Poland has adopted a law adapting European MiCA rules to local realities. 230 deputies voted for the document, 196 against. No one abstained. The bill now goes to the Senate.
Work on it took several months. The authorities believe that the new law should bring order to the market and protect users from unscrupulous companies — this is how the situation is commented on by the PAP agency.
But the crypto community feels differently. Many believe that the document goes further than EU requirements. Instead of balance, it gives the regulator too much power and gives businesses too little breathing room. Poland is one of the largest crypto markets in the region, and there are growing concerns that the law could slow its growth.
The provision on criminal liability was perceived especially sharply. It threatens those who operate without a license: whether it’s issuing tokens or providing crypto services. The new rules will also impose separate obligations on platforms that receive permission to operate.
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The Polish Financial Supervision Authority (KNF) will now oversee the crypto market. It is being given not only powers, but also tools to control the entire industry.
The regulator is tasked with monitoring violations, recording cases of fraud, and intervening if something goes wrong. For the most serious violations, such as providing crypto services or issuing tokens without permission, fines of up to 10 million zlotys (about $120,000) or even up to two years in prison are threatened.
Crypto exchanges will be required to separate client accounts and keep funds separate to protect users’ money. The KNF will again be responsible for monitoring compliance with these rules. This is reported by the Polish agency PAP.
As of the beginning of the year, already 18% of Poles have invested in cryptocurrencies. And it is precisely to protect these people, according to the authorities, that the law is aimed.
Deputy Finance Minister Jurand Drop said in July that the rules are necessary — without them, it is simply impossible to fight fraud. He noted that every fifth investor in the country reported cases of deception:
“20% of market participants say they have already encountered fraud”.
The crypto law in Poland sparked a wave of criticism
The law, which took months to develop, has been harshly criticized from the very beginning — both by the crypto community and by part of the parliamentary opposition. Even during discussions in the Sejm, it was called excessively harsh.
Formally, the document only adapts the European MiCA to Polish jurisdiction. However, as Bitcoin.pl writes, in reality it has become a real blow to crypto business, causing alarm in the industry.
Particular concern was caused by the powers that the law gives to the Polish financial regulator. It was these that caused the industry’s strong reaction over the weekend:
“The crypto asset law gives KNF powers that are more reminiscent of a repressive mechanism than market oversight”.
As Bitcoin.pl notes, the law is accompanied by high fees and costs. And the so-called “transparent rules” have actually turned out to be restrictions and costly requirements that can stifle any innovation.
“This law could deliver a fatal blow to Polish companies working with cryptocurrencies,” the publication emphasizes.
Some companies have already started looking for backup options. One of Poland’s largest brokers, XTB, said it is considering obtaining a license in Cyprus.
The head of the crypto exchange Cashify Jakub Bartosek called the Polish implementation of MiCA one of the toughest in Europe. According to him, it sharply increases the cost of entering the industry.
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The entrepreneur expressed hope that President Karol Nawrocki “will hear the voice of the market” and veto the law in its current form. The head of state himself had previously allowed for such a possibility.
During discussions in parliament, former presidential candidate and bitcoin supporter Slawomir Mentzen also urged Nawrocki to block the law. The new president took office in August.
