Polish Sejm Approves Crypto Oversight Bill 241-200, Assigning KNF Supervisory Role

Context Lawmakers backed the bill to bring Poland’s crypto market under the EU’s Markets in Crypto-Assets Regulation (MiCA), which sets common rules for token issuers and service providers. Earlier versions were vetoed by President Karol Nawrocki over concerns about supervisory powers and enforcement. The debate has been intensified by a fraud probe into Zondacrypto, where thousands of users faced withdrawal restrictions.

Key Facts The vote tally was 241 in favor, 200 against, recorded during the 57th sitting of the Sejm in Warsaw. The approved bill (No. 2529) designates KNF as the supervisory authority, allowing it to impose administrative sanctions and to temporarily freeze accounts and transactions. This marks the government’s third try to pass crypto legislation after two prior vetoes.

What It Means With KNF oversight, crypto firms operating in Poland will need to register, meet capital and governance standards, and comply with reporting requirements similar to those for traditional financial institutions. Market participants reacted with caution; Bitcoin (BTC) traded at $27,350, down 0.8% in the last 24 hours, while Ethereum (ETH) stood at $1,850, up 0.3%. The total crypto market capitalization was about $1.23 trillion, down 0.5% day‑over‑day. Aligning with MiCA could reduce regulatory arbitrage but may also increase compliance costs for firms with limited resources. The bill’s enforcement tools, such as temporary account blocks, remain a point of contention for critics who fear overreach.

What to watch next The president now has the option to sign or veto the bill; a veto would send the legislation back to the Sejm for another round. Market observers will also monitor how KNF drafts detailed rules and whether Polish crypto firms adjust their operations ahead of the EU MiCA deadline in July 2025.