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Crypto boss warns: Poland's new law could kill innovation!
CEO Przemysław Kral criticizes Poland's strict crypto law as over-regulation and warns of the emigration of companies.
Crypto boss warns: Poland's new law could kill innovation!
In a vehement statement, Przemysław Kral, CEO of Zondacrypto, criticized the law on the Crypto-Asset market recently adopted by the Polish SEJM. He described the new regulations as a clear over-regulation, which not only endangers the development within the crypto industry, but also appears the entire country as an unattractive location for crypto companies. According to crypto.news, the regulations introduce strictly license requirements and severe punishments for crypto companies that increase essential risks in the industry.
The law stipulates that crypto-asset service providers have to introduce a complex license regime that corresponds to the EU regulation on markets for crypto-assets (mica). According to Kral, these new requirements could criminalize basic activities such as the development of smart contracts. "With these rules, it becomes almost impossible for new crypto companies to start in Poland, which gives existing companies an unjustified advantage," warns Kral.
Strict punishments and risks for crypto companies
In addition to the complex application processes, which have to include company structure, capital resources, internal controls, risk management and anti-money laundering processes, if there are fines of up to 10 million Polish Zloty (approx. 2.8 million) and prison terms of up to two years. Kral expresses fear that many companies could migrate to more crypto -friendly countries, which would harm Poland economically.
After the law came into force, crypto service providers only have six months to secure the required license. The decision to issue such rigorous requirements is the debate about the right balance between regulation and promotion of innovation. Janusz Kowalski, a member of the opposition party law and justice, also expresses itself critically and describes the regulation as the most restrictive crypto law in the EU.
Compared to the regulations in other European countries such as Germany, the Czech Republic, Cyprus, Hungary and Romania, Kowalski considers the Polish requirements to be absurd. "It turns out that Poland takes a step in the wrong direction in crypto regulation and undermines the innovative strength of the industry," he adds.
While Kral emphasizes that regulation is necessary, he urgently warns that the current proposals from the Federal Government could harm more than benefits. The discussion about the handling of crypto-assets in Poland is now once again in public and shows the challenges that exist for both legislators and companies in the industry.