Poland’s Crypto Assets Bill Returns to Parliament with New Proposals

A revised version of the “rescue” bill aimed at regulating the crypto assets market in Poland has been submitted to the Parliament. This follows President Karol Nawrocki’s three vetoes of a previous government proposal. The new initiative, introduced by the political party Polska 2050, reportedly incorporates the president’s expectations.

The crypto assets regulation project from Polska 2050 responds to President Nawrocki’s previous vetoes against the government bill. Adam Gomoła, a member of the party and the project’s sponsor, noted that this marks the second attempt by his party to submit a “rescue” bill on this matter. He also announced plans to request expedited consultations and rapid processing of the bill by the Parliament.

The new proposal includes three amendments that align with the president’s requests. These changes involve reducing the maximum fees for token issuance compared to the government’s previous proposal, removing certain overregulatory provisions, and making the legislation less restrictive for the market, according to Gomoła.

The party’s prior initiative was presented in December of last year but was declared a failure during the parliamentary discussions in May. During that session, four different bills on crypto asset regulation were debated, with the government bill ultimately chosen as the leading proposal, halting further progress on the president’s initiative and those from Polska 2050 and Konfederacja.

However, on June 11, President Nawrocki vetoed the government proposal. On the same day, Finance and Economy Minister Andrzej Domański announced that the government would prepare a new bill, although he did not provide further details.

In prior vetoes of government-prepared bills, the president argued that they represented excessive regulation that could push Polish companies in the sector abroad. The vetoed bill of June 11 differed from its predecessors by including an amendment from the president’s office, which mandated the Financial Supervision Authority to prepare and publish annual reports on the crypto assets market in the Public Information Bulletin in collaboration with the finance minister.

The aim of the vetoed bills was to ensure compliance with the EU’s Markets in Crypto-Assets Regulation (MiCA), which governs the crypto assets market within the EU. Under the proposed regulations, the Financial Supervision Authority would oversee the market, with powers to block financial or crypto asset accounts and halt specific transactions. It would also be authorized to impose sanctions on providers, issuers, or those seeking approval for crypto assets.