Poland's Lower House Passes Crypto-Asset Market Act Again, Sending Bill Back to Senate
The Sejm, Poland's lower house, has passed the Crypto-Asset Market Act once again with 241 votes in favor, forwarding the bill to the Senate for further debate. This bill was previously vetoed by President Karol Nawrocki.
The law aims to align Polish regulations with the EU's Markets in Crypto-Assets (MiCA) framework. However, critics argue that the bill goes beyond MiCA by granting the Polish Financial Supervision Authority (KNF) extensive powers, including website blocking and imposing multimillion-zloty fines.
President Nawrocki vetoed the bill citing concerns about ambiguity, regulatory overreach, high compliance costs, potential harm to smaller firms, and provisions that allow for domain shutdowns.
The bill spans more than 100 pages, drawing criticism for its length compared to other regional implementations of similar regulations.
Prime Minister Donald Tusk's government has reintroduced the law without changes, emphasizing the importance of maintaining national oversight of the crypto markets.
If the Senate approves the bill, it will be sent to the president for signature. In the event the Senate rejects it, the bill will return to the Sejm and may face another presidential veto.
This legislative process has escalated political tensions between the government and President Nawrocki.
