Preparations for lex Cinkciarz? Operator of 13 online currency exchange offices with a license from the Polish Financial Supervision Authority

The Polish Financial Supervision Authority has granted Super Grupa a license of a national payment institution (KIP), thanks to which the company can provide payment services on principles similar to banks. The new status of the operator of 13 online currency exchange offices will also allow it to operate uninterrupted in the event of the entry into force of the so-called lex Cinkciarz, i.e. regulations for companies providing currency exchange services on the web.

On May 9, the Polish Financial Supervision Authority granted Super Grupa the status of a national payment institution (KIP). The company operates on the market as a consortium of several online currency exchange offices, including KantorOnline.pl, kantor.pl, dobrykantor.pl, liderwalut.pl, KonikOnline and TopFX. The company describes itself as the largest integrated entity in this segment in Poland, combining 13 services within one technological infrastructure.

Thanks to the obtained license, Super Grupa will be able to expand its offer with new payment services, including the implementation of transfers and financial settlements independently of banking institutions. The company's management announces further development and implementation of solutions aimed at individual and business customers, including faster transfers and more favorable exchange rates.

The new Super Group license is important for another reason. It concerns the so-called Lex Cinkciarz, a plan to regulate online currency exchange offices by inserting it into the act on the crypto-asset market. The measures proposed in it may force most entities providing online currency exchange services to cease their operations, as attorney Maciej Raczyński said in an interview with Bankier.pl at the end of last year .

According to the proposed rules, which were included in the still-processed act on the crypto-asset market, non-cash currency exchange will only be possible via payment accounts, and only payment service providers, i.e. companies with MIP (small payment institution) or KIP (national payment institution) licenses, can conduct business activity in the scope of such exchange.

Applying for MIP status, which is simpler, would not make sense for the vast majority of online currency exchange offices. As Maciej Raczyński pointed out, small payment institutions are subject to a limit of up to EUR 2,000 of stored funds per person. "In other words, if online currency exchange were to take place via payment accounts, a currency exchange office that applied for an MIP license would be able to exchange currency for one customer only with a limit of EUR 2,000. In practice, such a currency exchange office has no reason to exist," the expert explained.

- The Company places great emphasis on the security of its clients' funds and building trust in fintech services. The current status will allow the Company to introduce a currency exchange model via payment accounts, which is recommended by the Polish Financial Supervision Authority as part of new statutory changes. It should be added that the new act does not require the status of a National Payment Institution, but due to the limit of EUR 2,000 of funds accumulated in a payment account, it is de facto impossible to run an online currency exchange service without a KIP license - commented Paweł Kidaj, COO of Super Grupa.

Michal Misiura

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