Новый закон о криптоактивах в Польше: регуляция, лицензирование и риски для инвесторов Translated headline: New Cryptocurrency Asset Law in Poland: Regulation, Licensing, and Risks for Investors

The Polish Sejm has approved the «Crypto Assets Market Act,» which establishes regulations for the industry. The bill is now set for consideration by the Senate.

The legislative proposal garnered support from 230 votes, with 196 members of the lower house opposing it.

According to the provisions of the document, the Financial Supervision Commission (KNF) is designated as the primary regulator. A licensing regime will be introduced for all crypto asset service providers (CASP), in line with the European regulation MiCA.

To obtain the necessary approval to operate in the country, applicants must:

Engaging in activities without a license will incur criminal liability, including up to two years in prison. Fines may reach 10 million zlotys (approximately $2.74 million).

If the bill is enacted, CASPs will have a six-month transitional period to comply with its requirements.

Janusz Kowalski, a member of the opposition party Law and Justice, criticized the proposed implementation of MiCA, which was supported by the ruling Civic Platform. He described the bill as «118 pages of excessive regulation» and a threat to 3 million digital asset investors.

«This is the most extensive and restrictive cryptocurrency law in the EU!», the deputy emphasized.

He noted that similar regulations in other European countries range from one page in Cyprus to 78 pages in Germany.

Kowalski expressed hope for a veto from President Karol Nawrocki and promised to present a «rational implementation of MiCA» in October.

Politician Tomasz Mentzen criticized the choice of the main regulator for the crypto market.

«The KNF is the slowest acting regulator in the EU: the average processing time for applications is 30 months,» he pointed out.

Mentzen also urged the head of state to veto the bill, adding that afterward, rules could be developed «that would foster, rather than hinder, the crypto asset market in Poland.»

It’s worth noting that Tomasz Mentzen’s brother, Slawomir, who participated in the presidential elections, promised to create a Bitcoin reserve in the country if victorious.