The new bill seeks to introduce a crypto regulatory framework that aligns with the EU’s MiCA.
Poland’s Financial Supervision Authority (KNF) will supervise cryptocurrencies and impose penalties where applicable.
Poland’s financial markets regulator plans to have a crypto regulatory framework in place by the end of the year, the Finance Magnates has reported.
According to the publication, which has cited details published in local media outlets, the Polish government is looking to introduce a crypto regulation bill that will facilitate this in Q2.
The move will see the Polish Financial Supervision Authority (KNF) empowered to surpervise the digital assets market in the country in line with European crypto regulatory guidelines. The EU adopte its Markets in Crypto Assets (MiCA) law in 2023 and is set to come into effect this year.
Poland’s pursuit of new crypto-related legislation is therefore down to the need to align local laws with the new EU rules. The new crypto bill is eyeing more clarity for KNF and the broader cryptocurrency industry, as well as proper investor protection.
If the new bill’s adopted into law, the Polish markets’ watchdog will have the authority to impose financial penalties against crypto companies.
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