Overview

• Bill 1424 centralizes oversight under the KNF, requiring licenses for exchanges, issuers and custodians serving Polish users, including foreign operators.
• Noncompliance could bring fines up to 10 million zlotys and prison terms of up to two years, with a six-month window for firms to secure authorization.
• Opponents say Poland is gold-plating MiCA, citing projected licensing costs of €400,000–€800,000 plus €500,000 in capital that many domestic providers cannot meet.
• Industry figures highlight KNF approval timelines cited around 30 months, warning that delays could cripple startups and deter new entrants.
• The Sejm approved the bill 230–196; the Senate is reviewing it, opposition parties urge a presidential veto, and firms such as zondacrypto and XTB signal or pursue licensing outside Poland.