The GIIF has published a communiqué reminding of the status of companies operating in the broader crypto industry. The institution reminds that companies involved in the exchange of traditional money into cryptocurrencies, various cryptocurrencies between each other, maintaining crypto accounts, etc. provide activities on the basis of registration in the relevant register.

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"The above-mentioned activity is a regulated one, which means that it may be performed after obtaining an entry in the relevant register. It should be emphasised that in order to obtain an entry, only an application and a declaration by the entrepreneur that the data contained in the application are complete and true, and that the entrepreneur is familiar with the conditions for the performance of virtual currency activities are required. Thus, the register established by the Act is of a record-keeping nature, which means that an entry in the register cannot be equated with granting a licence and, therefore, giving any warranty," reads the GIIF's statement.

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This means that activities related to digital currencies are not licensed or supervised by Polish state institutions, and deposits accumulated in cryptocurrencies are not guaranteed in the same way as, for example, bank deposits. "In view of the above, the General Inspector of Financial Information points out that entities operating in the field of virtual currencies are not entitled to include in their commercial statemenents, documents and websites information that they carry out activities licensed or supervised under Polish law," reads the GIIF communiqué.

At the same time, it was warned that the above information provided by the operator is abusive. Its use in marketing materials may be grounds for taking action by Polish trade regulators in relation to the dissemination of false information to consumers.