Polish draft Cryptocurrency Act - understanding civil Liability for information documents

In line with MiCA, the proposed Polish Cryptocurrency Act aims to increase market transparency and investor protection. In this context, the legislator plans to establish specific liability rules in connection with information documents relating to cryptocurrencies.

Therefore, it is worth outlining the key concepts:

Liability Scope: The draft act emphasizes that not only the entity creating the information document but also those contributing to it are held responsible. This ensures that every party involved in the preparation and dissemination of the information might be accountable for its accuracy, completeness, and honesty.

Detailed Document Requirements: Information documents must not only identify the responsible entity but also contain a statement from said entity affirming that to the best of their knowledge, the document is factual, comprehensive, and not misleading.

Joint Liability and Legal Representation: The principle of joint liability ensures that all parties involved share the responsibility and potential legal repercussions for any misinformation or omissions. Additionally, for legal entities, a member of the managing body must represent and affirm the document's truthfulness, thereby adding a personal accountability aspect into the corporate actions.

Translation Accuracy: Given the global nature of the crypto market, information documents are often translated into multiple languages. The draft act mandates that these translations must accurately reflect the original content without leading to misunderstandings or leaving out critical information.