Friday voting in the Sejm is a black day for the Polish cryptocurrency industry. 230 MPs have just decided – the Cryptoactic Act goes on! This act may deal with a lethal blow to native companies operating in the cryptoactic sector. Fortunately, the last word belongs to President Karol Nawrocki and this may be the only rescue board for the Polish cryptocurrency industry.
Cryptoactic Act with 230 votes “for”
The Cryptoactic Act, which is to implement the European MICA regulations, sounds innocent on paper. In fact, it is a real horror for Polish entrepreneurs from the cryptocurrency industry. The Polish Financial Supervision Authority will receive almost unlimited powers, and with them a terribly high supervisory fees will come, which can simply finish smaller companies.
What’s more, the Cryptoact Act introduces a Dracon system of penalties – up to PLN 10 million fine or even 2 years in prison. This is not an regulation, it is surrender before European bureaucracy, which can destroy one of the most innovative industries in Poland.
Cheek for 18% of Poles
According to the data of the Ministry of Finance, as many as 18% of adult Poles have experience with cryptocurrencies. These are almost 6 million citizens who chose a modern, decentralized approach to finance. The Sejm has just voted for a law that may limit their elections and force them to use the services of foreign companies.
Online currency exchange offices (often small, native enterprises) will have to meet the requirements that may simply be impossible for them. The obligation to keep individual payment accounts for customers is additional costs that will move to users or simply push the companies out of the market.
Exodus has already begun
The effects of this regulatory aggression are already visible. XTB, one of the largest Polish brokers, is already signaling the possibility of obtaining a license in Cyprus. This is just the beginning – other companies will also look for more friendly jurisdiction.
While Poland introduces subsequent barriers, other countries are fighting for technology companies. Just look at Estonia or Malta, which have become European cryptocurrency hubs thanks to the rational approach to regulation. Meanwhile, we are going in the opposite direction.
KNF as a great brother
The planned cryptococci act gives KNF the rights that resemble a more repression apparatus than market supervision. The “dishonest domains” register is an euphemism – in practice it is a tool that can be used to arbitrarily block uncomfortable platforms.
Stablecoin issuers who have been able to operate in a relatively free space will receive “bright guidelines” – that is, another package of restrictions and expensive requirements. This is not the protection of investors, it is choking innovation.
Instead of facilitating, multiplies barriers – a commentary
According to the industry, what was supposed to be market ordering, in its current shape raises serious concerns about the future of Polish companies. The expert commentary of Jakub Bartoszek (president of the Cash “cryptocurrency exchange network) clearly shows what the problem lies:
The point is not for the state to promote cryptocurrencies, but to create honest and proportional rules of the game. Meanwhile, the project provides for criminal sanctions, high entry costs and solutions that can really push some companies abroad. Added to this is the fact that Polish implementation of MICA is one of the most extensive in the entire EU – instead of facilitating, multiplies the barriers. It remains to be hoped that the president will listen to the market voice and veto the act in its current shape
Bartoszek emphasizes that Poles are investing in crypto, and the scale of this market is constantly growing, which is why predictable rules are needed, but not in the shape that instead of protecting investors will create a chilling effect and will make the development of honest companies.
In the last 12 months, our exchange offices served several thousand customers, generating turnover counted in hundreds of millions of zlotys. This is a real economy, specific money and customer decisions. We need regulations that will support honest companies and protect users, and not scare entrepreneurs with harsh penalties
– adds the president of Cashify.
The expert indicates that the biggest challenge will be time now – the date of obtaining the license is June 30, 2026. At the current pace of administrative proceedings, it is real risk that many companies will not be able to obtain permits. As a result, the market can be taken over by entities passing licenses from abroad, and local entrepreneurs will be marginalized.
We need a law that will be enforced in practice and not funeral the competitiveness of the Polish market
– Bartoszek outlines.
The Polish crypto-twitter (or rather crypto-X) reacts to the adoption of the law
President Nawrocki – Last Hope
Fortunately, for the crypto industry, President Karol Nawrocki has already critically spoke about cryptocurrency regulations. PiS MP Janusz Kowalski directly announced the presidential veto and promised to present an alternative project in October.
This may be the moment when common sense will win over regulatory obsession. The Polish cryptocurrency market needs wise, thoughtful regulations, not the blind copy of European directives that can destroy local competitiveness.
Senate – will he have the courage?
Before the law goes to the president’s desk, he must go through the Senate. This is the last chance to introduce corrections that could save the Polish crypto industry from regulatory tsunami, which will certainly be caused by the Cryptoactic Act, which can be seen today.
Each day with this law in its current shape are subsequent companies packing things and moving abroad. Poland cannot afford another outflow of talents and capital in such a strategic industry. It is enough that the greatest talents from Poland are built by American capital in the artificial intelligence industry (Opeli, Elevenlavs, Google).
Let’s hope that President Nawrocki will appreciate the importance of the moment and will not allow Polish innovation to be buried under the stake of bureaucratic regulations.
