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http://hdl.handle.net/11320/10853
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Pole DC | Wartość | Język |
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dc.contributor.author | Ziółkowska, Katarzyna | - |
dc.date.accessioned | 2021-05-06T11:53:16Z | - |
dc.date.available | 2021-05-06T11:53:16Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Annual Center Review, nr 12-13, 2019-2020, s. 4-8 | pl |
dc.identifier.issn | 1899-5942 | - |
dc.identifier.uri | http://hdl.handle.net/11320/10853 | - |
dc.description.abstract | Crypto-assets are private, convertible, digital tokens that are managed in a decentralized way using technology called distributed ledger technology (DLT). The term is not limited only to decentralized virtual currencies, but also commodities, digital goods and services. As such they can be considered an addition to a financial investment portfolio, being an alternative to traditional instruments, such as stocks, bonds or cash. However, wide use of crypto-assets is being currently hampered by lack of regulations followed by uncertainties as to the legal qualification of crypto-assets and consequences of investments in such instruments. From that perspective, it seems crucial to answer a question whether crypto-assets can be considered financial instruments in the light of the current Directive on Markets in Financial Instruments (so called MiFID II) at the EU level and national acts that implemented relevant provisions of MiFID II (in Poland it is the Act on Trading in Financial Instruments). Since neither the EU nor Polish legislator provided a clear answer to that question, some indications can be found only in official statements of regulatory authorities and the doctrine, which however are not always consistent with each other. Furthermore, the Member States used different legislative techniques in the process of implementing MiFID II so the nomenclature can differ. The article discusses the diverse approaches to crypto-assets in the interpretation of the EU and Polish legislation concerning financial instruments as well as implications of such differences. | pl |
dc.language.iso | en | pl |
dc.publisher | The Center for Information and Research Organization in Public Finance and Tax Law of Central and Eastern European Countries, the Faculty of Law, the University of Bialystok | pl |
dc.rights | Uznanie autorstwa-Na tych samych warunkach 3.0 Polska | * |
dc.rights.uri | http://creativecommons.org/licenses/by-sa/3.0/pl/ | * |
dc.subject | crypto-assets | pl |
dc.subject | blockchain | pl |
dc.subject | ESMA | pl |
dc.subject | MiFiD II | pl |
dc.subject | Act on Trading in Financial Instruments | pl |
dc.subject | securities | pl |
dc.title | Crypto-assets in the EU and Polish regulatory framework regarding financial instruments | pl |
dc.type | Article | pl |
dc.rights.holder | Uznanie autorstwa-Użycie niekomercyjne-Bez utworów zależnych 3.0 Unported (CC BY-NC-ND 3.0); | - |
dc.identifier.doi | 10.15290/acr.2019-2020.12-13.01 | - |
dc.description.Email | k.ziolkowska@wpia.uw.edu.pl | pl |
dc.description.Biographicalnote | Katarzyna Ziółkowska – PhD student at the Institute of Legal and Administrative Sciences of the Faculty of Law and Administration at the University of Warsaw and a member of the Research Centre on the Legal Aspects of Blockchain Technology. Professionally associated with the Polish National Centre for Research and Development. | pl |
dc.description.Affiliation | University of Warsaw, Poland | pl |
dc.description.references | Adhami S., Giudici G., Martinazzi S. (2018), Why Do Businesses Go Crypto? An Empirical Analysis of Initial Coin Offerings, “Journal of Economics and Business” vol. 100. | pl |
dc.description.references | Burniske C., Tatar J. (2017), Cryptoassets The Innovative Investor’s Guide to Bitcoin and Beyond, McGraw-Hill Education, New York. | pl |
dc.description.references | Caponera A., Gola C. (2019), Aspetti economici e regolamentari delle «cripto-attività», “Questioni di Economia e Finanza (Occasional Papers)” no. 484. | pl |
dc.description.references | ESMA (2019), Advice on Initial Coin Offerings and Crypto-Assets [online], www.esma.europa.eu/sites/default/files/library/esma50-157-1391_crypto_advice.pdf, access as of 30 April 2019. | pl |
dc.description.references | FINMA (2018), Guidelines for enquiries regarding the regulatory framework for initial coin offerings (ICOs) [online], www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/, access as of 30 April 2019. | pl |
dc.description.references | Komisja Nadzoru Finansowego (2017), Komunikat w sprawie sprzedaży tzw. monet lub tokenów (Eng. Initial Token Offerings – ITOs or Initial Coin Offerings - ICOs) [online], www.knf.gov.pl/o_nas/komunikaty?articleId=60178&p_id=18, access as of 30 April 2019. | pl |
dc.description.references | Komisja Nadzoru Finansowego (2018), Komunikat w sprawie funkcjonowania giełd i kantorów kryptowalut [online], www.knf.gov.pl/?articleId=61994&p_id=18, access as of 30 April 2019. | pl |
dc.description.references | Komisja Nadzoru Finansowego & Narodowy Bank Polski, Uważaj na kryptowaluty [online], www.uwazajnakryptowaluty.pl, access as of 30 April 2019. | pl |
dc.description.references | Romanowski M. (2016), Zasada numerus clausus papierów wartościowych [in:] Szumański A. (red.), Prawo papierów wartościowych. System Prawa Prywatnego tom 18, C.H.Beck, Warszawa. | pl |
dc.description.references | Sójka T. (red.) (2015), Komentarz do ustawy o obrocie instrumentami finansowymi, Prawo rynku kapitałowego. Komentarz, Lex, Warszawa. | pl |
dc.description.references | What is a cryptoasset? Types of cryptoassets [online], www.feedough.com/what-is-a-cryptoasset-types-of-cryptoassets-ultimate-guide/, access as of 30 April 2019. | pl |
dc.description.references | Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ EU L 173 of 12.6.2014, p. 349). | pl |
dc.description.references | Act of 29 July 2005 on Trading in Financial Instruments (Journal of Laws of 2005, no. 183, item 1538). | pl |
dc.description.number | 12-13 | pl |
dc.description.firstpage | 4 | pl |
dc.description.lastpage | 8 | pl |
dc.identifier.citation2 | Annual Center Review | pl |
dc.identifier.orcid | 0000-0002-8406-7565 | - |
Występuje w kolekcji(ach): | Annual Center Review, 2019-2020, nr 12-13 |
Pliki w tej pozycji:
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ACR_12_13_2019_2020_K_Ziolkowska_Crypto_assets_in_the_EU_and_Polish_regulatory_framework.pdf | 217,41 kB | Adobe PDF | Otwórz |
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