The Polish government is preparing to implement a new bill focused on cryptocurrencies in the second quarter of this year, giving the Polish Financial Supervision Authority (KNF) additional regulatory powers, according to sources within the government as reported by Finance Magnates.
The bill, expected to be introduced by the end of 2024, will allow KNF to impose financial penalties on crypto companies, although the specific details of these penalties have not yet been revealed. This move is in response to the European Markets in Crypto-Assets Regulation (MiCA) that was signed in May 2023.
An official from the Polish government stated that the bill is necessary to establish a legal framework for the proper functioning of crypto asset markets in the country. This legislation signifies a shift from Poland’s previous focus on tax-related issues when it comes to cryptocurrencies.
Poland is not the only country reevaluating its approach to cryptocurrency regulation in light of MiCA. Ukraine, in its pursuit of European Union membership, has also expressed its commitment to aligning its regulations on digital assets with MiCA requirements.
In April 2023, Yaroslav Zheleznyak, deputy chairman of the Ukrainian Tax Committee, announced on his Telegram channel that regulatory bodies in Ukraine are working towards implementing some of the provisions of MiCA in collaboration with the National Commission for Securities and the Stock Market (NSSMC).
MiCA aims to provide clear legal guidelines for cryptocurrencies and crypto firms that fall outside the scope of existing EU regulations. The regulation is designed to protect consumers and investors, ensure financial stability, and promote innovation in the use of crypto-assets. MiCA is set to come into effect on December 30.
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