Poland lawmakers have approved a bill that regulates the crypto asset market, which introduces basic restrictions and establishment of a dedicated administration authority.
The Lower House of Parliament of Poland, the SEJM, Vote In favor of a new Crypto-Asset Market Act last Friday, the bill was sent to the Senate to consider.
Bill 1424. Crypto-Assets regulation markets (MICA) Outline.
The passage of the bill has led to a strong community response locally to restrictions provisions, which introduced criminal responsibility for violations, including fines up to 10 million polish Zlotys ($ 2.8 million) and prison terms for up to two years.
Basic Provisions in the Correct
The bill Decisions The Polish Financial Supervision Authority, Komisja Nadzoru Finansowego (KNF), as the country’s main asset market regulator.
Under the law, all Casp – including exchanges, providers and provider, both domestic and foreigners – must obtain a license from the KNF to work in Poland.
In order to secure a license, Casp is required to submit a comprehensive application detailing their corporate structure, adequate capital, internal controls and compliance systems, risk management policies and Anti-Money Laundering Procedures (AML).
If the bill is passed and signed by the law, Casp in Poland will have a six -month transitional period to obtain the required license. Failure to do so can result in stopping operations and legal consequences.
Bill will “destroy” Poland’s crypto market, critics warn
Accepting 230 votes in favor and 196, Poland’s Crypto-Asset Market Act has led to significant backlash from both the Crypto industry and some Poland lawmakers.
Janusz Kowalski, a member of the SEJM from the Opposition and Justice (PIS) party, criticized Poland’s implementation of EU MICA regulation, called it excessive restrictions and warnings that could risk the country’s crypto market and the three million crypto holders.
“This is the largest and most restrictive cryptocurrency law in the EU,” Kowalski write To X after the bill passed its second reading on Wednesday.
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He featured an excessive length of law, describing it as the “118 overregulation pages” compared to the shorter crypto law in Germany, the Czech Republic and other EU member states.
“Slow Slow Regulator in EU”
Tomasz Mentzen, a Poland politician and Blockchain advocate, emphasized the challenges of implementing the new crypto law amid long methods of Poland’s regulation.
“The KNF is the slowest acting regulator in the EU, with an average application time processing of 30 months,” he write to X on Wednesday.
According to Mentzen, SEJM approved the bill – with “Yes” votes from members including Krystyna skowrońska – signal of a potential “destruction of blockchain and stablecoins” in Poland.
He urged the Senate and President Karol Nawrocki to enter and veto the law to protect the Poland crypto market.
Poland’s president has promised to support crypto
Mentzen’s brother Sławomir Mentzen, what is Polish presidential candidates who swore to create a bitcoin (Btc) reserve if elected in 2025. At the first twist on May 18, 2025, he secure Third area with 14.8% of the vote, walking behind Rafał trzaskowski and nawrocki.
In Runoff on June 1, Nawrocki Won The presidency with 50.9% of the vote. Days before the election, he promised to support the crypto, standing against the “tyrannical regulations” that restrict freedom and change.
“In Poland, innovations should arise, not regulations. As president of the Republic of Poland, I will guarantee that tyrannical regulations that restrict your independence will not come into effect,” Nawrocki wrote on X on May 28.
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