Poland Moves to Implement MiCA Rules
Poland’s Sejm, the lower house of parliament, has officially passed a new cryptocurrency bill designed to align the nation’s regulations with the EU’s Markets in Crypto Assets (MiCA) framework. Supporters say the law will bring order, investor protection, and oversight to one of Central and Eastern Europe’s largest crypto markets.
The vote, however, revealed just how divided lawmakers are. On Friday, 230 MPs supported the bill, 196 voted against it, and none abstained. The legislation now heads to the Senate for review.
The government-sponsored act assigns broad oversight powers to Poland’s Financial Supervision Authority (KNF), which will supervise exchanges, register violations, and clamp down on unauthorized operators. Serious infractions such as unlicensed token issuance or crypto service provision could carry penalties of up to 10 million złoty ($120,000) or even two years in prison.
Harsh Penalties and Strict Oversight
The new law goes beyond basic MiCA alignment, introducing criminal liability and strict operational requirements. Exchanges will need to maintain separate client accounts to safeguard funds, while approved platforms must meet strict compliance obligations.
Officials argue that the framework will weed out “dishonest entities” and build trust among retail and institutional investors alike. According to state data, 18% of Poles already own crypto, underscoring the size of the domestic market.
Yet for many industry insiders, the bill feels less like protection and more like punishment.
Industry Outcry and Political Pushback
The reaction from Poland’s crypto community and opposition lawmakers has been fierce. Bitcoin.pl, a local crypto outlet, blasted the law as a “real horror” for entrepreneurs. In a widely circulated article, the publication accused the government of creating “permissions that resemble a repression apparatus rather than market supervision.”
XTB, one of Poland’s largest brokers, has already hinted at relocating its licensing efforts to Cyprus, while smaller exchanges fear the high entry costs and compliance barriers could drive them out of business.
Calls for a Presidential Veto
Industry leaders are urging President Karol Nawrocki to block the legislation before it takes effect. Jakub Bartoszek, president of crypto exchange Cashify, argued that the Polish implementation of MiCA is “one of the most extensive, imposing high entry costs and multiplying barriers.”
The president has hinted he may consider such a move, though nothing is confirmed.
During parliamentary debates, Sławomir Mentzen, Bitcoin advocate and former presidential candidate, also called on Nawrocki to intervene, warning that overregulation could cripple Poland’s growing crypto sector.
Poland at a Crossroads
With MiCA still rolling out across Europe, Poland’s decision to take a stricter route could shape the future of its role in the EU’s digital asset market. While the government frames the bill as investor protection, opponents fear it risks creating a regulatory exodus, leaving domestic businesses behind just as crypto adoption surges globally.
