Report: Poland Set to Introduce Crypto-Centric Legislation in Second Quarter

The Polish government is set to introduce a new bill in the second quarter of this year that will give the Polish Financial Supervision Authority (KNF) the power to regulate cryptocurrencies. The bill is a response to the European regulations known as Markets in Crypto-Assets Regulation (MiCA), which were signed in May 2023. The KNF will have the authority to impose financial penalties on crypto companies, although the details of the penalties have not been disclosed. This move is seen as a way for Poland to establish a legal framework for the functioning of crypto asset markets, as the country has previously focused primarily on tax-related aspects. Poland is not the only country reevaluating its regulatory stance on cryptocurrencies in light of MiCA. Ukraine, which is seeking European Union membership, has also expressed its intention to regulate digital assets in accordance with MiCA requirements. MiCA aims to provide clear legal guidelines for cryptocurrencies and crypto firms that are not covered by existing EU laws, with the goal of protecting consumers and investors, ensuring financial stability, and promoting innovation in the use of crypto-assets. The regulation is expected to take effect on December 30.