The law would give the Polish Financial Supervision Authority, KNF, sweeping powers over exchanges, issuers and custodians operating in or serving customers in Poland.
Penalties are heavy: operating without a permit could draw fines up to 10 million złoty (about US$2.8 million) and, in some versions, criminal liability including up to two years in prison for serious breaches. Existing firms would get a six-month window to apply for authorization once the law takes effect.
Sejm głosami ekspertów takich jak pani Skowrońska przyjął ustawę o zniszczeniu blackchaina i stabletcoinów w Polsce.
Clarity is meant to reduce scams and make large players feel safer about doing business in Poland. Some observers say stronger oversight could attract institutional money that has been wary of unclear local rules.
There is also worry the KNF’s review process could be slow; some sources claim decisions might take as long as 30 months, creating an uncertain climate for firms that need speed to survive. Artists, small issuers and hobbyist projects fear that strict rules will squeeze out low-budget activity.
The draft would also require more disclosures from issuers and service providers. Regulators could maintain a register of unpermitted domains and use tools to block access. Supporters say this helps fight fraud. Critics say it risks overreach and could limit legitimate users’ access to services.
Based on reports, after clearing the Sejm the text is moving to the Senate for review. President Karol Nawrocki has been reported to consider a veto unless certain provisions are softened, particularly those that introduce criminal penalties and broad supervisory powers.
Lawmakers and industry groups are pressing for amendments that would narrow the scope of some requirements and ease costs for smaller operators.
Featured image from Meta, chart from TradingView
