According to information published on the Council of Ministers’ list of legislative works, the Ministry of Finance is working on a bill that might regulate fintech companies such as Revolut and Curve.
These fintech companies, which have a British financial supervision authority license and operate in other European Union countries on the basis of a so-called passport, will lose the right to do so if Great Britain decides to leave the EU without a deal. There is likely to be a large number of companies with a British license operating in continental Europe on the basis of such a ‘passport’, but Revolut and Curve are the most popular.
The information included in the list of legislative works states that in the case of a no-deal departure of the UK from the EU, financial institutions from the UK that operate in Poland will lose the right to continue doing business on the basis of a European single passport. In such a case they will be considered third-country businesses. The finance ministry states that the goal of the proposed legislation is to protect the interest of customers by allowing an appropriate transitional period so that companies can adjust to the new circumstances.
