Polish lawmakers back revised crypto bill after repeated vetoes

Poland's parliament passed a revised cryptocurrency bill on a narrow 241-200 vote, clearing the way for implementation of the EU's Markets in Crypto-Assets (MiCA) regulation. The vote followed multiple presidential vetoes that had blocked earlier versions of the legislation.

The bill, backed by Poland's Ministry of Finance, establishes the regulatory framework required under MiCA. The European Union mandated MiCA compliance across member states, creating uniform rules for crypto service providers, stablecoin issuers, and custodians. Poland faces a December 2024 deadline to fully transpose MiCA into national law.

The contentious nature of the vote reflects deeper political divisions within Poland over how aggressively to regulate digital assets. The narrow margin indicates significant opposition from lawmakers concerned about stifling innovation or imposing overly restrictive rules on the sector. Previous versions failed after presidential intervention, signaling executive branch concerns about the legislation's scope or implementation details.

MiCA establishes licensing requirements for crypto exchanges and wallet providers, imposes capital requirements on firms holding customer assets, and creates rules for algorithmic stablecoins. It represents the world's first comprehensive regulatory framework governing the entire crypto ecosystem at a supranational level.

Poland joins other EU jurisdictions racing to implement MiCA before the year-end deadline. Countries including Germany, France, and Spain have already passed transposing legislation. Compliance requires crypto platforms operating in Poland to obtain proper licenses and undergo regulatory oversight from Poland's Financial Supervision Authority.

The passage unblocks regulatory clarity for Polish crypto businesses and enables the country to participate fully in the EU's crypto regulatory regime. It also removes uncertainty that had hung over the sector following the presidential vetoes. With the bill now law, Polish crypto service providers can begin the licensing process under the new framework.