The Senate has passed the Crypto-Assets Act - what happens next?
In May 2026 the Senate of the Republic of Poland passed, without amendments, the government's draft act on the crypto-assets market. 57 senators voted in favour, 26 voted against and no one abstained. This is already the third legislative attempt to introduce comprehensive regulation of cryptocurrencies in Poland - the two earlier versions of the act were vetoed by the President.
The Senate's approval means that the document now goes to the desk of President Karol Nawrocki. It is his decision that will determine whether Poland enters an era of a heavily regulated crypto-assets market or remains in a state of legislative uncertainty. For business owners, investors and cryptocurrency users, this decision is of fundamental importance.
It is worth stressing that Donald Tusk's government did not accept any of the 16 amendments proposed by the President's side. As Tomasz Mentzen, an expert in the cryptocurrency sector, noted publicly, the discussion of the presidential amendments in the Senate committee lasted just two minutes. The lack of compromise between the government and the Presidential Palace increases the likelihood of another veto.
Key provisions of the Crypto-Assets Act
The draft act provides for significant changes in the way the cryptocurrency market operates in Poland. The central role in the new supervisory system is to be played by the Polish Financial Supervision Authority (KNF), which will become the main body overseeing the activities of cryptocurrency firms in the country. This means a considerable expansion of the powers of an authority that until now has not had full jurisdiction over this segment of the market.
The most important elements of the proposed regulation include:
- KNF as the main regulator - the Polish Financial Supervision Authority will gain broad supervisory powers over the crypto-assets market, including the power to issue and withdraw licences.
- Blocking of websites - officials will be able to block websites of suspected crypto projects without first obtaining court approval.
- Licensing requirements - firms in the sector will be required to obtain the relevant authorisations to operate in Poland.
- Alignment with the MiCA Regulation - the act is intended to ensure that Polish law complies with the EU Markets in Crypto-Assets (MiCA) Regulation, which since 2024 has been gradually bringing order to the crypto-assets market across the European Union.
- Stronger consumer protection - the new rules are meant to protect retail investors from fraud and unfair practices on the digital assets market.
Although the premises sound reasonable, the KNF's track record to date raises concerns among some market participants. History shows cases in which the authority took action against lawfully operating entities, which raises questions about the proportionality of future supervision.
Opportunities and risks for cryptocurrency firms in Poland
For the cryptocurrency industry, the new regulation is a classic double-edged sword. On the one hand, bringing order to the market and setting clear rules of operation may increase Poland's credibility as a place to run a cryptocurrency business. Transparent regulation traditionally attracts institutional capital - investment funds, banks and corporations that have so far avoided the market because of legal uncertainty.
On the other hand, there is a real risk of over-regulation. Rules that are too restrictive may raise the cost of doing business to a level at which smaller firms are unable to operate on the Polish market. This is not a theoretical scenario - we are already seeing a trend of Polish cryptocurrency companies relocating to other EU jurisdictions.
MiCA licence passporting and the Polish budget
A particularly worrying phenomenon is so-called MiCA licence passporting. Firms that obtain a licence in another EU member state - for example in Lithuania, Estonia or Malta - can lawfully provide services in Poland without having to register in our country. In practice, this means that Polish firms register abroad and pay tax there, but still serve Polish customers.
The financial consequences for the state budget are obvious: a loss of tax revenue without any corresponding restriction on Polish consumers' access to cryptocurrency services. It is a paradox in which restrictive regulation does not protect citizens but merely drives entrepreneurs away. According to data from the National Bank of Poland, around 6.4% of Poles hold crypto-assets, and Bitcoin and Ether remain the most popular - this is a market that keeps growing and requires well-thought-out legislation.
The President's veto - what does it mean for investors and business owners?
President Karol Nawrocki has already vetoed earlier versions of the Crypto-Assets Act twice. The main argument of the Presidential Palace was the belief that rules that are too restrictive could hamper the development of an innovative sector in Poland and push domestic firms to relocate their business abroad. Importantly, the President also pointed to potential negative effects for users themselves - firms operating from abroad are subject to foreign rather than Polish supervision.
If the President decided on a third veto, Poland would remain in a state of legal uncertainty. The lack of national provisions implementing the MiCA Regulation makes it harder for firms to obtain a licence in the country, which paradoxically deepens the problem of capital flight abroad. At the same time, the government would be forced to prepare a fourth version of the act, which could extend the legislative process by further months.
Practical consequences for market participants
Regardless of the President's decision, crypto-asset market participants in Poland should already be preparing for the regulatory changes ahead. The MiCA Regulation applies directly in all EU member states, which means that certain legal requirements apply to Polish firms regardless of the fate of the national act. This applies in particular to disclosure obligations, capital requirements and anti-money laundering rules.
For retail investors, the key point is to understand that if the act does enter into force, it will change the landscape of available services. Some smaller platforms may disappear from the market or move abroad, while larger entities will have to adapt their procedures to the new requirements. The collapse of the zondacrypto exchange - cited by the government as an argument for the need for regulation - shows that a lack of supervision carries a real risk of users losing their funds.
Do you need legal support in the area of crypto-assets?
The crypto-assets market in Poland is on the threshold of fundamental legal changes. Whether the President signs the act or decides on another veto, business owners and investors should be prepared for new obligations arising from both national law and the EU MiCA Regulation. Ignorance of the rules does not exempt you from liability, and penalties for breaching the regulations can be severe.
If you run a business in the cryptocurrency sector, are planning to enter the digital assets market or want to protect your investments - contact our law firm. Our lawyers, who specialise in new technology law and financial regulation, will help you understand the upcoming changes, adapt your business to the legal requirements and avoid costly mistakes. Do not wait for the act to enter into force - secure your legal position today.
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