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Poland to Regulate Crypto in 2024, KNF Empowered to Impose Fines (Finance Magnates)

After several years of not officially recognizing cryptocurrencies, the Polish Financial
Supervision Authority (KNF) plans to start supervising digital assets by the
end of this year. As Finance Magnates learned, the Polish government plans to
present a bill on this matter in the second quarter of this year.

For the
local industry, this means finally setting clear legislative frameworks, and
the KNF will have the opportunity to impose financial penalties on companies in
the cryptocurrency sector.

Poland to Regulate
Cryptocurrencies. Compliance with EU Regulations

to reports from Polish media, the move is not proactive but rather a response
to European regulations on cryptocurrency markets that came into effect in May
of last year

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,โ€ the official comment from
the Polish government stated.

The first
steps towards regulating the cryptocurrency market appeared in 2020. Over the
past few years, the digital asset market in Poland has not had specific legal
frameworks; only its tax status has been regulated. In the meantime, the KNF
repeatedly warned
investors about the excessive risk associated with investing
in digital assets.

changes can Polish crypto enthusiasts and local cryptocurrency companies
expect? The proposed regulations suggest as many as seven significant changes.

Hereโ€™s the list of countries which lead crypto regulation๐Ÿ‘‡Austria ๐Ÿ‡ฆ๐Ÿ‡น Bahamas ๐Ÿ‡ง๐Ÿ‡ธ Bulgaria ๐Ÿ‡ง๐Ÿ‡ฌ Denmark ๐Ÿ‡ฉ๐Ÿ‡ฐ Estonia ๐Ÿ‡ช๐Ÿ‡ช Finland๐Ÿ‡ซ๐Ÿ‡ฎ France ๐Ÿ‡ซ๐Ÿ‡ท Germany ๐Ÿ‡ฉ๐Ÿ‡ช Greece ๐Ÿ‡ฌ๐Ÿ‡ท Hungary ๐Ÿ‡ญ๐Ÿ‡บ Ireland ๐Ÿ‡ฎ๐Ÿ‡ช Italy ๐Ÿ‡ฎ๐Ÿ‡น Japan ๐Ÿ‡ฏ๐Ÿ‡ต Latvia ๐Ÿ‡ฑ๐Ÿ‡ป Lithuania ๐Ÿ‡ฑ๐Ÿ‡น Luxembourg ๐Ÿ‡ฑ๐Ÿ‡บ Malta ๐Ÿ‡ฒ๐Ÿ‡น Poland ๐Ÿ‡ต๐Ÿ‡ฑ Portugalโ€ฆ

โ€” KoinX (@getkoinx)

KNF Will Be Able to
Penalize Cryptocurrency Companies

Poland aims
to more closely regulate crypto activities by designating the KNF as the
supervising body and introducing stricter rules that crypto companies must

  • The
    main regulator for crypto in Poland will be the KNF. It will oversee new crypto
  • Companies
    issuing crypto coins or providing crypto services will need to report their
    activities to the KNF. The KNF will check if they are following the rules.
  • If
    crypto companies break the new regulations, the KNF can take action against
    them. This includes imposing fines or penalties.
  • There
    will be stricter rules about criminal penalties for crypto companies that break
    laws. This is to protect consumers and investors better.
  • The
    regulations also cover confidentiality rules about the information crypto
    companies obtain from their customers.
  • Some
    provisions will allow crypto companies to use electronic contracts and
    statements. These will have the same legal validity as paper documents.

Thus, Poland will
join the growing group of European countries where local supervisory
commissions regulate the cryptocurrency market. Among
them is the British FCA, which presented fresh guidance in November amidst
crypto marketing turmoil in the country.

This article was written by Damian Chmiel at

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