Poland passes virtual asset regulation amid controversy… industry criticizes it as "overregulation"

Poland's parliament has passed a new virtual asset (cryptocurrency) law that aligns with European Union (EU) standards. However, there appears to be controversy within Poland over the bill's passage.

On the 29th (Korean time), according to crypto-specialized media Cryptopolitan, the Polish lower house passed the new virtual asset bill on the 26th with 230 votes in favor and 196 against. The bill contains provisions to implement the EU's MiCA regulations.

It imposes criminal liability for unauthorized service provision and token issuance, and violations can be punished with fines of up to about $120,000 and imprisonment of up to two years. The bill also grants the Financial Supervision Authority (KNF) the authority to supervise virtual asset exchanges and stipulates obligations such as maintaining individual customer accounts.

However, the Polish virtual asset industry is protesting the new regulatory proposal. Poland's largest virtual asset media outlet, Bitcoin.pl, criticized that "(KNF's powers are) not market supervision but a repressive tool," saying "it could place a heavy burden on small operators."