Poland's lawmakers have passed a bill regulating the cryptocurrency market, proposing key restrictions and establishing a dedicated regulatory body.
The Polish lower house voted on Friday to pass the "Crypto Asset Market Bill," submitting the bill for review by the Senate.
Bill No. 1424 has not yet reflected the results of the lower house's third reading vote, but it has proposed a licensing system for Crypto Asset Service Providers (CASP), aligning Polish regulations with the EU's Markets in Crypto-Assets Regulation (MiCA) framework.
Due to the strict provisions of the bill, there has been strong backlash from the community, with violators facing fines of up to 10 million Polish zloty (2.8 million USD) and up to two years in prison.
The bill designates the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) as the main regulatory body for the domestic cryptocurrency market.
According to the bill, all CASPs—including exchanges, issuers, and custodians, whether local or overseas—must obtain a license issued by the KNF to operate in Poland.
CASPs are required to submit detailed applications, including company structure, capital adequacy, internal control and compliance systems, risk management policies, and Anti-Money Laundering (AML) procedures to obtain a license.
If the bill is passed and signed into law, Polish CASPs will have a six-month transition period to obtain the necessary licenses. Failure to do so will result in business closure and legal consequences.
The Polish "Crypto Asset Market Bill" was passed with 230 votes in favor and 196 against, triggering strong opposition from the cryptocurrency industry and some lawmakers.
Opposition Law and Justice Party (PiS) member Janusz Kowalski criticized Poland's implementation of the EU's MiCA regulation, claiming it is overly restrictive and warning that it could jeopardize the domestic cryptocurrency market and 3 million crypto holders.
"This is the largest and strictest cryptocurrency law in the EU," Janusz Kowalski wrote on the X platform (formerly Twitter) after the bill's second reading passed last Wednesday.
He pointed out that the law is excessively lengthy, describing it as "118 pages of overregulation" compared to the cryptocurrency legislation of Germany, the Czech Republic, and other EU member states.
Polish politician and blockchain advocate Tomasz Mentzen noted that implementing new cryptocurrency regulations under Poland's lengthy regulatory processes poses challenges.
"KNF is the slowest regulatory body in the EU, with an average application processing time of 30 months," Tomasz Mentzen wrote on the X platform (formerly Twitter) last Wednesday.
Tomasz Mentzen stated that the approval of the bill by the lower house, with members including Krystyna Skowrońska voting in favor, means that Poland's blockchain and stablecoin sectors may face "destruction."
He called on the Senate and President Karol Nawrocki to intervene and veto the bill to protect Poland's cryptocurrency market.
Tomasz Mentzen's brother, Sławomir Mentzen, is one of the candidates for the Polish presidency, promising to establish Bitcoin (BTC) reserves if elected in 2025. In the first round of elections on May 18, he placed third with 14.8% of the vote, trailing behind Rafał Trzaskowski and Karol Nawrocki.
In the runoff on June 1, Karol Nawrocki was elected president with 50.9% of the vote. Just days before the election, he promised to support the cryptocurrency industry and oppose "authoritarian regulation" that restricts freedom and innovation.
"Poland should be a birthplace of innovation, not a breeding ground for regulation. As President of the Republic of Poland, I will ensure that no authoritarian regulation that restricts freedom is implemented," Karol Nawrocki wrote on the X platform (formerly Twitter) on May 28.
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Original article: “Poland Advances Strict Crypto Bill, Sparking Strong Public Opposition”
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