POLAND Trends and Developments Contributed by: Michał Mostowik, Karol Juraszczyk, Kamila Mróz and Jakub Lach, Deloitte Legal, Gizicki i Wspólnicy sp.k.
EU. Although market interest is noticeable, it is too early for new business initiatives. It is also important to highlight the increasing activity of the Polish Data Protection Author - ity in areas critical to the ongoing operations of financial institutions. These include detailed examinations of the accuracy of personal data protection principles in creditworthiness assess - ments, as well as strict expectations regarding the independence of data protection officers (which are difficult to reconcile with the “three lines of defence” principle), among other things. Crypto-Assets Regulations 2024 was marked by legislative uncertainty for the cryptocurrency sector due to the lack of a national law aligning Polish regulations with the EU’s Markets in Crypto-Assets Regulation or MiCA. At the time of writing, the legislative process is ongoing, despite an initial draft of the law being published in February 2024. Until the law comes into force, Polish law does not provide a legal basis to process applications for crypto-asset service provider (CASP) licences, which impacts the competitiveness of the Pol - ish industry. The absence of a national law transposing MiCA into the Polish regulatory framework also means that the 18-month transitional period prescribed under MiCA remains unchanged. During this period, MiCA’s licensing requirements do not apply to entities registered as virtual asset ser - vice providers (VASPs) before the end of 2024. Although the current draft of the law proposes shortening the transition period to 30 June 2025, there is ongoing debate over whether this peri - od can be reduced after 30 December 2024 (ie, after MiCA became fully applicable). It is worth noting that approximately 1,700 entities are cur - rently registered as VASPs in Poland.
It is also important to note that as of 30 Decem - ber 2024, the EU Regulation on information accompanying transfers of funds and certain crypto-assets comes into effect. The Regula - tion implements the “travel rule” for cryptocur - rency transactions, requiring CASPs to collect, verify and share information about the sender and recipient of crypto-assets to enhance trans - parency and combat illicit activities. According to the Polish supervisory authorities, the “travel rule” applies to all businesses engaged in virtual currency activities, although this view is con - tested by some market representatives, as the Regulation explicitly refers to PSPs and CASPs. Impact of the Omnibus Simplification Package and a Clean Industrial Deal on Polish Fintechs The main driving force for a change in the ESG compliance of Polish fintechs’ (and perhaps even more importantly, that of their business partners) is the adjustment of the approach by legislators in the EU. This adjusted approach promises to reduce overall administrative burdens for EU companies by 25% and for SMEs by 35%, as well as ensure access to affordable energy, ena - bling EU industry (including energy-intensive sectors) to stay competitive, while maintaining the overall commitment to decarbonisation and utilising it as a factor for economic growth. This ambitious approach requires a major over - haul of the legislation. To this end, the European Commission has already published proposed drafts of the Taxonomy Disclosures Delegated Act, the Taxonomy Climate Delegated Act and the Taxonomy Environmental Delegated Act. The aim is to reduce the number of reported data points. There are also draft Directives amend - ing the CSRD and the CSDDD, which are aimed at postponing the application of all reporting requirements in the CSRD for companies that are
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