The Senate has passed the government’s crypto-asset market bill without amendments, rejecting several proposals from the President, and has now forwarded the legislation to President Karol Nawrocki for final approval.
Legislative Process and Presidential Vetoes
On Thursday, the Senate approved the crypto-asset bill without introducing any changes, effectively closing the legislative loop in the upper house. Despite pressure from Law and Justice senators to include presidential amendments, the chamber voted 57 to 26 in favor of the bill, with no abstentions.
This legislation represents the government’s third attempt at regulation. President Nawrocki has previously vetoed similar versions, claiming they constituted over-regulation that could force Polish companies to relocate abroad.
Government Priority and Market Oversight
During its time in the Sejm, the government’s proposal was designated as the leading project, causing proceedings on alternative drafts from the President, Poland 2050, and Confederation to be discontinued. The law is designed to implement the European Union’s MiCA (Markets in Crypto-Assets) regulation.
Under the new rules, the Polish Financial Supervision Authority (KNF) will assume regulatory oversight of the market. The KNF will have the power to block bank or crypto accounts and suspend specific transactions for 96 hours, with the government aiming to cap extensions of these blocks at six months.
Regulatory Duties and Penalties
The act mandates that the KNF, in cooperation with the Minister of Finance, must publish annual reports on the state of the crypto-asset market. It also sets maximum oversight fees at 0.5 percent for token issuers and 0.4 percent for service providers.
The KNF is empowered to impose financial sanctions on issuers and intermediaries for non-compliance. Furthermore, the authority will maintain a registry of fraudulent domains, and the law introduces criminal liability for activities such as issuing tokens or providing services without proper notification to the KNF.
Urgency of Implementation
As of February 2026, the KNF highlighted that EU regulations allow entities to operate without specific licenses only until July 1, 2026. If the new legislation fails to establish an appropriate supervisory body, domestic entities will lose the right to provide crypto services, leaving the Polish market open only to foreign entities authorized in other member states.
