The Polish government is once again attempting to establish rules for the cryptocurrency market, raising concerns among local companies.
New Attempt at Crypto Regulation in Poland
Poland's authorities are working on a bill aimed at implementing European Union rules for the cryptocurrency market in the country. The new legislation will place oversight of cryptocurrency platforms under the Financial Supervision Authority, which is not well-regarded by the local crypto industry. While greater clarity may attract major players, local companies fear that certain provisions may threaten their survival.
Challenges for Startups and Medium Businesses
Local entrepreneurs are concerned about the anticipated increase in barriers to entry for the market. Obtaining a crypto asset service provider license will require significant investment, amounting to hundreds of thousands of zlotys, along with substantial documentation efforts. Consequently, many startups are considering relocating abroad.
New President's View on Regulation
Poland's president-elect, Karol Nawrocki, has expressed intentions to veto the bill in its current form, labeling the proposed measures as 'murderous' to innovation in the country. He emphasizes the need for an environment that fosters innovation over strict regulatory measures.
The new cryptocurrency regulation bill in Poland raises significant concerns among the local community, and many expect that its adoption could lead to businesses relocating abroad.
