At a time when almost the entire industry is appealing to the President of Poland to veto the draft bill on cryptocurrencies, XTB wants Karol Nawrocki… to sign the document. How does the company justify this?
Cryptocurrency Act
The issue of cryptocurrency regulation is highly controversial in Poland. The bill that has just landed on the head of state’s desk may practically destroy Polish industries. More precisely: it will make stock exchanges and currency exchange offices exchange their local headquarters for foreign ones – anything to avoid being subject to Polish regulations.
Critics point out that the Polish project will make our market significantly overregulated. In addition, there will be high license fees and absurdly harsh penalties.
XTB wants the bill to be signed
And suddenly a surprising appeal from XTB appears.
As the largest representative of the digital finance sector in Poland, we appeal to the President to sign the Act on the cryptoasset market. The immediate implementation of the act allowing the application of the MiCA 1 Regulation in Poland is of key importance for the competitiveness of Polish investment companies operating on the European market and for the protection of Polish investors.
– we read in the document provided by XTB.
So there is a rather unsurprising division. XTB probably hopes that as a large entity it will obtain a license (not to mention paying high license fees) and will be able to service the large Polish crypto market. On the other side, there are Polish cryptocurrency companies that want a veto because they are afraid that they may not receive a Polish license.
But what will the president do? Karol Nawrocki, at the instigation of, among others, Sławomir Mentzen, is said to be vetoing the bill. So far, the Presidential Palace has not commented on these reports.
