- Poland passes stringent crypto bill amid industry backlash.
- Bill aligns with EU MiCA framework.
- Major industry players consider relocating efforts.
Poland’s parliament has passed a restrictive crypto bill that enforces stringent licensing and compliance measures, sparking backlash within the industry.
The new law aligns with EU MiCA but with harsher rules, threatening significant migration of crypto exchanges from Poland.
Poland’s parliament has advanced a highly restrictive crypto legislation, aligning with the EU MiCA framework. The bill demands strict licensing and compliance, sparking industry and public backlash. Industry ramifications are widespread and profound.
The Komisja Nadzoru Finansowego (KNF), Poland’s financial supervision authority, will regulate all crypto asset service providers. The Sejm approved the bill, moving it next to the Senate. XTB and others show concern about compliance costs.
President Nawrocki, recognized as a crypto supporter, has implied potential veto, highlighting executive-level discord. The legislation poses risks of industry contraction and affects major industry participants.
The economic impact may force a projected 90% of Polish crypto exchanges out by 2025. Smaller firms face disproportionate consequences, with high compliance costs threatening financial stability.
Past EU regulations in Germany and the Netherlands resulted in temporary outflows and increased unlicensed activities. Poland’s scenario could lead to similar outcomes affecting industry operations.
No official statements have been made by key opinion leaders, but widespread community disappointment suggests possible future relocations and regulatory challenges. The KNF’s expanded powers raise concerns over local innovation and market competitiveness.
The introduction of this law represents the EU’s most restrictive stance on crypto, stifling innovation and driving businesses abroad: source.
| Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions. |