Poland Passes Crypto-Asset Market Act
Poland’s lower house of parliament, the Sejm, approved the Crypto-Asset Market Act on Friday. The vote was 230 in favor and 196 against. The law creates a formal regulatory framework for the digital asset industry.
The act places crypto asset service providers under the supervision of Poland’s main financial regulator. This move aligns with the European Union’s Markets in Crypto-Assets (MiCA) regulation, aiming to standardize rules across the EU.
Key Details of the Crypto Legislation
The legislation, known as Bill 1424, names the Polish Financial Supervision Authority (KNF) as the primary regulator for crypto companies. This puts digital asset firms under the same oversight as banks and insurers.
The bill passed with support from opposition parties. The ruling PiS party voted against it. The legislation will now move to the Senate for further review.
Licensing and Compliance Requirements for Crypto Providers
- Crypto Asset Service Providers (CASPs) must obtain a license from the KNF to operate legally in Poland.
- The law sets clear guidelines to standardize crypto operations within the country.
- Non-compliance may lead to fines up to 10 million Polish zlotys and prison sentences up to two years.
This legislation aims to bring Poland’s crypto market in line with EU standards. It could attract institutional investors seeking regulatory clarity. However, some critics worry the strict rules may limit innovation.
For more details, see the official Bill 1424 document and the Sejm vote results.
