POLAND Law and Practice Contributed by: Wojciech Ługowski, Lawarton Lugowski Kapica Spolka Komandytowa
services meet legal requirements under MiFID II regulations, PSD2 and national financial laws. DORA sets overarching cybersecurity and resil - ience requirements, but outsourcing regulations dictate specific contractual obligations. These requirements make compliance legally binding rather than a matter of market practice. Financial firms impose strict controls on regtech providers to mitigate risks and maintain regulatory over - sight. 10. Blockchain 10.1 Use of Blockchain in the Financial Services Industry Traditional financial institutions in Poland are increasingly exploring blockchain to enhance security, efficiency and transparency. Many banks are testing blockchain-based solutions for digital documentation, compliance and set - tlement processes. The tokenisation of assets is gaining traction, allowing for fractional owner - ship and improved liquidity in capital markets. A notable blockchain-based initiative is the dura - ble medium technology developed by the KIR. This system integrates blockchain and WORM solutions to ensure secure and immutable stor - age of documents in online banking. Many banks and financial institutions have adopted this sys - tem to meet regulatory requirements. Several legacy financial players are also mem - bers of the Blockchain and New Technologies Chamber, a non-governmental organisation sup - porting the adoption of blockchain. Meanwhile, the NBP is analysing blockchain’s potential in central bank digital currencies (CBDC).
Polish legislation is still adapting to MiCAR, with KNF set to oversee the crypto-asset market. A unified regulatory approach could strengthen blockchain adoption in the financial industry, fostering greater integration of DLT and compli - ance standards. 10.2 Local Regulators’ Approach to Blockchain Polish regulators are actively shaping the legal framework for blockchain and cryptocurrency, with KNF preparing to oversee the crypto-assets market under MiCAR. However, Poland has not yet passed a national law implementing MiCAR, meaning that no entity currently holds CASP sta - tus in Poland and no one has been able to apply for a CASP licence either. Work on implementing MiCAR is still ongoing and the proposed bill includes a complete ban on staking and crypto lending, although this pro - vision is still being debated by the industry. KNF supports blockchain-based innovation through its Innovation Hub, helping fintechs nav - igate compliance challenges. However, it does not function as a regulatory sandbox, meaning companies must still adhere to existing financial laws. The NBP remains highly sceptical of cryptocur - rencies, frequently warning about their volatility and speculative nature. Meanwhile, KNF’s 2020 guidelines on crypto-asset trading continue to emphasise high investment risks and the need for investor caution. 10.3 Classification of Blockchain Assets In Poland, the classification of blockchain assets follows MiCAR, which directly defines three classes of tokens: e-money tokens, asset-ref - erenced tokens and other tokens (including util -
663 CHAMBERS.COM
Powered by FlippingBook