⚖️ Poland's cryptocurrency law: rescue or disaster?

🏛️ Politicians finally move on with regulations

Politicians from across the Vistula have finally gotten around to a bill aimed at regulating the cryptocurrency industry in our country.

It is said that better late than never, as this issue should have been implemented months ago, but not only do we still not have regulation of digital assets, the government's plan for them heralds disaster for businesses in the industry.

In the latest episode of "I Heard Under Bitcoin ATM, " I take on the issue and explain what threat lurks for Polish entrepreneurs in this sector.

💥 Right wing outraged by crypto asset law

📅 The deadline has passed, the law is still being drafted

The Markets in Crypto Assets Act (MiCa) came into full force on December 30, 2024. European Union member states had until that date to implement the resulting directives into their local laws.

Our beloved politicians from the Vistula have postponed the matter so much that 7 months after the aforementioned deadline they only have a draft law, which , despite its voluminous content ( it contains twice as many pages as the entire MiCa), looks as if it was written on the knee.

💸 Problems with stablecoins and... the Belka tax?

The Finance Ministry wants to regulate stablecoins, for example, but is unable to specify in detail how this asset class should be classified and whether they should already be subject to the Belka tax or not.

🚫 KNF as supervisor? Industry in shock

Huge controversy also surrounds the fact that the Financial Supervision Commission (KNF) is to control this market. This institution is synonymous in Poland with a body breathing hatred for the cryptocurrency industry, and from the bill we can read most about the strict penalties that are planned against crypto-firms, rather than about the opportunities and chances for development.

🗣️ Voice of dissent: politicians and experts

The first reading of this draft took place on July 22 (only!) and aroused much opposition from politicians sympathetic to the industry. Among the protesters were:

• Konrad Berkowicz
• Ryszard Wilk
• Janusz Kowalski

Also working with Bitcoin ATM.com, blockchain technology expert Tomasz Mentzen wrote on X about how the current version of the proposed legislation is hurting the Polish digital asset industry.

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🧩 Bottom line: what is really at stake?

One thing is certain: the Polish authorities do not want well for the cryptocurrency industry. They want to have as much control over it as possible, but they are not going to support it in its development and create prospects that would encourage the creation of new ventures.

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