POLAND Law and Practice Contributed by: Wojciech Ługowski, Lawarton Lugowski Kapica Spolka Komandytowa
Strict AML measures require customer due diligence and usage of KYC protocols. The execution and settlement of cross-border pay - ments do not raise significant regulatory concerns, as the existing framework remains stable and well defined. The primary focus of regulatory oversight is on AML and CFT compliance, ensuring transparency, risk mitigation and the prevention of illicit financial activities. 6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms Poland’s fintech market allows various types of mar - ketplaces and trading platforms, each subject to spe - Traditional stock exchanges, such as the Warsaw Stock Exchange (WSE), operate under the supervision of KNF and must comply with MiFID II regulations and the Act on Trading in Financial Instruments, ensur - ing transparency, investor protection and fair market practices. cific regulatory frameworks. Traditional Stock Exchanges In addition to the main stock exchange, Poland has NewConnect, an alternative trading system designed for small and medium-sized enterprises seeking capi - tal that has fewer regulatory requirements than the WSE’s main market. Meanwhile, Catalyst serves as Poland’s regulated market for corporate and munici - pal bonds, facilitating both retail and wholesale bond trading while ensuring compliance with MiFID II regu - lations and national securities laws. Cryptocurrency Exchanges See 10. Blockchain . Forex and CFD Trading/Platforms Forex and CFD Trading Platforms operate under MiFID II regulations, offering leveraged financial instruments such as contracts for difference (CFDs) and currency trading (Forex). These platforms must be licensed by KNF or another EU regulator under the passporting regime. Many retail trading platforms in this segment
operate under foreign licences, although they remain subject to Polish consumer protection and financial market regulations. Crowdfunding Platforms Crowdfunding platforms, while facilitating invest - ments, differ from traditional trading platforms as they do not provide active secondary market trading. They operate under the ECSP Regulation and allow inves - tors to participate in equity crowdfunding (acquiring shares in start-ups and SMEs) or debt/lending crowd - funding (financing businesses through loans). Unlike stock exchanges, these platforms lack liquidity and secondary market mechanisms, meaning investors hold assets until a liquidity event, such as an acquisi - tion or buyback. Others Other trading platforms, such as multilateral trad - ing facilities (MTFs) and organised trading facilities (OTFs), are also permitted. They operate under MiFID II regulations and require appropriate licensing and compliance with the best execution and market integ - rity standards. 6.2 Regulation of Different Asset Classes The regulatory frameworks for traditional securities and crypto-assets differ significantly, reflecting the distinct nature of these financial instruments. Traditional Securities Traditional securities, such as stocks and bonds, are primarily governed by the Polish Act on Trading in Financial Instruments. This Act aligns with MiFID II regulations, ensuring standardised regulation across EU member states. KNF oversees activities related to these financial instruments, enforcing compliance with established financial market laws. Crypto-Assets A harmonised EU regulatory framework for crypto- assets was introduced with the full application of MiCA in 2024. This regulation establishes a compre - hensive EU-wide framework for crypto-assets and related services. MiCA separates crypto-assets into three classes: asset-referenced tokens, e-money tokens and other tokens (including utility tokens).
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