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Polish regulator to focus on digital assets, fintechs under new supervision plan

The Polish Financial Supervision Authority put together a "digital supervision agenda" outlining its action plan to monitor and regulate "new phenomena on the financial market," support financial innovations and strengthen cybersecurity.

The Polish regulator plans to launch legislative initiatives and issue guidelines to regulate robotic advisory services, crypto and digital assets and crowdfunding platforms.

The FSA also wants to adjust existing regulations and guidelines to support financial technology companies and plans to further develop its Innovation Hub program to support financial innovations and enable their testing in its virtual sandbox.

In the field of cybersecurity, the FSA plans to focus on increasing the security of information processed in the cloud and developing a uniform model for cybersecurity risk assessment at supervised entities. The regulator will also review its recommendations regarding IT risk management on the financial market.