Poland Moves Forward with Crypto Regulation: Council of Ministers Adopts Cryptoassets Draft Act

Last week, the Polish Council of Ministers approved the draft Act on the Crypto-Assets Market (Draft Act), marking a significant step in aligning national legislation with the EU's Markets in Crypto-Assets Regulation (MiCA).

Key Highlights:

MiCA Implementation: The Act aims to integrate MiCA into Polish law, establishing a regulatory framework for crypto-asset regulation.

Licensing Requirements: Crypto-Asset Service Providers (CASPs) will be required to obtain authorization from the Polish Financial Supervision Authority (PFSA).

Transitional Periods: Entities already operating as Virtual Asset Service Providers (VASPs) will benefit from transitional arrangements, allowing continued operation while adapting to new requirements.

Enhanced Oversight: The PFSA will have expanded supervisory powers, including the authority to impose administrative sanctions and oversee compliance with the new regulations.

As the Draft Act progresses to the parliamentary stage, stakeholders in the crypto industry should prepare for the forthcoming changes and ensure compliance with the new regulatory landscape. We will keep you regularly informed about the next legislative stages of the Draft Act.

For more detailed information on the content of the Draft Act adopted by the Council of Ministers, please visit the official website of the Polish government: https://buff.ly/bEAEiax.