Regulators Around The World Aiming Stricter Crypto Regulation Amidst Financial Stability Issues
Sophia Cruz • 1 min read
For the past few years, the crypto market has seen a lot of pressure from different crypto regulators in diverse jurisdictions whatever the market trend is.
Recently, the United States SEC has been eyeing, warning, and even suing some crypto companies, even the biggest ones. In fact, the United States is not the only country that faces this type of issue with regulators. Other countries such as Europe, Hong Kong, and others have joined the trend of rolling out regulatory frameworks to monitor the activities in the cryptocurrency industry.
For instance, the European authorities were advised to implement more strict regulations on leveraged bets on crypto assets this is based on the advice from the ESRB (European Systemic Risk Board).
The ESRB’s proposal includes several strategies such as requiring regular reporting from all companies dealing with crypto assets to set precise rules for the sector’s largest players. In addition, the proposal also states the introduction of leverage limits for investment funds exposed to crypto assets which would bring a notable change from the current regulation.
Moreover, the European Union has decided to adopt the MiCa (Markets in Crypto Assets) to keep track of the operations of the crypto industry. And on May 16th, EU state members approved the crypto rule in the final step of the legislative process which is soon to take effect in July 2024.
At this stage, most people in the European Union prefer to obtain their license for a crypto exchange in Poland. It’s more accessible, has double taxation accords with other nations, and they also have a very modest tax rate for businesses.
So if you are in the process of setting up your business in Poland, it’ll be easier and will put your plans into action.