Poland is preparing to regulate cryptocurrencies by the end of 2024 in response to the European Union’s Markets in Crypto-Assets (MiCA) regulation that was signed into law in May 2023.
According to Finance Magnates’s report, the Polish Financial Supervision Authority (KNF) plans to introduce legislation in the second quarter of this year that will grant it the power to impose financial penalties on crypto companies.
While details are still scarce, the bill comes amid Poland’s need to establish a proper legal framework for its crypto markets, says an official from the Polish government.
With these new crypto regulations influenced by MiCA, Poland is moving away from its historically flexible stance on digital assets by addressing more than just tax issues.
Poland is not the only country rethinking its crypto rules due to MiCA. Ukraine, which is seeking EU membership, also plans to regulate digital assets according to MiCA requirements.
In April 2023, a top Ukrainian official said regulatory bodies are already implementing some MiCA provisions.
