does not, by itself, change the legal nature of the underlying asset or remove the need to comply with the rules that would apply to the same asset in non-tokenised form. Key Legal Issues The key legal issues are classification, title to the underlying asset, enforceability of token-holder rights, custody, settlement, transfer restrictions, investor disclosure and regulatory perimeter analysis. For that reason, the legal architecture of the structure is gen- erally more important than the technology used to record or transfer the token.
temic implications of stablecoin growth in parallel with EU-level work on the digital euro.
7. Tokenisation and Real-World Assets 7.1 Treatment Substance Over Technology Tokenised assets and real-world asset tokens are regulated in Poland by reference to the legal nature of the underlying asset or right, rather than by refer- ence to the technology used to record or transfer it. If a token represents or gives rights equivalent to a financial instrument – for example a security, unit in a collective investment undertaking or derivative – the existing securities and investment-services framework applies. If the token does not qualify as a financial instrument, ART or EMT, it may fall within the residual category of “other crypto-assets” under MiCA.
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