Market News

New Law Paves the Way for Crypto Regulation in Poland

Poland’s lower house of parliament, the Sejm, has passed a significant bill aimed at regulating the cryptocurrency sector.

This renewed version of the Crypto-Asset Market Act previously faced a veto from President Karol Nawrocki but has now been resubmitted to the Senate for further consideration.

Approved by a vote of 241 lawmakers, the bill aligns Polish legislation with the European Union's Markets in Crypto-Assets (MiCA) framework.

However, critics argue that the act extends beyond EU standards, granting extensive enforcement power to the Polish Financial Supervision Authority.

Concerns have been raised about potential high compliance costs and the risk of disproportionate fines, which could disproportionately affect smaller firms.

The president’s office previously criticized the law for its ambiguity and extensive 100-page length, arguing it could lead to excessive oversight.

Despite these objections, Prime Minister Donald Tusk's government insists the law's passage is essential for maintaining effective oversight of Poland's crypto markets.

As the Senate prepares to debate the legislation, it may encounter another confrontation with President Nawrocki, who retains the power to veto the bill once again.

This ongoing saga highlights the tensions between regulatory frameworks and the evolving nature of the cryptocurrency industry within Poland.

Observers will be watching closely as the situation develops, given its implications for both compliance and innovation in the nation’s digital economy.