Poland’s Crypto Law: Will It Crash the Market or Just Crash Your Wallet? 🚨

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Poland’s lower house has approved a wide-ranging crypto bill that would turn the virtual asset market into a bureaucratic nightmare. 🚨 Based on reports, the measure – known as Bill 1424 – passed the lower house of Poland’s national parliament, or Sejm, with 230 votes in favor and 196 opposed. (Spoiler: 230 people thought it was a good idea, 196 were just there for the free snacks.)

The law would give the Polish Financial Supervision Authority, KNF, sweeping powers over exchanges, issuers and custodians operating in or serving customers in Poland. (Translation: They’ll be watching you, even when you’re not doing anything wrong.)

What The Law Requires

According to coverage, the draft compels all Crypto Asset Service Providers to obtain a KNF license to operate in the market. It would set detailed rules on capital, internal controls, anti-money-laundering safeguards and risk management. (Because nothing says ‘trust us’ like 100 pages of paperwork.)

Penalties are heavy: operating without a permit could draw fines up to 10 million złoty (about US$2.8 million) and, in some versions, criminal liability including up to two years in prison for serious breaches. (But don’t worry, they’ll probably just send you a polite letter first.)

Sejm gÅ‚osami ekspertów takich jak pani SkowroÅ„ska przyjÄ…Å‚ ustawÄ™ o zniszczeniu blackchaina i stabletcoinów w Polsce. (Translation: ‘We’re gonna destroy the blockchain and stablecoins in Poland!’)

Teraz senat, potem konieczne weto @NawrockiKn i można składać projekt ustawy rozwijający a nie zwijający rynek krypto aktywów w Polsce.

– Tomasz Mentzen (@TomaszMentzen) September 26, 2025

Supporters Say It Brings Clarity

Backers argue the move will align Poland with the EU’s Markets in Crypto-Assets rules and give clearer rules to investors and businesses. (Because nothing says ‘I’m a responsible government’ like copying EU rules but adding your own flavor of chaos.)

Clarity is meant to reduce scams and make large players feel safer about doing business in Poland. Some observers say stronger oversight could attract institutional money that has been wary of unclear local rules. (Because nothing says ‘we’re trustworthy’ like a 30-month approval process.)

Concerns From Industry And Lawmakers

But many in Poland’s crypto community warn the bill goes further than EU minimums and could burden smaller players. Reports point to concerns about high costs and heavy paperwork that might push startups to move operations abroad. (Because who doesn’t want to pay 10 million złoty in fines for not following the rules?)

There is also worry the KNF’s review process could be slow; some sources claim decisions might take as long as 30 months, creating an uncertain climate for firms that need speed to survive. Artists, small issuers and hobbyist projects fear that strict rules will squeeze out low-budget activity. (Welcome to the future of crypto: more red tape than a medieval castle.)

Transparency And Blocking Powers

The draft would also require more disclosures from issuers and service providers. Regulators could maintain a register of unpermitted domains and use tools to block access. Supporters say this helps fight fraud. Critics say it risks overreach and could limit legitimate users’ access to services. (Because nothing says ‘we’re here to help’ like blocking your favorite crypto site.)

Based on reports, after clearing the Sejm the text is moving to the Senate for review. President Karol Nawrocki has been reported to consider a veto unless certain provisions are softened, particularly those that introduce criminal penalties and broad supervisory powers. (But who needs a veto when you can just ignore the rules?)

Lawmakers and industry groups are pressing for amendments that would narrow the scope of some requirements and ease costs for smaller operators. (Because nothing says ‘we care’ like changing the rules after they’ve been passed.)

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2025-10-01 01:19