A few days ago we wrote about the fact that the FSC is of the opinion that it is as an institution innocent of the Bitmarket collapse. Professor Krzysztof Piech, an economist and cryptocurrency expert, is of a different opinion. The KNF has published a statement in which one can read, for example. "The cryptocurrency market is not a regulated market in Poland. KNF does not license, register, or supervise cryptocurrency exchanges. The financial market supervisory authority is not equipped with tools to help people affected by the collapse of a cryptocurrency exchange." The institution's statement was a response to Prof. Piech's criticism, who accuses the FSA of being partly to blame for the exchange's collapse. Lack of regulation the cause of the problems? "KNF is looking for an opportunity to defend itself against the accusations, because after all, when something happens in the financial market even the unregulated one, they began to wonder why such a situation occurred, where people lost all their assets" -said Prof. Piech yesterday in an interview with ComparicTV. In the following part, the economist explains his criticism and accuses the KNF that the institution "got lost" in terms of its competence: "The whole situation started with the fact that I used a bit harsher language in the part addressed to whistleblowers and suddenly it turned out that an email addressed to four people is a public email. Discussions about slander started, but they do not concern only me. I think that this announcement by the Financial Supervision Authority is a desire to speak in the discussion about the role of this institution in supervising the cryptocurrency market, because it seems to me that the Commission is lost in all this." KNF and the cryptocurrency market The KNF has been hitting the cryptocurrency market for a long time. It placed entities dealing with digital currencies on its warning list. It mainly included exchanges, but Bitmarket itself was missing. The Authority explains itself today as follows: "In response to the postulates addressed to the FSA by representatives of the cryptocurrency industry to undertake talks aimed at regulating this industry in Poland, we point out that the primary objective of the FSA's activity is the prudential supervision of the financial market by ensuring the proper functioning of this market and its stability. Neither cryptocurrencies nor trading in them are elements of the financial market, and they are often even presented as an unregulated alternative to this market." It is not clear why Bitmarket was not included in the list of institutions. Nor do we know if the authorities in Poland will eventually address the issue of regulating the new market. Tags bitmarket affair bitmarket KNF knf cryptocurrencies Krzysztof Piech Krzysztof Piech knf collapse of bitmarket
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