Poland’s lower house approves crypto law again, sends vetoed bill back to Senate

AI Summary4 min read

TL;DR

Poland's lower house passed a previously vetoed crypto regulation bill unchanged, sending it to the Senate. The bill aligns with EU's MiCA but faces criticism for granting excessive powers to financial regulators. The government emphasizes its importance for national oversight despite objections.

Key Takeaways

•Poland's lower house approved a crypto regulation bill that was previously vetoed by the president, sending it to the Senate for further debate.
•The bill aims to align with EU's MiCA regulation but is criticized for granting broad enforcement powers to Poland's Financial Supervision Authority.
•Critics argue the bill goes beyond EU standards, with concerns about ambiguity, overreach, high compliance costs, and potential damage to smaller firms.
•Prime Minister Tusk's government reintroduced the bill without changes, portraying it as critical for national oversight of crypto markets.
•The bill may face another presidential veto after Senate review, continuing the political debate over crypto regulation in Poland.

Photo by Piotr Cierkosz on Unsplash — Poland's parliament approves controversial crypto bill and sends to senate for vote. (Piotr Cierkosz/Unsplash modified by CoinDesk)

What to know:

Poland's lower house of parliament passed a crypto regulation bill previously vetoed by President Nawrocki, sending it to the Senate for further debate.
The bill aligns with the EU's MiCA regulation, but is criticized for granting excessive powers to the Polish Financial Supervision Authority.
Prime Minister Tusk's government reintroduced the bill unchanged, emphasizing its importance for national crypto market oversight.

Poland's lower house of parliament passed a crypto regulation bill previously vetoed by President Nawrocki, sending it to the Senate for further debate.
The bill aligns with the EU's MiCA regulation, but is criticized for granting excessive powers to the Polish Financial Supervision Authority.
Prime Minister Tusk's government reintroduced the bill unchanged, emphasizing its importance for national crypto market oversight.

Poland’s lower house of parliament,the Sejm, passed a sweeping bill to regulate the crypto industry, reviving legislation previously vetoed by President Karol Nawrocki and sending it to the Senate for further debate.

The Crypto-Asset Market Act, approved Thursday by 241 lawmakers in the Sejm, remains unchanged from the version struck down earlier this month, the Sejm’s press office told CoinDesk.

“The bill went through readings by the members of parliament on Thursday and it has been voted and approved by them and sent to the Senate, where they will debate and if they approve it goes to the president, if not, if they reject it, it comes back to the Sejm,” a spokesperson explained.

The bill is intended to align Polish law with the European Union’s Markets in Crypto-Assets (MiCA) regulation. But critics, including Nawrocki and members of Poland’s crypto industry, argue it goes significantly beyond EU standards, granting the Polish Financial Supervision Authority (KNF) broad enforcement powers, including website blocking and multimillion-zloty fines.

Nawrocki’s office cited the law’s ambiguity, overreach and high compliance costs as reasons for the initial veto, warning that the provisions could damage smaller firms and allow “one-click” domain shutdowns, an approach not taken by most EU countries. The bill’s size, over 100 pages, also drew criticism for being excessive compared with simpler implementations seen elsewhere in the region.

Despite the objections, Prime Minister Donald Tusk’s government reintroduced the law without revisions, portraying its passage as critical for national oversight of crypto markets. With the Senate now set to review the legislation, the bill may face another showdown with the president, who retains the power to veto it once more.

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