Poland is expected to regulate cryptocurrencies before the end of 2024, with its government set to introduce a new bill in Q2. The Polish Financial Supervision Authority (KNF) will reportedly be given new powers to manage and oversee cryptocurrency markets in the country. The move is significant as Poland doesn’t currently recognise crypto as a regulated financial activity.
Poland expected to regulate crypto markets in 2024
Reports circulated over the weekend to suggest a crypto regulatory framework is being worked on by the KNF. New proposals from the Polish government, which will be announced in the spring, will outline the details of this framework.
The KNF will then put the framework in place by December 2024, according to those familiar with the matter. The new crypto bill will work from the regulatory guidelines set out by the European Union last year.
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The Markets in Crypto Assets (MiCA) law is expected to overhaul crypto-asset markets and better protect investors when it comes into effect in 2024. The Polish bill will also attempt to mitigate some of the risks associated with crypto trading.
Regulators in Poland have been eager for the country to align its laws with the EU. They believe this will provide clarity for all the parties involved while enabling the KNF to ensure financial integrity and react to fraud and misconduct.
The Polish markets’ watchdog doesn’t have those powers at the moment. If and when the bill is adopted into law, the KNF will be able to dole out financial penalties.
