The Polish Ministry of Digital Affairs has adopted a new proposal which allows the local blockchain industry to regulate itself.
The Best Practices on Cryptograms, adapted on 29 March, cover the activities of enterprises, including their recommended legal form, transparency, legality of operations, relations with authorities, customer relationships, technology and security, and their attitude towards customers and customers Business partners.
Following the completion of the preparations of industrial representatives, which began at the beginning of the year, including Professor Krzysztof Piech, a faculty member at Warsaw Lazarski University, Konrad Zacharzewski, PhD, lecturer at Nicolaus Copernicus University and Lech Wilczynski, CEO of the Bitcoin payment platform InPay.
Other contributors include Bitstar.pl, dLK Korus Okoń, Bitelon, Fintech Poland and BitMarket.
The following public institutions were represented at the meeting on this topic on 29 March: the Financial Supervisory Authority, the Ministry of Finance and the UOKiK Watch Office (Office of Competition and Consumer Protection).
Government program
The document has been designed as part of the current government program to digitize more governmental operations.
Industry representatives say that they hope that the best practice will also increase risk awareness in the Polish cryptic market according to the news that the local law enforcement agency is investigating the shutdown of the local Bitcurex switch.
On the whole, the document also proposes a series of confidence-building solutions and encourages industry stakeholders to inform the Authority of “planned interruptions” and recommends that the maintenance does not last longer than 48 hours.
Furthermore, all such interruptions should be communicated to customers and business partners via e-mail and company websites.
“The idea behind the code is to reduce the risk of such a breakdown by identifying the best practices for the existing and, above all, new exchanges that may not be aware of certain risks,” Wilczynski told CoinDesk.
He added that the proposal provides additional information on how customers are able to evaluate a particular platform for their financial and technical security.
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