Poland Passes 'Most Restrictive' Crypto Bill
Poland's lower house approved the Crypto-Asset Market Act on Friday with 230 votes in favor and 196 against. The law now heads to the Senate for review before reaching President Karol Nawrocki's desk.
The legislation puts the Financial Supervision Authority (KNF) in charge of licensing all crypto-asset service providers operating in Poland, whether domestic or foreign. This includes exchanges, token issuers, and custodians. Companies that operate without a license face fines up to 10 million złoty or two years in prison. Once signed into law, providers will have six months to obtain licenses or shut down.
The law aligns Poland with the EU's MiCA framework and adds local requirements around governance, capital reserves, risk management, and anti-money laundering controls. KNF will also maintain a public register of "dishonest" domains connected to crypto activities. A separate provision brings online currency exchange offices under KNF supervision and requires them to open individual payment accounts for each client.
Opposition lawmakers and industry representatives have strongly criticized the bill. MP Janusz Kowalski labeled it "the most restrictive cryptocurrency law in the EU," claiming it goes beyond what MiCA actually requires. Tomasz Mentzen warned that KNF processes applications slowly compared to other EU regulators and called on the Senate and president to block the law.
Government officials defended the legislation as necessary to prevent fraud and protect consumers, pointing to the current lack of formal oversight in the sector.
President Nawrocki's position has drawn particular attention. During his successful campaign earlier this year, he expressed support for cryptocurrency and criticized "tyrannical regulations." His opponents are now citing these statements in their push for a veto.
The Council of Ministers submitted the draft law to the Sejm on June 26, 2025. The current registration system for crypto providers will be replaced entirely if the bill becomes law. The Senate's timeline for reviewing the legislation has not been announced.
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