Poland Crypto Law Advances with Strict KNF Licensing

Poland crypto law Bill 1424 passed the Sejm, enforcing strict KNF licensing and compliance requirements. The legislation aligns with the EU’s MiCA framework and mandates that all crypto service providers obtain a KNF license, maintain robust capital reserves, and implement AML, risk management, and internal controls. Firms have a six-month transition window, yet license approvals may be delayed up to 30 months under the new Poland crypto law. Unlicensed operations face fines up to 10 million złoty and two-year prison sentences. Supporters argue these measures boost market oversight and attract institutional investors; critics warn high compliance costs and lengthy approval processes could drive startups abroad and stifle innovation. The bill moves to the Senate, with President Nawrocki weighing a veto on criminal penalties and broad KNF authority.