Reintroduction of the Crypto‑Asset Market Bill
The Polish government has reignited a political clash by reintroducing a contentious crypto‑asset market bill that was previously vetoed by President Karol Nawrocki. Prime Minister Donald Tusk is pushing the legislation as a matter of national security, citing concerns about Russian‑linked entities in the crypto registry.
National Security Rationale
Tusk has framed the legislation as crucial for national security, pointing to over 100 entities in Poland’s crypto registry linked to Russia, Belarus, and other former Soviet states. He emphasized that cryptocurrencies are being used as tools of sabotage by adversaries, noting that Polish authorities have identified several hundred foreign entities operating in the domestic crypto market. Investigations reveal that Russian intelligence and organized crime groups are exploiting digital assets for covert financing.
Key Provisions of the Bill
The legislation aims to implement MiCA‑style rules, including:
- Licensing requirements for crypto‑asset service providers
- Investor protection standards
- Stablecoin reserve requirements
- Anti‑money‑laundering controls
- Broad oversight powers for the Polish Financial Supervision Authority, including the ability to block crypto‑related websites and impose fines or prison terms for serious violations
Critics’ Concerns
Opposition lawmakers and industry figures warn that the bill could cripple Poland’s crypto sector, which serves an estimated three million users. They argue that the strict framework could drive businesses abroad, costing Poland tax revenue and talent. The president’s concerns focus on excessive restrictions and threats to property rights.
European Context
The dispute reflects broader European tensions around centralized crypto supervision. The European Commission is proposing that ESMA take direct oversight of all EU crypto firms rather than maintaining MiCA’s national regulator model, adding another layer of complexity to Poland’s regulatory approach.
Outlook
The reintroduced crypto bill has deepened the political divide in Poland, with the government prioritizing national security and the president concerned about excessive regulations. As the bill heads back to parliament later this year, the outcome remains uncertain, but the stakes are high for Poland’s crypto industry and its place in the broader European regulatory landscape.
