Crypto businesses in Poland brace for impact as new bill looms
The post Crypto businesses in Poland brace for impact as new bill looms appeared on BitcoinEthereumNews.com. The authorities in Poland are working on a bill to finally regulate the nation’s crypto market, the largest in Central and Eastern Europe, in accordance with the latest EU rules. While regulatory clarity may attract major players in the industry, the local crypto community fears that some provisions suggested by Polish politicians threaten the survival of smaller domestic companies. Polish government renews push to regulate crypto Poles may have been frustrated by delayed efforts to regulate the crypto space in their country, but what’s in store for them now does not necessarily bring a change for the better, Polish crypto media has noted. The government in Warsaw approved a draft law prepared by the finance ministry, the basic purpose of which is to implement the European Union’s Markets in Crypto Assets (MiCA) package in Poland, the Bitcoin.pl portal reported. But that’s not all. Certain texts added by local politicians are making Polish crypto companies think about moving abroad, the news outlet warned. If adopted, the legislation will assign regulatory oversight to Poland’s Financial Supervision Authority (KNF), which is not particularly popular among members of the country’s crypto industry. The agency will be tasked to control the operations of platforms such as cryptocurrency exchanges and token issuers, which will be required to share detailed information about their activities. The KNF will also be entitled to impose heavy fines on crypto firms, which can reach 22 million złoty annually (over $6 million). The penalties are harsher than those for banks, the report points out. According to the FinTech Poland Foundation for Financial Innovation, the regulations contain overly rigorous provisions regarding reporting obligations and supervisory powers. Bill raises entry barriers for crypto startups Poland is obliged to apply the rules introduced by the MiCA law, which seeks to unify regulatory frameworks across the…
The post Crypto businesses in Poland brace for impact as new bill looms appeared on BitcoinEthereumNews.com.
The authorities in Poland are working on a bill to finally regulate the nation’s crypto market, the largest in Central and Eastern Europe, in accordance with the latest EU rules. While regulatory clarity may attract major players in the industry, the local crypto community fears that some provisions suggested by Polish politicians threaten the survival of smaller domestic companies. Polish government renews push to regulate crypto Poles may have been frustrated by delayed efforts to regulate the crypto space in their country, but what’s in store for them now does not necessarily bring a change for the better, Polish crypto media has noted. The government in Warsaw approved a draft law prepared by the finance ministry, the basic purpose of which is to implement the European Union’s Markets in Crypto Assets (MiCA) package in Poland, the Bitcoin.pl portal reported. But that’s not all. Certain texts added by local politicians are making Polish crypto companies think about moving abroad, the news outlet warned. If adopted, the legislation will assign regulatory oversight to Poland’s Financial Supervision Authority (KNF), which is not particularly popular among members of the country’s crypto industry. The agency will be tasked to control the operations of platforms such as cryptocurrency exchanges and token issuers, which will be required to share detailed information about their activities. The KNF will also be entitled to impose heavy fines on crypto firms, which can reach 22 million złoty annually (over $6 million). The penalties are harsher than those for banks, the report points out. According to the FinTech Poland Foundation for Financial Innovation, the regulations contain overly rigorous provisions regarding reporting obligations and supervisory powers. Bill raises entry barriers for crypto startups Poland is obliged to apply the rules introduced by the MiCA law, which seeks to unify regulatory frameworks across the…
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