I return to Bitcoin.pl again to the topic of the Polish act on the cryptocurrency market. The entire industry is counting on Karol Nawrocki’s veto. At the same time, Deputy Minister of Finance Jurand Drop is threatening crypto companies – without the act, it will be impossible to legally conduct crypto business in Poland.
The deputy minister of finance is scaring people
We have already written many times about the act that is to regulate the cryptocurrency market in Poland. Experts believe that it is poorly written and, if it comes into force, it will destroy the Polish industry. Hence, everyone is counting on President Karol Nawrocki’s veto. Deputy Minister of Finance Jurand Drop has a different opinion, who said during the Future Finance Summit in Warsaw that “a presidential veto would be beneficial for some companies that do not intend to register in Poland but would like to have access to Polish citizens.”
The MiCA regulation is in force in our country, and in the act we do what the regulation requires of us, i.e. we appoint an authority that will check companies in accordance with EU regulations, and if the company cheats, it will warn and eventually impose penalties. We must have an act in place by July 1 next year, otherwise the crypto industry will not be able to operate in Poland on the basis of licenses issued in Poland. Without the Act, it will not be possible to register crypto-asset intermediation activities with us
– he added.
The problem, however, is which body the ministry wants to entrust with the supervision of the crypto-assets market – the act specifies the Financial Supervision Authority, which enjoys a bad reputation in the industry – it has so far made it difficult for companies to operate.
Alternative Act
Hence the idea to prepare an alternative law. Initially, PiS was supposed to be behind it, but ultimately the law is to be cross-party and designed by independent experts.
But here comes the problem. It is already clear that the government does not like this very much.
The legislative process was very long, as we had a lot of comments, often submitted many times, during public consultations. We have 700 pages of responses to such comments. I believe that it is impossible to quickly create a law that would better meet the sector’s requirements, an alternative law can only be worse
– said Jurand Drop.
For now, however, there are many indications that the president will veto the government’s bill and an alternative document will be submitted to the Sejm. This does not mean the end of the problems, because if the ruling camp (KO, Polska 2050, PSL and Left) does not support it, there will not be enough votes to pass it. So the Polish market will operate in a strange legislative vacuum? And all this is due to the lack of maturity of politicians and the unwillingness to listen to the industry, which has a vested interest in ensuring that regulations are wise and strengthen it.
