Poland's Sejm Passes Controversial Crypto-Asset Market Act Despite Presidential Veto
Poland's Sejm has reapproved the Crypto-Asset Market Act with 241 votes in favor, 183 against, and one abstention, forwarding the bill to the Senate for consideration. This move follows President Nawrocki's veto of the same bill, with the legislation reintroduced without changes as a test of presidential limits.
The act aims to align Poland's crypto regulatory framework with the European Union's Markets in Crypto-Assets (MiCA) framework, which has a deadline of July 2026 for member states to implement. Notably, Poland remains the only EU member state without an established national MiCA framework.
Under the new law, the Polish Financial Supervision Authority (KNF) would oversee crypto-asset providers, requiring exchanges, custodians, and issuers to obtain licenses and comply with capital, compliance, and anti-money laundering (AML) obligations. The legislation enforces strict penalties, including fines up to 10 million zlotys and potential prison terms of up to five years for serious violations.
Critics of the bill argue that it represents one of the EU's most restrictive crypto frameworks. Additionally, licensing timelines are expected to average around 30 months, prompting concerns among firms about possible relocation due to regulatory delays.
President Nawrocki opposed the act, stating it exceeds EU requirements and poses risks to civil liberties and legal certainty. However, he indicated a willingness to support regulation that aligns with EU standards. A security briefing referenced in recent proceedings has provided him with information that may influence his final decision if the Senate approves the bill without amendments.
Poland's crypto market currently serves an estimated three million users. President Nawrocki, who took office in June with 50.89% of the vote, previously pledged not to impose oppressive regulations on the cryptocurrency sector.
