Poland's Ministry of Finance reported that the Council of Ministers has adopted a draft law on the cryptoasset market to align Polish legislation with the EU Markets in Crypto-Assets Regulation (MiCA). The proposed framework would regulate and bring the cryptoasset market and related services under oversight, with a focus on client and investor protection. Supervision would be exercised by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF), which would receive supervisory and control tools including the ability, in cases of breaches, to enter relevant websites into its register of internet domains used to conduct cryptoasset activity. The draft also covers online currency exchange bureaux, introduces criminal liability for the most serious violations such as market manipulation with sanctions ranging from fines to restriction of liberty or imprisonment, requires cryptoasset service providers to apply Poland’s anti-money laundering and counter-terrorist financing rules, and clarifies certain obligations for issuers of asset-referenced tokens and e-money tokens as well as for cryptoasset service providers. The bill proposes that the act would enter into force 14 days after its publication.

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