Poland’s Aggressive Crypto Crackdown Sparks Public Outcry

Poland’s parliament has advanced a stringent cryptocurrency bill, igniting fierce opposition from industry players and the public. The legislation, designed to align with the EU’s Markets in Crypto-Assets (MiCA) regulation, imposes heavy compliance burdens on crypto service providers.

The Financial Supervision Authority (KNF) gains sweeping oversight powers, including licensing, monitoring, and the ability to block suspicious domains. Unauthorized operations could result in five-year prison sentences or fines exceeding $1 million.

Critics argue the prohibitive costs—license fees surpassing $130,000 and monthly compliance expenses of $7,500–$10,000—could cripple local crypto businesses. The bill’s bureaucratic hurdles, including complex documentation and prolonged approval timelines, further threaten innovation.

Industry backlash highlights growing tensions between regulatory ambitions and crypto’s decentralized ethos. The outcome may set a precedent for how EU nations balance oversight with technological progress.