The Lex Mundi working group for blockchain has prepared a Global Token Sales Guide summarising the different regulatory regimes for ICOs (initial coin offerings) in key jurisdictions around the world. Wardyński & Partners authored the section on Poland.
Several recent meetings and discussions about the blockchain have made me realise the growing antagonism that exists between the law and the blockchain. This conflict is largely the result of misunderstandings, which need prompt clarification.
Many people assume that the approach for regulating the blockchain should be similar to that for many other new technologies. First, it has to be well understood, before adapting traditional regulations to it. This assumption will not work with the blockchain. A whole new approach is required. It is important to realise this, because otherwise it will lead to a number of misunderstandings.
Any new technology that gains universal application changes the existing world. The reconfiguration occurs imperceptibly but thoroughly. But in this new reality, how should the rule of law, values essential to the civil society and human rights be protected?
A new economic reality functioning in cyberspace has arisen before our very eyes. Human activity, both positive and negative, is moving to the virtual arena that functions above and beyond state borders. Consequently we must develop the skill to adapt familiar legal institutions to this new reality.
The interdisciplinary New Technologies practice has functioned at our law firm for several years. The lawyers on the team share a passion for examining technical issues and their influence on the possibility of effectively protecting the rights of citizens and the civil society—and a belief that lawyers must raise their awareness of new technologies.
Consultations are nearing the end on the proposed Regulatory Technical Standards (RTS) for strong customer authentication announced by the European Banking Authority pursuant to the revised Payment Services Directive (2015/2366, known as PSD2). This proposal was much awaited by the entire financial technology industry. The standards could have a huge impact on business models and tech solutions applied on the FinTech market.
Last year we discussed, in the context of copyright infringement, whether an Internet service provider could be required to block access to a specific web page. The conclusion was that current law did not expressly provide for such measures but attempts to apply them could not be ruled out. But a number of legislative proposals have appeared recently calling for blocking of Internet content that does not infringe copyright.