The Act of 28 November 2014 Amending the Payment Services Act went into force on 29 January 2015. The act introduced major changes for all participants in the payment instruments market in Poland, including a statu¬tory reduction in interchange fees and addition¬al obligations for acquirers and payment card organisations.
The process of creating virtual currencies depends on the model used for the currency. In some instances it is a centralised process, where it is easy to identify the entity responsible for creation of the currency. In other cases, it is a decentralised process, in which various—often anonymous—users of the decentralised system may be involved in creation of the currency.
Although the Payment Services Act has been in force only a short time, there are already plans to revamp it.
The Payment Services Act provides a fixed list of types of suppliers of payment services and specifies the range of permissible activity by particular categories of payment service providers.
In light of the consequences that follow from a duty to comply with Poland’s new Payment Services Act, it is important for companies to review carefully whether the act will apply to the services they perform.
We continue our series of articles on the act transposing the Payment Services Directive into Polish law with a few comments on the implementing legislation.