Controversial Crypto Law Passed in Poland Amid Accusations of Overregulation
Poland’s Sejm has adopted a new cryptocurrency law implementing the EU’s MiCA regulation, sparking sharp criticism from industry stakeholders. Under the legislation, the Polish Financial Supervision Authority (KNF) will gain sweeping oversight powers, including the authority to block suspicious domains and impose multi-million-zloty fines.
Critics warn that the law’s stringent requirements and expanded powers could drive smaller crypto firms out of Poland. Some fear that only large players will survive.
“KNF gains broad authority, which may carry serious consequences,” Łukasz Pierwienis of Binance Poland said.
Others cite “gold-plating” – excessive national enhancements of EU rules – as a danger to innovation.
Supporters argue the regulation marks the end of the crypto “Wild West” in Poland and is necessary for investor protection. The law now heads to the Senate and the President, who may veto it.
(XYZ)
