Chain News by Thebittimes.Com

The Polish government is expected to introduce a new crypto-focused bill in Q2, granting the local financial regulator with new power. The Polish Financial Supervision Authority (KNF) is gearing up to regulate crypto currencies by the end of 2024 with a new bill, Finance Magnates reports, citing sources from the Polish government. The new bill, which is expected to be introduced in the second quarter of this year, is said to grant KNF with new power to impose financial penalties on crypto companies. While the size of penalties nor the reason for them are yet to be disclosed, Polish news outlets say the initiative is a response to European regulations called Markets in Crypto-Assets Regulation (MiCA) that was signed in May 2023. You might also like: EU MiCA regulation seeks to restore trust in cryptos An official from the Polish government reportedly said that the bill was dictated by the “need to prepare a legal framework for the proper functioning of crypto asset m...

In an Oct. 26 announcement, the Spanish Ministry of Economy and Digital Transformation shared that the Markets in Crypto-Assets (MiCA) Act will come into force on a national level in December 2025, six months earlier than scheduled. According to the European Securities and Market Authority, the deadline for implementing MiCA is 18 months after full application in December 2024, putting the date at July 2026. Providing protection The announcement shares that the first vice president of Spain, Nadia Calviño, met with Verena Ross, the president of the European Securities and Market Authority, to discuss the advancement of MiCA regulations. You might also like: Spain’s central bank expects digital euro to enhance financial services The report goes on to say this option, which is in line with the request that ESMA has been making to Member States, allows the application of MiCA in Spain to be brought forward, allowing the CNMV to begin supervision earlier, which will provi...