The lower house of parliament in Poland, the Sejm, has approved a comprehensive bill aimed at regulating the cryptocurrency sector. This legislation had previously been vetoed by President Karol Nawrocki but has now been sent to the Senate for further discussion.
The Crypto-Asset Market Act, which received backing from 241 lawmakers in the Sejm on Thursday, remains identical to the version that was previously rejected, according to the Sejm’s press office as reported by CoinDesk.
A spokesperson elaborated, “The bill underwent readings by the parliament members on Thursday, received their votes of approval, and is now heading to the Senate. There, it will be debated, and should they approve it, it will go to the president. If rejected, it will return to the Sejm.”
This bill aims to align Polish legislation with the European Union’s Markets in Crypto-Assets (MiCA) regulation. However, critics—including Nawrocki and elements of Poland’s cryptocurrency sector—argue that it exceeds EU standards significantly, providing the Polish Financial Supervision Authority (KNF) with extensive enforcement powers, such as website blocking and severe financial penalties.
Nawrocki’s office pointed to the law’s vagueness, overreaching stipulations, and significant compliance costs as justifications for the initial veto. They cautioned that these provisions could harm smaller businesses and allow for “one-click” shutdowns of domains—an approach not commonly adopted by other EU nations. Additionally, the bill’s length, exceeding 100 pages, has attracted criticism for being unnecessarily complex compared to simpler alternatives present in the region.
Regardless of the criticisms, Prime Minister Donald Tusk’s government has reintroduced the law without changes, framing its passage as essential for national regulation over cryptocurrency markets. With the Senate now poised to assess the legislation, the bill might encounter another clash with the president, who retains the authority to veto it yet again.
