Wyzwania nadzorcze w dobie innowacji na rynkach finansowych w świetle rozporządzenia MiCA
Challenges of Supervision in the Era of Innovations on Financial Markets in the Light of MiCA Regulation

Summary/Abstract: The subject of this article is selected provisions of the MiCA Regulation related to the supervision of the cryptocurrency market. The use of new technologies in financial markets, especially in the cross-border aspect, requires the introduction of adequate supervisory instruments of an administrative nature, including the empowerment of supervisory authorities to apply administrative sanctions. The protection of investors and the certainty and security of trading should be a priority. The author draws attention to the problem of division of supervisory competences between the European Union supervisory authorities and national supervisory authorities. Furthermore, the problem of administrative sanctions is discussed, including the legal basis for their application and the principles of sanctioning.

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