Poland's Crypto Currency Law Back in Parliament: Security Concerns are Rising

The Polish government has resubmitted the cryptocurrency legislation vetoed by President Karol Nawrocki to the parliament. It is stated that the bill has been brought back to the agenda due to the national security risk posed by entities connected to Russia and former Soviet countries. The government led by Prime Minister Donald Tusk argues that the bill is critically important for national security.

In particular, it is noted that the proposed Cryptoasset Market Act aims to align Poland's cryptocurrency market regulations with the European Union's Markets in Crypto-Assets (MiCA) framework. MiCA aims to create a common oversight and licensing system for crypto assets across Europe. The Polish government believes that this system will allow for closer monitoring of market actors.

Prime Minister Tusk announced that there are over 100 companies directly linked to Russia, Belarus, and former Soviet countries in the official cryptocurrency company registers in Poland. Tusk characterized this situation as a "warning." He emphasized that fundamental controls are essential to ensure the safety of the state and citizens. Tusk stated that cryptocurrencies have the potential to be used in sabotage and hostile activities, expressing the need for tighter regulations.

However, President Nawrocki strongly opposes the bill. He defended his veto decision on the grounds that the legislation is excessively restrictive, stating in a statement dated December 1 that the regulation poses a real threat to "the freedom of Polish citizens, property rights, and the stability of the state." The resubmission of the bill is likely to intensify the political debates surrounding cryptocurrency regulations and MiCA compliance in Poland.