Poland's Ministry of Finance announced that the Sejm adopted a law on the crypto-asset market that aligns domestic rules with the EU Markets in Crypto-Assets Regulation (MiCA) and brings crypto-asset issuance, trading and related services under regulatory oversight, with a focus on client and investor protection. The law also regulates the activity of online currency exchange offices and does not impose technological restrictions. The framework gives the Polish Financial Supervision Authority (KNF) supervisory and control tools, including monitoring and maintaining a register of crypto-asset firms so users can verify whether an entity is registered. Client protections include the ability to redeem crypto-assets from an issuer at any time in cash, enhanced disclosures on the characteristics, functions and risks of crypto-assets, requirements for clear and non-misleading marketing, free complaint-handling procedures, and access to information on dishonest entities via the KNF’s register of internet domains; in case of breaches, KNF can enter domains used for crypto-asset activity into its domain register. The law also introduces criminal liability for the most serious violations, including market manipulation, with penalties ranging from fines to restriction of liberty or imprisonment, and requires crypto-asset service providers to apply Poland’s anti-money laundering and counter-terrorist financing rules. The provisions are intended to enter into force 14 days after promulgation.

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