Poland’s parliament just approved a revised crypto regulation bill. The vote: 241–200, according to the Sejm. It’s the country’s latest attempt to align with the EU’s Markets in Crypto-Assets Regulation.
The legislation hands Poland’s Financial Supervision Authority sweeping powers over crypto firms. They can block accounts. They can block transactions. But the bill faces an uncertain future. Industry observers expect another presidential veto. It’s already been rejected twice.
Poland’s Finance Ministry backed the measure. It came out of the Sejm’s 57th sitting. Warsaw’s under mounting pressure to finalize its crypto framework. The EU’s MiCA implementation deadlines hit in July. Lawmakers adopted a consolidated committee draft. It merged the government’s proposal with competing bills from the president, the Confederation party, and parliament.
The Financial Supervision Authority—KNF—would gain broad powers. They’d supervise market participants. They’d impose administrative penalties. They’d temporarily block accounts or transactions. Critics argue the final version still lacks stronger judicial oversight. KNF gets excessive enforcement discretion, according to industry commentators. The disputed provisions on account and domain blocking? They reportedly remain mostly unchanged from versions President Andrzej Duda had already vetoed.
The parliamentary debate proved unusually contentious. Four competing crypto proposals were under consideration. The opposition Law and Justice party reportedly introduced a separate draft. It called for a complete ban on crypto-asset activity in Poland. The government-backed bill ultimately prevailed.
The regulatory push has been shaped by the ongoing Zondacrypto scandal. Prosecutors opened a fraud probe into the platform. Many users reportedly couldn’t withdraw funds. Prime Minister Donald Tusk linked the case to concerns about investor protection. He alleged Russian influence tied to the platform’s history. That intensified calls for robust crypto legislation.
The political standoff could continue with another presidential veto. Poland could face prolonged regulatory uncertainty. The EU’s MiCA regime takes effect soon. Industry participants have reacted skeptically to the approved bill. The lack of resolution could push crypto firms to seek clearer regulatory frameworks in neighboring jurisdictions.
The timing’s particularly sensitive. The EU’s comprehensive crypto rulebook becomes fully operational in coming months. Poland risks falling behind its European peers.
