- Polish creators haven’t yet embraced the cryptocurrency and tokenization craze, but it’s only a matter of time – says Kamil Sokołowski, director of BrandBuddies agency
- The Office of the Polish Financial Supervisory Authority constantly monitors the situation in the crypto-asset market and global trends related to attempts to regulate them
- More such information can be found on the main page of Onet.pl
The cryptocurrency industry is growing day by day. Over the past two years, the market has grown from 2,000 to over 8,000 cryptocurrency projects, and the growth rate is even accelerating. Of course, many of these cryptocurrencies are scams or dead projects. However, many projects will survive and operate for years, and some will grow into multi-million dollar businesses.
There are people or groups of people who want to inform the market and promote cryptocurrencies. Some focus on providing knowledge, others mainly recommend investments. This phenomenon was recently noticed by social media specialist Wojtek Kardyś. He mentioned, among other things on Atisie Paulu, 20, who gives investment advice and maintains an account on OnlyFans. Access price? $50 monthly. He made millions.
– Polish creators have yet to embrace the cryptocurrency and tokenization craze, but it’s a matter of time. For many young people, the differences between the real world and the virtual world are blurring – says Business Insider Polska Kamil Sokołowski, head of influencer agency Brand Buddies. – However, most recipients do not yet understand this market, they do not know how to navigate it. Despite the significant increase in recent months, awareness is only slowly emerging – he adds.
Influencers are slowly discovering cryptocurrencies
Cryptocurrencies are linked to blockchain technology. NFT (Non-Fungible Token – non-exchangeable token) is based on this. It is a kind of crypto token, i.e. something like a virtual ledger, where all assets and transactions are recorded in a huge decentralized database. Well-known infiltrators are beginning to work in this area.
– Some extent may be the result of Krzysztof Gonciarz, who sold his NFT “Fantazmaty” in an online auction for 1.05 Eth (then below 10,000 PLN, today more than 17,000 PLN) It’s a nice result, but I think it falls short of expectations and records that we hear about abroad. The buyer of the token admitted that he hopes that in the future he can sell the work with an increase of at least three times – he adds.
We heard from a representative of one of the influencer agencies that Polish creators are not too eager to promote cryptocurrencies yet. – We had several clients in this area and were looking for influencers interested in promoting cryptocurrencies for a fee, but interest was low. They were afraid of the subject and did not understand it – said our interlocutor.
On YouTube you can find many Polish cryptocurrency channels run by enthusiasts of this phenomenon. This includes Cryptocurrency Encyclopedia or Mike Satoshi. While the subject of crypto on YouTube is present, for example, it is becoming increasingly popular TikTok banned all financial products this summer, as well as user activities advertising cryptocurrency investments. This one seems to be correlated to the recent tightening of Chinese cryptocurrency policy. TikTok, however, explained that recently there are more and more scammers and ordinary touts who want to take advantage of the naivety of users. And TikTok is very popular with teenagers.
Sometimes cryptocurrencies are advertised by influencers, which turn out to be scams. This year the cryptocurrency was announced by Kim Kardashian. The celebrity promoted Etehereum Max, which has nothing to do with real Ethereum. Kim Kardashian is suspected of having participated in a “pump and dump” action. What is it about? Influencerka was to receive a lot of money for promoting a cryptocurrency that has no more value – except that it is recommended by famous people.
Instagram rules required a celebrity to admit it was an advertisement, but certainly did not have to disclose to the public that Ethereum Max was not Ethereum and was purely about a speculative digital token, created a month earlier by unknown developers.
Promotion of cryptocurrencies – what is the opinion of the Polish Financial Supervisory Authority and the Office for Competition and Consumer Protection?
The UK Financial Supervisory Authority took an interest in the case. FCA chief Charles Randell told the Cambridge symposium on economic crime that the American celebrity, by posting an ad for the dubious cryptocurrency, had done “financial promotion in front of the widest public”. The FCA chief noted that this speculative token was created a month earlier.
See also: 15 of America’s youngest billionaires. None of them are 40 years old
FCA is the UK equivalent of the Polish Financial Supervisory Authority. How does she see the promotion of cryptocurrencies by personalities? He can’t do much. – The cryptocurrency market is not a regulated market in Poland. The Polish Financial Supervisory Authority does not authorize, register or supervise cryptocurrency exchanges and cryptocurrency exchange offices. There are also no legal instruments to support aggrieved customers of these entities, says Jacek Barszczewski of the Polish Financial Supervisory Authority, Business Insider Polska.
– Whether Desk The Polish Financial Supervisory Authority constantly monitors the situation in the crypto-asset market and global trends related to attempts to regulate them. Although in Poland this activity is not formally subject to the supervision of the Polish Financial Supervisory Authority, we use the knowledge and experience of KNF employees to warn consumers of the risks associated with this type of alternative investment. – says Barszczewski.
Recently, influencers have come under scrutiny from the Competition and Consumer Protection Office, which is examining the phenomenon of their products being advertised on social media without marking in the posts they advertise. We also asked UOKiK about activities related to the promotion of cryptocurrencies.
“Last year, UOKiK dealt with the issue of promotion in social media, for example on the YouTube channel pyramid-type promotional systems, incl. related to the Dascoin cryptocurrency. Our activities in this area did not concern the most popular influencers, but the promoters of these systems are influential people in the circles of people interested in this type of investment. In December 2020, UOKiK President Tomasz Chróstny issued the first decision, imposing almost PLN 450,000. PLN fine for YouTuber promoting pyramid-type promotional schemes Lawsuits are pending against several other people promoting such schemes on the Internet and tempting consumers with allegedly easy profit without risk “- reads in a UOKiK’s answer.
UOKiK points out that “while the promotion of pyramid schemes is legally prohibited and considered an unfair market practice, mere advertising of cryptocurrencies is generally not prohibited by law. ”
“In such a situation, it is of course important that, firstly, the message is clearly marked as an advertisement or sponsored material, and, secondly, that the influencer provides consumers with reliable information about the product, including a warning about the risk associated with it” – informs the press office of the Office .