As the market for cryptocurrencies and crypto-assets is growing at a frenetic pace, last year there were many discussions in the European Union about the rules and regulations related to them. On September 24, 2020 the European Commission has issued an important project affecting the Market of Crypto-assets in the European Union, namely the Proposal for theREGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Markets in Crypto-assets, and amending Directive (EU) 2019/1937.
What is the purpose of the proposal?
Due to the growing popularity of cryptocurrencies, there has occurred a need for increased regulatory scrutiny. There are different approaches to cryptocurrencies around the world regarding government regulations. The regulations in the new draft are designed to protect consumers from cyber-attacks, theft or malfunction on cryptocurrency exchanges. What is surprising – despite the emphasis on increased scrutiny and protection, the regulation does not mention a requirement for mandatory insurance against, for example, loss of assets due to fraud or cyber-attack.
In the era of COVID-19 pandemic, online shopping has become even more popular. Electronic payments are one of the most important, if not the most important segment of modern finance. Many companies have been quick to recognize this trend by introducing the BNPL (buy now pay later) service. This service allows you to postpone the payment for purchases for up to 30 days. However, most importantly it is a free service with no hidden additional costs as long as the buyer pays for the product on time. In case the consumer does not pay, he will have to pay commissions or be charged interest. In practice it means that the buyer pays for the product after receiving it, gets acquainted with it, checks whether it suits him and whether it works properly. With the rapid progress of digitalization, consumers’ approach to shopping and paying for the latter is changing. Such a facility is useful especially in the case of fashion shopping, where the customer has the opportunity to try the product before making the final decision. This service enjoys considerable interest in Poland and worldwide, e.g. in the United Kingdom it has already been used by nearly 33 percent of consumers who shop online.
Buy now pay later in Poland – legal regulations and market trends
The Polish medical and pharmaceutical industry has a long tradition. In recent years, its structure and dynamics have changed significantly. The domestic pharmaceutical industry is one of the strategic industries of the Polish economy. It plays a key role in the whole healthcare system, providing Polish patients with examined, effective, high-quality and affordable medicines. Most Polish pharmaceutical companies have been privatized and numerous companies have been taken over by large foreign pharmaceutical corporations. In addition, new successful companies are emerging, which thanks to their innovation and implementation of new technologies, are entering foreign markets and becoming competitors of foreign companies. They also contribute to a significant increase in the competitiveness of the Polish economy.
Thousands of lawsuits have been filed against Johnson & Johnson, a company known for its baby products, in recent years – but the most well-known one involves 22 women who alleged that their ovarian cancers have been caused by the baby powder they had been using. After the appeal, by the end of which the amount of money the company had to pay those women was reduced from 4.7 billion to 2.1 billion, Johnson & Johnson took legal steps to present the case before the Supreme Court. The Supreme Court has decided not to consider their case, however, which resulted in leaving in place the last verdict of the Missouri appeals-court.
The link between the illness and the product
was supposed to be based on the fact that Johnson & Johnson baby powders
contained talc. Talc is oftentimes found in close proximity to asbestos, which
is carcinogenic, and in the past the talc has been contaminated with asbestos.
It is also worth mentioning, that talk on itself is dangerous while inhaled in
large doses but the studies aren’t clear on whether or not it’s carcinogenic on
itself.
Although Johnson & Johnson denies that
their products are dangerous to health, they will no longer be selling the baby
powder containing talc in the US and Canada, focusing instead on the
corn-starch-based alternative.
On 11 August 2021 the Polish Act of Administrative Procedure Code Amendment was passed by the Polish lower house of the Parliament after the Senate’s adjustment consideration. On 14 August 2021 the Amendment Act was signed by the Polish president and on 16 August 2021 was published in the Polish Official Journal of Laws. As we can read on the official websites and from the official Ministry of Justice statement (from the ministerial conference):
The amendment to the Polish Administrative Procedure Code protects the interests of thousands of Polish citizens who are uncertain about the fate of properties important to them. The provisions passed by the Sejm dismiss the spectre of never-ending claims against the State Treasury.[1]
This statement should be read in the context of the real estate’s reprivatization socio-legal problem, to which politicians have mainly referred. [2]
It
is worth to notice that this amendment implemented Constitutional Tribunal
judgement of 2015 (P 46/13) on the inconsistency with the Polish Constitution of
previous procedural articles and there are a lot of critical voices about
recent amendment, for instance here:
