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Financial technology (FinTech)

Ministry of Finance recognises importance of Financial technology (also called FinTech) in relation to development of financial market. Innovative technologies are transforming the whole economy, including financial services market, which could potentially result in streamlining provision of financial services, reducing costs, or developing more efficient business models.

Within actions aimed at facilitating development of FinTech in Poland, in 2018 Ministry of Finance have initiated some legal changes, within which the scope of tasks of the Polish Financial Supervision Authority (KNF) has been extended to cover taking actions in order to faciliate development of innovations on financial market, introducing communication procedure with KNF performed in English language, or introducing procedure of non-binding letters to KNF, which was the basis for launch of Innovation Hub by KNF.

Ministry of Finance is also involved in works of Task force on blockchain, launched by KNF, which aims at starting a debate with all stakeholders in relation to legal impediments to development of blockchain-based solutions on fincial market (including crypto-assets issue). In addition, the Ministry of Finance, as the ministry responsible for designing regulations in the above area, is involved in ensuring the application of Regulation 2023/1114 of the European Parliament and the Council on cryptoasset markets (the so-called MiCA Regulation).

Materials

Innovation Hub by KNF
Information on the publication of the document
Last updated on:
22.02.2024 15:02 Anna Zaborska
First published on:
19.02.2019 11:23 Anna Zaborska
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