Polish Parliament Passes Strict Crypto‑Asset Market Regulation
The controversial Crypto-Asset Market Act, passed by Poland's Sejm, faces scrutiny for its harsh penalties, licensing requirements, and potential prison sentences as it moves to the Senate for further review.
Fact Check
The statement is strongly supported by recent evidence. Two credible sources, Cointelegraph and the law firm Dudkowiak & Putyra, explicitly state that the Polish Parliament's lower house (the Sejm) recently passed the Crypto-Asset Market Act. The description of the regulation as 'strict' is supported by evidence detailing new powers for authorities to freeze accounts and block domains, as well as the context of implementing the comprehensive EU MiCA regulation.
Summary
Poland's Sejm has passed the Crypto-Asset Market Act, which mandates licensing for all crypto asset service providers by the Polish Financial Supervision Authority (KNF), with penalties including fines up to 10 million PLN and prison terms. The bill has sparked significant criticism, with concerns over its potential to disrupt Poland's crypto market. It now heads to the Senate for review and approval.
Terms & Concepts
- KNF (Polish Financial Supervision Authority): The regulatory body overseeing financial markets in Poland, responsible for licensing and monitoring entities including crypto service providers.
- Crypto-Asset Service Provider: An entity that offers services such as exchanging, transferring, or storing cryptocurrencies for clients.
- Crypto-Asset Market Act: Proposed Polish legislation introducing strict regulatory requirements for crypto service providers, including KNF authorization and significant penalties for violations.