Poland Passes Strict Crypto Law With Harsh Penalties
The post Poland Passes Strict Crypto Law With Harsh Penalties appeared on BitcoinEthereumNews.com. Key Highlights Poland’s new crypto law expands regulator powers far beyond EU rules Industry warns startups could flee Poland under tough new measures Harsh penalties raise fears of a shrinking and less innovative market Poland Approves Strict Crypto Bill With EU Backing but Market Divided Poland’s lower house of parliament, the Sejm, has passed a crypto bill aligned with the European Union’s MiCA framework. The law expands the powers of the Polish Financial Supervision Authority (KNF) but has drawn sharp criticism from industry players who fear it could push smaller companies out of the market. The most popular party, PiS, in the Sejm voted unanimously against the bill. Source: Poland’s Sejm Tougher Rules and Heavy Penalties Under the new law, the KNF will have the authority to: License cryptocurrency service providers (CASPs) Oversee token issuance and reporting obligations Block suspicious domains Impose multimillion-zloty fines Violations such as operating without a license or failing to submit the required documents could result in penalties of up to 10 million zlotys (about $2.75 million) or even two years in prison. Exchanges must also separate client funds from company assets, a move seen as a safeguard against misuse. Industry Reactions While regulators call the law a “watershed moment” that ends the “Wild West” era of crypto in Poland, industry voices argue it goes too far. Delfina Forma of Solidus Labs called it “an important step” but warned that going beyond MiCA could “undermine EU coherence and stifle innovation.” Others were more direct. Lukasz Perwienis of Binance Poland said the KNF’s new powers could have “serious consequences.” Critics point to “gold plating,” where national regulators add extra burdens on top of EU law. One anonymous analyst, writing under the name Świat Krypto, said the law empowers officials to shut down companies “any day now,” calling…
The post Poland Passes Strict Crypto Law With Harsh Penalties appeared on BitcoinEthereumNews.com.
Key Highlights Poland’s new crypto law expands regulator powers far beyond EU rules Industry warns startups could flee Poland under tough new measures Harsh penalties raise fears of a shrinking and less innovative market Poland Approves Strict Crypto Bill With EU Backing but Market Divided Poland’s lower house of parliament, the Sejm, has passed a crypto bill aligned with the European Union’s MiCA framework. The law expands the powers of the Polish Financial Supervision Authority (KNF) but has drawn sharp criticism from industry players who fear it could push smaller companies out of the market. The most popular party, PiS, in the Sejm voted unanimously against the bill. Source: Poland’s Sejm Tougher Rules and Heavy Penalties Under the new law, the KNF will have the authority to: License cryptocurrency service providers (CASPs) Oversee token issuance and reporting obligations Block suspicious domains Impose multimillion-zloty fines Violations such as operating without a license or failing to submit the required documents could result in penalties of up to 10 million zlotys (about $2.75 million) or even two years in prison. Exchanges must also separate client funds from company assets, a move seen as a safeguard against misuse. Industry Reactions While regulators call the law a “watershed moment” that ends the “Wild West” era of crypto in Poland, industry voices argue it goes too far. Delfina Forma of Solidus Labs called it “an important step” but warned that going beyond MiCA could “undermine EU coherence and stifle innovation.” Others were more direct. Lukasz Perwienis of Binance Poland said the KNF’s new powers could have “serious consequences.” Critics point to “gold plating,” where national regulators add extra burdens on top of EU law. One anonymous analyst, writing under the name Świat Krypto, said the law empowers officials to shut down companies “any day now,” calling…
What's Your Reaction?
