Poland's Sejm opened debate on four competing crypto regulatory bills this week, including a surprise total ban proposal from the former ruling party. The move exposed deep political divisions as Law and Justice (PiS) abandoned its earlier moderate bill after losing key supporters.
Competing Proposals in Play
The chamber began reviewing drafts from the government, President Nawrocki, Poland 2050, and the Confederation party on Tuesday. Government and presidential versions share similar frameworks but differ on penalty scales for obstructing inspections. The Finance Ministry seeks PLN 25 million fines while the president proposes PLN 20 million caps. Both would grant the Financial Supervision Authority power to freeze crypto accounts.
PiS Switch to Outright Ban
PiS withdrew its previous bill after four MPs defected, replacing it with a total ban on all digital asset activities. Sejm Speaker Włodzimierz Czarzasty slammed the sudden pivot as 'astonishing.' The ban measure won't face debate until after the four primary bills complete their legislative process. Lawmakers held the second reading for those bills Thursday, May 14.
Tusk's Russian Money Allegations
Prime Minister Donald Tusk accused crypto firm Zondacrypto of receiving Russian backing to sponsor anti-regulation politicians, including members from PiS and Confederation. He claimed President Nawrocki knew about the firm's ties when vetoing earlier regulations. The president's office head Zbigniew Bogucki countered that Nawrocki opposed only the government's 'flawed' regulatory model, not oversight itself.
Industry Fears Mount
Confederation leader Sławomir Mentzen warned the legislation would 'destroy the Polish cryptocurrency market.' Economist Krzysztof Piech praised the presidential veto, calling it constitutionally sound and aligned with EU standards. The four main bills will advance through committee review before lawmakers consider the PiS ban proposal in coming days.
