The Legal 500 GC Summit Poland 2023


The Legal 500 GC Summit Poland 2023

Warsaw, 26 Oct 2023 – Leading figures in the financial and technology sectors convened at The Legal 500 GC Summit Poland 2023 to engage in a robust panel discussion on the current and future regulatory environment shaping the banking and FinTech industries in the European Union.

The panel, featuring Karol Zieliński alongside Katarzyna Urbańska from the Polish Bank Association, Michal Kurowski from Raiffeisen Bank International AG, and Łukasz Łyczko from PwC Polska, delved into an exploration of the merits and challenges posed by EU regulations. The focal points of the discussion included an evaluation of whether the regulations are beneficial or burdensome, and whether the industry is progressing in the right direction.

Karol Zieliński emphasized the critical role regulations play in providing certainty and necessary standardization. The nuanced discussion addressed the questions of sufficiency, necessity, and the potential impact of regulations on the industry’s trajectory.

Karol Zieliński underscored the presence of good and necessary regulations in the EU, citing the Payment Services Directive (PSD) as a prime example. Notably, the discussion delved into the evolution of PSD rules, emphasizing their positive impact on the industry, including the introduction of Open Banking and the forthcoming third version.

Expressing optimism for the Markets in Crypto-assets (MiCA) regulation, Karol Zieliński acknowledged its imperfections but highlighted its significance in standardizing the crypto space and providing a legal framework for local regulators. This, Karol Zieliński believes, will foster a more favorable environment for projects involving crypto assets.

The panel delved into the complexities of the Digital Operational Resilience Act (DORA), acknowledging its potential benefits in standardizing security measures across the EU. However, Karol Zieliński raised doubts about the necessity of creating a formal regulation for this purpose, suggesting alternative, less formal approaches such as best practices or recommendations.

Highlighting instances of what Karol Zieliński deemed unnecessary regulations, the discussion touched upon cloud computing regulations. Karol Zieliński argued that such regulations, though well-intentioned, add undue costs to FinTechs and hinder innovation, potentially diminishing Europe’s competitiveness in the global landscape.

In conclusion, Karol Zieliński characterized regulation as a double-edged sword, emphasizing the paramount importance of finding a delicate balance. Striking this balance, Karol Zieliński asserted, is vital for the continued success and innovation of the European FinTech industry.

The panel discussion at The Legal 500 GC Summit Poland 2023 provided a valuable forum for thought leaders to share insights, exchange perspectives, and contribute to the ongoing discourse surrounding the regulatory landscape in the dynamic intersection of finance and technology.

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  • Zuzanna Macieszko

    Content Creator with a deep passion for Public Relations, new technologies, and traveling. I find joy in bringing creative ideas to life and have been actively involved in various projects to date.

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