The Polish Government to Introduce New Crypto-Focused Bill
The Polish government is set to introduce a new bill in the second quarter of this year that will regulate cryptocurrencies and grant the Polish Financial Supervision Authority (KNF) with additional powers. The bill is a response to the European regulations known as Markets in Crypto-Assets Regulation (MiCA), which were signed in May 2023.
Imposing Financial Penalties on Crypto Companies
The new bill will enable KNF to impose financial penalties on crypto companies, although the specific size and reasons for these penalties have not yet been disclosed. The aim of the legislation is to establish a legal framework for the proper functioning of crypto asset markets in Poland.
Reevaluating Regulatory Stance on Cryptocurrencies
Poland is not alone in reevaluating its regulatory stance on cryptocurrencies. Ukraine, which is seeking European Union membership, has also expressed its intention to regulate digital assets in line with MiCA requirements. Ukrainian authorities are working to implement some MiCA provisions, according to Yaroslav Zheleznyak, deputy chairman of the Ukrainian Tax Committee.
The Purpose of MiCA
MiCA aims to provide clear legal guidelines for cryptocurrencies and crypto firms that fall outside existing EU laws. Its objectives include 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.
Hot Take: Poland and Ukraine Embrace Crypto Regulation
Both Poland and Ukraine are taking steps to regulate cryptocurrencies in response to European regulations. By introducing new bills and aligning with MiCA requirements, these countries aim to establish legal frameworks that promote the proper functioning of crypto asset markets while safeguarding consumers and encouraging innovation.
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