After Friday’s vote in the Sejm, which ended with the result of 230 for and 196 against, the Polish cryptocurrency industry is concerned with anxiously the fate of the controversial Cryptoactic Act. For many companies operating in this sector, the presidential veto is the last resort from regulatory disaster. How will President Karol Nawrocki behave? Is there a chance that the law voted in the Sejm be modified?
Why is the industry afraid of this act?
Although the Act is officially to implement the European MICA regulation and “protect investors”, in practice it may prove to be a deadly blow to Polish cryptocurrency companies. Entrusting the Polish Financial Supervisory Supervision Commission sounds sensible – until you look at the details of supervisory fees and regulatory requirements.
Internet currency exchange offices, which until now were the foundation of the Polish Krypto ecosystem, will have to meet drastic requirements. The obligation to keep individual payment accounts for each client is not only additional operating costs – it is a potential barrier that is not overcome for smaller players.
Penalties that can destroy companies
The penalty system provided for in the Act makes the chills. A fine of up to PLN 10 million or imprisonment up to 2 years for violating the regulations regarding tokens emissions or providing services without notification to the PFSA – this is not a proportional regulation, it is an regulatory hammer.
For a startup or medium -sized cryptocurrency company, such a punishment is not a warning – it is a business death sentence. The industry is afraid that instead of clear rules of the game, it will receive a system in which any step can end in a financial or legal disaster.
Register of “dishonest domains” – a tool or a threat?
One of the most controversial elements of the Act is the PFSA entitlement to keep a register of dishonest internet domains. Sounds like consumer protection? In theory yes. In practice, it can become a tool for arbitrary blocking of platforms, which for some reason will not appeal to the regulator.
In the cryptocurrency industry, where innovation often overtakes regulations, such a mechanism can effectively freeze the development of new projects. Do we really want a bureaucratic institution to decide which platforms are “honest” and which ones not?
18% of Poles in Limbo
It is worth remembering that we are talking about an industry that affects almost 6 million Poles. 18% of adult citizens have experience with cryptoctives. These are not technological fanatics, but a significant part of the society that has chosen a modern approach to finance.
What will happen to them when the Polish law pushes the company abroad? They will be forced to use foreign platforms, often without legal protection that they could have in the country. Irony is painful – the law that is supposed to protect them can leave them to fate.
Hope in President Nawrocki
The cryptocurrency industry looks hopefully towards President Karol Nawrocki, who has already critically spoke about cryptocurrency regulations.
Indeed, the president’s veto can be a breakthrough moment. An alternative project, prepared taking into account the voice of the industry, could create a “win -win” solution – protection of investors without stewing innovation, supervision without bureaucratic terror, clear rules without absurd penalties.
What are the chances of veto? Big. Nawrocki has already vetoed 7 laws so far, showing that he is not afraid to use his constitutional powers when he decides that projects are harmful to the Polish economy or society. The cryptocurrency industry has real grounds to count on its intervention.
The cryptocurrency industry is waiting for the veto
Now the law will go to the Senate. Will senators have the courage to make significant corrections? Or maybe they will just pass her further, knowing that the real battle will take place in the Belvedere?
The cryptocurrency industry is waiting. Each day of delay is subsequent companies considering relocation, more programmers thinking about emigration, another millions of potential investments that can sail abroad.
President Nawrocki now has a unique chance. It can show that Poland can be a friendly country for innovation, a country that understands that the 21st century requires courage and openness to new technologies. The veto of this act and the introduction of smarter solutions would not be a political gesture – it would be an investment in the future of the Polish economy.
Time will tell if this hope will come true.
