Development of rules and regulations for Polish users of the virtual currency service
We provide ongoing legal services to an entity listed in the register of providers of services in the scope virtual currency. The entity runs a service and mobile app, providing a cryptocurrency wallet enabling the purchase (on – ramp) and sale (off- ramp) of virtual currencies.
As part of our collaboration, we have been developing terms and conditions for Polish users of the app. The terms and conditions set out the principles for purchasing and selling virtual currencies. In addition, as part of the project, we provided:
- an opinion on the solutions adopted by the client regarding identification an verification of identity of the users of the app (remote onboarding of the client, adopted methods of identification and verification of the client’s identity);
- an opinion on the compliance of the process of purchasing or selling cryptocurrencies with regulation on consumer protection and on personal data processing.
We provide ongoing legal services to the client by responding to day-to-day queries regarding the operation of the application.
See also:
We are advising a Lithuanian-licensed Electronic Money Institution, on the design and full regulatory implementation of its euro denominated Electronic Money Token (EURM) in compliance with EU Markets in Crypto Assets Regulation (MiCA).
We advised a polish comapny on obtaining Bank of Lithuania approval for the acquisition of 100% of the shares in a licensed Electronic Money Institution (EMI). Our work focused on the preparation of a comprehensive change of control application package, including ultimate beneficial ownership, financial standing, business plan impact, source of funds, and fit and proper assessments for management and key function holders. We also coordinated all regulator Q&A and ensured the submission met the highest supervisory standards.