Poland to introduce crypto regulation bill in Q2: Report

The new draft law seeks to introduce a crypto regulatory framework in line with the EU MCA. The Polish Financial Supervisory Authority (KNF) regulates cryptocurrencies and imposes penalties where applicable.

Poland's financial market regulator plans to have a crypto regulatory framework in place by the end of the year, FinancialMagnets reports.

According to the publication, citing details published in local media, the Polish government is looking to introduce a crypto regulatory bill that will facilitate this in Q2.

The move will see Poland's Financial Supervisory Authority (KNF) empowered to regulate the digital assets market in the country under European regulatory guidelines. The European Union will adopt the Legislation on Crypto Assets (MiCA) in 2023 and it will come into effect this year.

Poland's adoption of new crypto-related legislation is on the need to align local laws with new EU laws. The new Crypto Bill is seeing greater transparency for the KNF and the wider cryptocurrency industry and proper investor protection.

If the new bill is passed into law, the Polish markets watchdog will have the power to impose financial penalties on crypto companies.

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