Poland's Crypto Law: A Second Chance or Just More of the Same?

Poland is making another attempt to pass legislation regarding digital money, including cryptocurrency. This comes after a similar bill was vetoed by the president just a few weeks ago. The proponents are now trying again, with some minor adjustments.

The New Law

The revised law is nearly identical to the previous version. Its primary goal is to align with the European Union's (EU) MiCA regulations. These rules aim to enhance the safety of digital money and prevent illicit activities like money laundering. If passed, the law would empower the Polish Financial Supervision Authority to oversee digital money in Poland.

Mixed Reactions

The proposed legislation has sparked debate. Some critics argue that the law is too restrictive, potentially stifling innovation and hurting businesses. Supporters, however, contend that it is necessary to protect consumers and comply with EU regulations.

Presidential Concerns

The president, who vetoed the previous bill, expressed concerns that it was overly controlling and might limit personal freedoms. However, proponents of the law argue that it is crucial for Poland to adhere to EU standards and keep pace with other countries.

Deadline and Consequences

There is a deadline: all EU countries must have similar laws in place by July 2026. Poland is currently the only EU member without such legislation. Failure to pass the law could result in missing out on EU benefits.

Uncertain Outcome

Some speculate that the president might reconsider his stance this time, possibly due to additional information about the law's importance. Others remain skeptical, believing the law is still too stringent and may not be in Poland's best interest.

The future of digital money regulation in Poland hangs in the balance, and only time will tell if the country will successfully pass the law and join the rest of the EU in regulating digital currencies.