Work is underway on regulations that will regulate the crowdfunding market. According to the proposed act, the platforms that deal with this will operate by the license and will be supervised by the Polish Financial Supervision Authority. However, the amount they will obtain through crowdfunding will increase from €1 million to €5 million. The increased limit will apply from November 2023.
"In the short term, the new regulations will ensure a relatively safe functioning of the market, and in the long term, they may enable the development of platforms, also abroad," Artur Granicki, president of Navigator Crowd, assessed.
In Poland, there are no legal regulations directly related to the crowdfunding market. Investment crowdfunding platforms operate primarily on the principles resulting from the Act on Public Offering.
"Regulating the crowdfunding market has been necessary for many years. Already in 2017, the European Commission concluded that the lack of regulation was one of the biggest obstacles to the development of fintechs in the area of investments," Artur Granicki explained.
"Since so far there were no clear regulations on how crowdfunding platforms should work and what offers and campaigns should look like, it was not entirely clear what is allowed and what is not. The Polish Financial Supervision Authority tried to address this issue by issuing two positions in 2019 and 2020, however, they were still not universally binding regulations. Therefore, the introduction of an EU regulation and law, thanks to which we will have clear rules, will ensure the security of the market, investors, and the possibility of developing crowdfunding platforms in a safe legal environment," the expert added.