MiCA, or how the European Union intends to regulate the cryptocurrency market

16 November 2021 | Knowledge, News

Although the first Bitcoin was mined ca. 13 years ago, global economies are still barely coping with regulating crypto-assets. In line with the saying “so many countries, so many customs”, the governments of the world’s superpowers have at times proposed various, often completely extreme ideas to regulate this issue, including the outlawing of cryptocurrencies.

One of the most restrictive approaches to regulating cryptocurrencies is that of the People’s Republic of China. The People’s Bank of China, in a communiqué published on 24 October 2021, announced that any cryptocurrency transactions were illegal within the country and would be strictly countered by Chinese authorities, with cryptocurrency mining being added to a draft list of banned industries. However, such a state of affairs is not surprising.

In the months leading up to the ban, the Chinese government’s hostile attitude towards modern assets has been evident. In June of last year, two Chinese provinces, Xinjiang and Quinghai, were obliged to stop cryptocurrency trading and mining in their territories. Such regulations in China’s strategic provinces clearly signalled the imminent arrival of a total ban. Even though China often changes its approach, it is difficult to expect a thawing of its policy towards cryptocurrencies. This is not surprising, as Bitcoin or Ethereum, already used by 140 million people, are natural competitors to the e-juan.

Source: ITwiz.pl

Date: 12.11.2021

Any questions? Contact the authors:

Łukasz Węgrzyn

Maciej Kuranc

Bartłomiej Galos

Latest Knowledge

Whistleblower bill back in the Sejm

On 23 May, the Sejm (the lower house of the Polish Parliament) passed a bill on the protection of whistleblowers. We summarise what has changed from the previous versions, what needs special attention and what amendments the Senate has made.

Belka tax cut and what this means for companies

The Minister of Finance has announced a plan to reduce the Belka tax, to come into effect on 1 January 2025. And although he has said that the groundwork is already being laid, he has not yet revealed all the details of the proposed changes.

Liability of management board members

The liability of management board members is a complex and multifaceted issue. It is therefore worth taking a closer look at these issues, especially in light of recent developments.

Effectively managing collective redundancies

The labour market is seeing an increased number of collective redundancies. We check what rules govern collective redundancies and what obligations must be fulfilled in order to carry them out effectively.

SME Fund – Tomasz Szambelan accredited IP Scan provider

Tomasz Szambelan has been included in the list of accredited IP Scan providers maintained by the Polish Patent Office. The IP Scan service is part of the grant scheme for the filing of trade marks, designs and inventions from the European SME Fund.

New rules for setting fines for businesses by the President of UOKiK

At the beginning of April 2024, the President of the Office of Competition and Consumer Protection (UOKiK) published new clarifications on the determination of the amount of fines in cases related to the conclusion of agreements restrictive of competition and the abuse of dominant position.

Contact us:

Łukasz Węgrzyn

Łukasz Węgrzyn

Partner, Head of Technology Practice

+48 795 576 136

l.wegrzyn@kochanski.pl

Maciej Kuranc

Maciej Kuranc

Attorney-at-Law Trainee / Associate / NewTech / Data Protection and Cybersecurity

+48 22 326 9600

m.kuranc@kochanski.pl

Bartłomiej Galos

Bartłomiej Galos

Associate / Media Litigation

+48 22 326 9600

b.galos@kochanski.pl