The second quarter of 2024 will bring significant changes to the cryptocurrency market. The responsibility for supervising this sector will be taken over by the Financial Supervision Authority (KNF), which will receive expanded powers, including the ability to supervise and impose penalties.
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The establishment of the Financial Supervision Authority (KNF) as the main supervisor of the cryptocurrency market in Poland is a response to the regulation of the European Parliament and the EU Council from May 2023. It is not only about strengthening the legal framework for crypto assets, but also increasing investor protection. Among the new powers of the KNF will be the ability to impose financial sanctions and criminal penalties on entities and individuals operating in the cryptocurrency sector.
"The draft law is the result of the adoption by the European Parliament and the Council (EU) of Regulation 2023/1114 of 31 May 2023 on crypto asset markets and amending Regulations (EU) [...], hereinafter referred to as "Regulation 2023/1114", which will be applied from 30 December 2024, except for the provisions of Titles III and IV of Regulation 2023/1114, which will be applied from 30 June 2024." - the KNF announces in an official communication.
The new regulations provide that the Financial Supervision Authority will be appointed as the main body supervising the crypto asset market. The KNF will receive tools enabling effective prevention of legal violations by regulated entities.
The Financial Supervision Authority emphasizes that the amendment of the regulations results from the need to establish a solid legal framework for the effective operation of the crypto asset market. The expansion of the commission's powers is aimed at improving supervision and increasing the protection of people investing in cryptocurrencies.
The new regulations will enable the KNF to impose certain obligations on issuers of tokens related to cryptocurrencies, including the requirement to provide detailed information about their activities. There will also be greater emphasis on maintaining professional secrecy and on the way crypto asset service providers communicate with customers and investors.
The KNF's competencies will include the ability to impose financial penalties on entities and individuals operating in the field of cryptocurrencies, with the possibility of introducing criminal liability. The severity of penalties will depend on the degree of offense, taking into account the assurance of transaction security, consumer protection, the state and investors.
Experts emphasize that Poland, by implementing these changes, is adapting to the growing regulatory standards prevailing in the financial markets in the European Union. The introduction of these regulations is an important step towards stabilizing and professionalizing the cryptocurrency market in the country.
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