Sytuacja regulacyjna na rynku kryptoaktywów

The KNF informs that Regulation (EU) 2023/1114 (MiCA) on crypto-assets will come into force (with some exceptions) on 30 December 2024, there is a possibility that some CASP will continue their unregulated activities until 1 July 2026 as a result of the transition period.
Crypto-assets before MiCA
There are currently no regulations on crypto-assets that CASP must follow, except for AML and terrorist financing. This means that there is no outlined investor protection and KNF is not involved in any oversight activities.
Crypto-assets after MiCA implementation
MiCA defines crypto-assets as transferrable virtual assets or rights, which can be electronically safeguarded with certain technology. This technology allows issuance, trading and intermediary services. Professional traders on the platform will be subject to regulation and thus license and disclosure information obligations. MiCA aims to improve the following:
– availability of information for investors on products, services and risks of crypto-assets
– fairness of trading, including quality and security of the products and services
– stability on the crypto-assets market
Risks associated with crypto-assets
The current risks associated with crypto-assets are:
– very high volatility
– price based primarily on speculation, as no pricing methodology exists
– lack of broadly accepted economical value
– risk of losing assets as a result of the complicated and unregulated technology
– risk of business ventures financed with crypto-assets
– extremely high risk of fraud and market abuse due to lack of regulation
EU’s public administration on regulating CASP
At the moment, all EU regulators are bound by existing rules, which do not foresee overseeing the crypto-assets market.