On 28 September 2022 KG LEGAL KIELTYKA GLADKOWSKI’s financial team will take part in the webinar on Digital Assets Business, presented by Bahamas Securities Commission. Bahamas Securities Commission will present framework for Digital Assets Business, as well as an interactive session with Christina R. Rolle, Executive Director, Securities Commission of The Bahamas.
With its groundbreaking Digital Assets and Registered Exchanges Bill (DARE Bill) in 2020 and the Government’s 2020 white paper “The Future of Digital Assets in The Bahamas”, The Bahamas has managed to lay a wide regulatory foundation for digital assets. This includes the facilitation of digital token exchange registration and the provision of services related to them, the regulation of digital assets-based payment service businesses, and for the registration of financial services related to the creation, issuance or sale of digital tokens and other digital assets.
More
The Polish General Inspector of Financial Information (GIFI) is the main element of the Polish system of counteracting money laundering and financing of terrorism. In the performance of its statutory tasks, the GIFI is assisted by the Polish Financial Information Department of the Ministry of Finance. The GIFI, together with the Department, is considered a financial intelligence unit as defined in the regulations of the European Union.
The Polish General Inspector of Financial Information accepts reports of actual or potential violations of the provisions on counteracting money laundering and terrorist financing from employees, former employees of obligated institutions or other persons who perform or performed activities for the obligated institutions on a basis other than an employment relationship.
More
The new standard for IOS
The Partners of Kiełtyka Gładkowski KG Legal took part in the webinar concerning the iOS update (14.5) and its consequences for users’ privacy and third-party providers. The speaker was Tom Southern, the Country Offering Manager & Lead Solution Engineer at OneTrust.
While the usage of mobile apps has grown over the pandemic, the focus on privacy has shifted from cookies and websites to mobile apps. The plans to phase out third-party cookies aren’t a novelty in the industry – even Google has announced its plans to do so – but creating an opt in system for third party data collection across the apps in all countries (App Tracking Transparency – ATT) (no matter the country regulations) is a novelty. It is important, as many app developers use a third party to fully develop their app – for example, they may use a vendor to process the in-app payments. Not many users know what data is being collected by the third party.
More
From the beginning of 2023, products containing herbs or dried hemp intended for vaporization will be subject to excise duty in Poland. The same applies to glycerin or glycol solutions, which are apparently sold as fireplace inserts or air fresheners, although they are used in e-cigarettes.
The changes are envisaged in the already published draft amendment to the Excise Duty Act and certain other acts. The amendments assume, inter alia, entry into force of the obligation to keep electronic excise records and documentation a year later than planned, i.e. on January 1, 2024. Changes to the definition of e-cigarette fluid and innovative products were not announced in the list of legislative works.
More
Definition of cryptocurrency in Polish regulatory law (DIGITAL VALUE IMAGE)
According to the key legal definition of the Polish Anti-Money Laundering and Terrorist Financing Act of March 1, 2018, a virtual currency in Polish regulatory law is understood as a digital representation of a value that is not:
a) legal tender issued by the National Bank of Poland, foreign central banks or other public administration bodies,
b) an international unit of account established by an international organization and accepted by individual countries belonging to this organization or cooperating with it,
c) electronic money within the meaning of the Polish Act of August 19, 2011 on payment services,
d) a financial instrument within the meaning of the Act of July 29, 2005 on Trading in Financial Instruments,
e) a bill or a check.
The above legal definition of virtual money in Poland, in addition to the so-called negative list (that is, an indication on the list of those securities that are not electronic money) also includes the second condition.
It is a digital representation of value that is exchangeable in business transactions for legal tender and accepted as a medium of exchange, as well as a digital representation of value that can be electronically stored or transferred or can be the subject of electronic commerce.
AML 6 Directive – the new European Supervisory Authority of the future (AMLA)
More
