The Senate Budget and Public Finance Committee has voted against the presidential amendments to the government’s crypto-asset market bill, opting instead to recommend the legislation move forward in its original form.
Senate Committee Rejects Presidential Proposals
On Tuesday, the Senate Budget and Public Finance Committee declined to support the package of amendments to the crypto-asset market act submitted by PiS senators. The committee recommended adopting the bill as originally drafted, rendering the proposed amendments moot.
The rejected proposals, originating from the President’s Office, included provisions for additional judicial oversight of KNF’s supervisory actions, a reduction in the maximum duration for account freezes from six months to three, and new state liability for damages caused by unlawful account blockades.
Implementing MiCA Regulations
The government bill, which is the third attempt to regulate the crypto market, aims to ensure the implementation of the EU’s Markets in Crypto-Assets (MiCA) regulation. Previous iterations were vetoed by President Karol Nawrocki over concerns regarding potential over-regulation and the flight of Polish companies to foreign jurisdictions.
Under the current legislation, the Polish Financial Supervision Authority (KNF) will be granted regulatory oversight, including the power to block accounts or suspend transactions for 96 hours, with a maximum extension limit of six months.
Financial Oversight and Sanctions
The bill establishes a supervision fee structure, with a maximum charge of 0.5 percent for token issuers and 0.4 percent for crypto-asset service providers. The KNF is also authorized to impose financial penalties and maintain a register of fraudulent domains engaged in unauthorized crypto activities.
The legislation includes criminal liability for violations related to token issuance or providing services without mandatory registration with the KNF. The bill is scheduled for a plenary session of the Senate this Thursday.
KNF Warnings on Regulatory Delays
The KNF has cautioned that without a designated national supervisory authority, domestic entities will lose the legal capacity to provide crypto-asset services after the July 1, 2026, deadline set by EU law. This would effectively limit the Polish market to cross-border activities by foreign firms already licensed in other member states.