Key notes
- The Polish Sejm has passed a draft law on crypto regulation and sent it to the Senate for further consideration.
- The legislation aims to harmonize Polish rules with the EU’s Markets in Crypto-Asset (MiCA) framework.
- If approved and presidential objections are resolved, Poland’s financial watchdog KNF will gain broad authority over domestic crypto operations.
The Polish Sejm (lower house of parliament) has passed a controversial bill on crypto-assets for the second time., overriding President Karol Nawrocki’s earlier veto, in a move that debate relaunched on how the country will implement the EU Markets in Crypto Assets (MiCA) framework.
Next steps: Senate review and KNF authority
The Sejm’s reapproval sends the bill back to the Senate. If it authorizes this chamber and survives any further presidential objections, Polish financial watchdog KNF (Polish Financial Supervisory Authority) will gain extensive authority over national crypto operations. The bill is Warsaw’s attempt to harmonize with MiCA, the EU-wide regulatory standard that came into force across the bloc earlier this year.
But local operators are not celebrating. Polish crypto companies and advocacy groups have called the bill too punitive, warning that it layers domestic restrictions on top of basic MiCA requirements. Critics say the added compliance burden could stifle innovation and push businesses to friendlier European jurisdictions like Germany or the Netherlands.
European context and regulatory tensions
The legislation’s rocky path reflects broader tensions across Europe as member states tailor the implementation of MiCA. Although the regulation aims to create a unified market, national interpretations vary greatly. Poland’s stricter stance contrasts with countries that have opted for lighter approaches, raising fears of regulatory arbitrage within the single market.
President Nawrocki vetoed the bill in its first version, citing concerns about its impact on the technology sector. The Sejm’s override mechanism allows Parliament to impose the law with a three-fifths majority. The Senate now holds the next card, with industry observers expecting a contentious review process before any final vote.
Growth of the crypto sector in Poland
Poland’s crypto sector has grown rapidly despite regulatory uncertainty, with Warsaw becoming a regional hub for blockchain startups. The KNF has always taken a cautious stance towards digital assets, issuing repeated warnings about speculative risks but not outright bans.
Timing is critical. The staggered rollout of MiCA means that deadlines for full compliance loom in 2025, and Poland risks falling out of sync with the rest of the EU if it delays much longer. But rushing through a flawed framework could trigger an exodus of talent and capital to competing markets.
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