2024-01-16 12:35:37
In response to the Markets in Crypto Assets (MiCA) regulation enacted by the EU in 2023, Poland is set to introduce a new crypto regulatory regime for the country.
The bill, which is expected to be presented in the second quarter of the year, aims to strengthen the control functions of the Polish Financial Authority (KNF). This represents a key shift in Poland’s approach to digital assets, moving from a primarily tax-focused stance to a stronger regulatory framework.
The expected legislation in Poland will give KNF greater regulatory powers will confer. These include, for example, the power to impose financial sanctions once morest crypto-companies. However, the specifics regarding the magnitude of the penalties and the conditions for their application have not been made public so far. Their goal is to create clarity and security for both the sector and investors, while they also want to ensure compliance with the EU framework.
Poland is not the only country rethinking its crypto regulations because of MiCA. Ukraine, which is seeking EU membership, also plans to regulate digital devices in accordance with MiCA requirements. The two countries’ efforts to implement the MiCA provisions show a regional shift towards more uniform and stricter crypto market regulation.
As the country prepares to align itself with EU standards, KNF’s role will be crucial in shaping the future of cryptocurrencies in Poland. This marks a new era for digital assets in the region, impacting industry players, investors and the wider financial ecosystem.
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