Communication No. 87 for entrepreneurs operating in the field of virtual currencies

From 30 December 2024, traders active in virtual currencies will be required to apply the requirements set out in Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (hereafter TFR).

In line with the content of the TFR, it will be necessary to adapt existing procedures in order to comply with a number of obligations, such as verifying the actual ownership or control of an unhosted address when a transfer of crypto-assets is sent or received from that address or providing information on the originator and beneficiary of the transfer of crypto-assets.

The TFR will require entrepreneurs to take appropriate adaptation measures to correctly comply with the new obligations in the field of anti-money laundering and financing of terrorism, which will require the implementation of appropriate technical and organizational solutions.

The GIFI recalls that the obligations arising from the TFR should be implemented by entities entered in the register of activities in the field of virtual currencies kept by the Director of the Tax Administration Chamber in Katowice, starting from 30 December 2024.

In view of the above, it is recommended that entrepreneurs planning to continue their activities in the field of virtual currencies start preparatory activities to implement the requirements under the TFR.

In this preparatory action, entities planning to continue their activities in the field of virtual currencies, as well as entities that will seek authorisation in accordance with Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, should be guided by the Guidelines of the European Banking Authority (hereinafter: ‘EBA’) of 4 July 2024 on information requirements for transfers of funds and transfers of certain crypto-assets issued under Regulation (EU) 2023/1113 (‘travel rule guidelines’ EBA/GL/2024/11). In addition, it is necessary to follow the EBA Guidelines of 31 July 2021 on Money Laundering and Terrorist Financing Risk Factors (EBA/GL/2021/02), in particular to the extent that they have been amended by the EBA Guidelines of 16 January 2024 amending EBA/GL/2021/02. (EBA/GL/2024/01).

The Authority of the Polish Financial Supervision Authority has been consulted on the content of this note.

The full content of the indicated documents can be found at the following internet addresses.