Market News

Law and Crypto: Poland's Government Pushes Ahead with Controversial Legislation

Poland's government has reintroduced its controversial crypto-asset market bill, escalating tensions with President Karol Nawrocki, who previously vetoed it.

Despite the president's concerns about excessive restrictions, Prime Minister Donald Tusk has framed the legislation as crucial for national security.

The unchanged bill is aimed at curbing the influence of foreign entities, particularly those linked to Russia and Belarus, exploiting the unregulated crypto sector.

Government spokesman Adam Szłapka confirmed that the legislation is identical to the one vetoed, emphasizing that no modifications have been made.

Finance Minister Andrzej Domański criticized the president's veto, citing significant losses by clients in an unregulated market.

The law aims to implement MiCA-style regulations, including licensing requirements for service providers and anti-money laundering controls.

Critics warn that these strict measures could drive Poland's crypto businesses abroad, threatening the market's growth and innovation.

With the vetting process already lengthy, many fear that excessive regulatory oversight will further hinder the industry.

This situation underscores the ongoing European debate over centralized crypto supervision versus national regulation, with significant implications for the future of the crypto landscape in Poland.

As the deadline for MiCA compliance approaches, the outcoming decisions will determine Poland's position in Europe's evolving digital finance ecosystem.