Poland will give the first license for electronic money

The financial market in Poland is expecting the first license for digital money which is issued by the Financial Supervision Authority (KNF), a regulatory body in charge of the financial activity. The permission was given to the Polish-British company, called Billion Solution. The business firm is allowed to make payment transfers in digital money. It is a significant landmark in the history of the country’s financial sphere.

KNF announced their support in the introduction of financial novelties and startup technologies. The government is for the development of the licensing in this direction and is ready for the dialogue. The companies’ safety is of utmost importance and the officials will assist and support users in getting the license.

Poland issued the Act on payment activity on August 19, 2011. The document regulates payment services, electronic money issuing, and rights and obligations of the parties carrying out these payments. The Act stipulates electronic money is to be treated as money meant for transactions and can be accepted not only by digital money creators but other companies too. But the users should not confuse virtual currency and electronica money as these are two different notions.

Billion Solution were acting under the license granted by the Financial Conduct Authority, UK.

The company is issuing electronic money and providing services based on the blockchain scheme. But Poland decided to expand financial operations after Brexit vote. Thus, the country became the passage for the rest of the EU.

The license is giving Billion Solutions an official status of home electronic money body with the right to support client’s accounts, issue payment cards, exchange currency and carry out various transactions. A company representative has advised that their services are mutually supportive of the regular banking system and the company plans to establish joint work with banks in the near future.

Poland Business News