Although cryptocurrencies were created as an alternative to a traditional financial system, today they are becoming its integral part. In Poland, however, this market encounters obstacles. However, there are many indications that the rulers are slowly convinced by the industry.
Cryptocurrencies will stay with us
Cryptocurrencies survived the test of time and attacks from politicians. Today, there are many indications that they will stay with us for longer. Financial institutions invest in them: we are talking about banks and investment funds. Payment companies – such as Visa or PayPal – integrate the service of bitcoins and altcoins. In the background, regulations are developing – the European Union (including Poland) introduces MICA (Markets in Crypto -Assts), a package of regulations that treat cryptocurrencies as a legal segment of the financial market.
Blockchain technology itself is the foundation of innovation: tokenization of assets, CBDC, and finally fast cross -border payments.
Poland and cryptocurrencies
I just mentioned that Poland regulates industries. More precisely: it should do this because it means the development of a modern economy. There are many indications that cryptocurrencies and blockchain are the future of finance, logistics, law, media and many other sectors. Supporting this industry can make our country a hub of technological innovation in Central and Eastern Europe.
Poland has great IT programmers and specialists. Supporting the cryptocurrency market will encourage them to stay in the country instead of emigrating to companies in the USA, Switzerland or Estonia. Politicians themselves can benefit from legalizing digital assets. A legal and well -regulated market are new companies, startups, stock exchanges, law firms, i.e. jobs and new tax sources.
Blockchain technology gives greater transparency and resistance to corruption or errors of central institutions. Poland could use it, e.g. in public administration. This is especially important in the era of hybrid war. So we are talking about national security!
What should the government do and what does he do?
Above, I described why the Polish government should support cryptocurrencies. However, he behaves as if he wanted to get rid of this industry. If the draft law, which the authorities want to regulate the market, will enter into force, most Polish companies will emigrate to other countries. Reason? Even a proposed, high license fee. The topic was addressed during the meeting of the Parliamentary Team for cryptocurrencies. Many representatives of the industry took the floor.
Sławek Zawadzki (Kanga Exchange) warned that entrusting the supervision over the cryptocurrency market of the Polish Financial Supervision Authority could destroy the Polish market. He pointed out that this institution is known for his reluctance to cryptocurrencies. Prof. Krzysztof Piech added that high fees planned by the government will discourage companies from operating in Poland. He also pointed to the lack of real support for the KNF innovation and the fact that the Polish Cryptocurrency Act has as many as 104 pages – much more than similar regulations in other EU countries (e.g. Cyprus – 2 pages, Spain – 6). In his opinion, too complicated law and high costs will make Polish companies register abroad.
The light in the tunnel was only lit by Dawid Sendecki, Chief Risk & Compliance Officer Zondacrypto Stock Exchange (below the exact record of his statements):
It was very good that it was from the mouth of the representation of the Ministry of Finance that Cryptocurrencies are already part of the financial system – This gives them seriousness as the latest instruments under the upcoming – probably KNF – supervision. What’s more, at the end (meetings) from the mouth of Mr. Sub -Commerer MF Jurand Dropa fell – in response to the allegation of combating cryptocurrencies in Poland in a public domain – a statement that I would like to understand like an announcement, a declaration that due to the current lack of regulation of cryptocurrencies KNF recognized (digital assets) for highly risky. Having no grounds in the law, there was no possibility to shape another, from the perspective of the UKNF, a picture of this area of activity. Today, shaping, literally affecting these provisions, the grounds for changes will already be. I keep the word that it will result in this visible, positively felt change.
So will Polish cryptocurrency policy change? The words of the representative of the Ministry of Finance, to which the expert from Zondacrypto pointed out, suggest that it will be so. It’s just that we don’t see this fruit so far.
Bitcoin and Altcoins have become a political topic in our country – they talked about them during the presidential election campaign, the topic will probably return, when the parties will fight again for power in 2027. According to the study, ARI10, 18% of adult Poles, i.e. even 6.6 million people, had contact with digital assets. This is an electorate that voted in 2023 on KO! Even 10% of this is the number of voters who can allow the Civic Platform to be in power. The government must even open to cryptocurrencies, because it will gain the necessary voices.
