The KNF Digital Supervision Agenda is ready. The commission is taking blockchain and other technologies

Polish Financial Supervision Authority has just published the Digital Development Agenda. The Office plans activities in the field of control of new technologies which - as always - are ahead of Polish legislation. Keeping up the distance has been divided into four thematic blocks.

The first of the blocks are new phenomena on the financial market. What exactly is this about? Among other things, about monitoring social media or the so-called robo-counseling. This category also includes cryptocurrencies and the increasingly popular modern crowdfunding.

The second block assumes supporting fintech, i.e. all innovations on the financial market, regardless of whether they are introduced by companies or institutions.

The third is cyber security, which does not need to be specifically explained. The rapid development of technology brings new threats. Risk in new IT solutions is often recognized only after the first attack, so the more important are educational activities and analyzing potential threats.

Fourth, the PFSA wants to be more open to correspondence with clients using the latest IT tools and become a real e-office. Some processes will be automated, which will allow much easier exchange of basic information. Others will also be more efficient, minimizing information noise, and focusing on quickly resolving potential ambiguities and specific messages that will not need to be analyzed for too long.

For starters - cryptocurrencies

In the first block, the most important - according to the Polish Financial Supervision Authority - will be the issuance of supervisory positions explaining the legal status of aspects of a given activity in the light of legal regulations. Then the time will come to draft bills that will regulate especially those areas in which individual and non-professional investors operate, where they are most exposed to capital losses. Therefore, the KNF will primarily deal with the cryptocurrency market, which has experienced huge fluctuations in recent years. You could earn a fortune on it in a very short time, but also lose up to 90 percent just as quickly. capital.

Read also: ESMA: Risk cryptocurrencies for investors. Regulations needed at European level

Significant changes are also awaiting financing through crowdfunding platforms, which is more and more popular in Poland, but only subject to general regulations, which may lead to fraud attempts. In this aspect, we can also expect detailed solutions soon. There will also be guidelines for companies that use automated advisers, "talking" with clients, for example via social media. They will concern all aspects of such activities - from ethics, through typically technical solutions, to legal regulation of the most important issues.

KNF will help with innovative solutions

The Commission also wants to be a partner for companies introducing modern solutions on the financial market. And it is a partner who will serve knowledge, experience and offer solutions that allow checking new solutions.

“Entities creating innovative solutions will be able to test them with the support and supervision of the regulator. The launch of the blockchain network observation node at the Polish Financial Supervision Authority will enable testing of capital, banking and insurance market solutions in the field of Durable Medium and eVoting, ”reads the KNF's announcement.

The Commission will also detail current regulations so that Fintech entities can also be actively supported by other state institutions.

Cyber ​​security with an eye in your head

In the coming years, however, the PFSA will focus primarily on cyber security. Cloud services will be subject to a new message. It is to be extremely detailed, which will ensure not only risk reduction, but also a full information package for clients and potential clients of companies offering services on the financial market. The communication will include included cloud adoption reference model for financial market entities, all requirements for cloud service providers and details of the information obligation with risk assessment.