Poland to Regulate Digital Assets By the End of 2024

The Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) is reported to start regulating digital assets by the end of 2024.

According to local government sources, the Polish government plans to propose a regulatory bill for digital assets in the second quarter of this year, which will establish clear legislative frameworks and grant KNF with new power to impose financial penalties on crypto companies.

Polish media reported that the bill is a response to European regulations called Markets in Crypto-Assets Regulation (MiCA) which was signed in May 2023. MiCA is expected to enter into force at the end of 2024.

"The introduction of new regulations is dictated by the need to prepare a legal framework for the proper functioning of crypto asset markets, thereby ensuring effective supervision and investor protection by equipping the Financial Supervision Authority with the appropriate means," stated an official from the Polish government.

Poland, influenced by MiCA, is not the only country to reevaluate its regulatory stance on cryptocurrencies. Ukraine, seeking European Union membership, also affirmed its intention to regulate digital assets in line with MiCA requirements.

In addition, the UK's financial promotion rules targeting digital assets​ officially came into effect last October, which affected the business of many crypto entities such as Binance, Kucoin, and HTX in the country.