⚖️ 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 It at a Bitcoin ATM”, I examine this issue and explain what threat awaits 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 (MiCA) regulation came fully into force on December 30, 2024. European Union member states had until that date to implement its requirements into their local laws.

Our dear politicians from Wiejska Street postponed the matter so much that 7 months after the above-mentioned deadline they only have a draft law which, despite its extensive content (it has twice as many pages as the entire MiCA), looks as if it was written in haste.

💸 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 Polish Financial Supervision Authority (KNF) is to oversee this market. In Poland, this institution is synonymous with a body hostile to the cryptocurrency industry, and in the draft law we can read mostly about strict penalties planned for crypto companies, rather than about opportunities and prospects 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 collaborating with Bitomat.com, blockchain technology expert Tomasz Mentzen wrote on X that the current draft of the proposed legislation is harming 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 have the cryptocurrency industry’s best interests at heart. They want as much control over it as possible, but they are not going to support its development or create prospects that would encourage new ventures.

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