Crypto Bill Passed In Polish Parliament, Sent To Senate

• Poland’s parliament has revived a crypto bill to align with EU rules.
• The innovation and freedom issue raised by the president led to the bill being vetoed earlier.
• The next security briefing can affect his ultimate authorization.

The Polish parliament has approved a revised crypto bill and forwarded it to the Senate. The Sejong lawmakers passed the Crypto-Assets Market Act with 241 votes in favour and 183 against.

Poland Is A Step Closer To EU Crypto Regulations

The crypto bill will be given another go through before President Karol Nagrocki is requested to approve it. The decision is a revival of legislation that had been halted earlier in the year. The bill passed parliament in December and was vetoed by President Nawrocki.

The president said the rules were potentially a threat to personal freedom, property rights and the stability of the state. Even with the veto, lawmakers reintroduced the bill without any changes.

One legislator observed that the manuscript returned without even a comma was modified. Advocates declare that time is of the essence because Europe is targeting crypto regulation.

The crypto bill seeks to put Poland in line with the Markets in the crypto assets system of the EU. MiCA has set a common rule within the EU regarding digital assets. Member states are anticipated to complete alignment by July 2026.

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Cryptocurrency Bill Opens Up A Scrutiny Battle

According to the Polish officials, all the gaps within the crypto laws would be sealed. They state that the absence of uniform rules will undermine the financial regulation and may leave Poland out of the EU digital finance efforts.

This bill has had its critics. Certain legislators and cryptocurrency lobbying bodies have argued that it is too repressive. They further said that it may drive innovation and blockchain start-ups offshore.

The representatives of the industry say that the local companies would have to work under overwhelming compliance costs. In addition, smaller turnovers might fail to meet the new demands. Cryptocurrency access may also be restricted to a greater extent.

Similar concerns have been reflected in the past by President Nawrocki. In his campaign, he established himself as a pro-innovation. In May, he vowed that the laws governing digital assets would not be repressive.

Presidential Change May Wipe Out Crypto Bill 

Nawrocki became the president by a narrow margin, getting slightly more than 50% of the total votes. In August, he assumed office for a five-year term. His previous veto was a surprise to lawmakers, who expected him to keep the promises he made in his campaign.

Meanwhile, Government officials are no longer anticipating another veto. One of the spokespeople stated that the president had been given a classified security briefing, which had cleared the crypto bill of any threat to national security.

Also Read | Poland’s Crypto Regulation Hits Roadblock as Presidential Veto Stands