Poland passes new Crypto Asset Market Act, violators face fines of up to $2.8 million

ChainCatcher news, according to Cointelegraph, the lower house of the Polish parliament has passed a new version of the "Crypto Asset Market Act," with 230 votes in favor and 196 against. The act stipulates that all Crypto Asset Service Providers (CASP) must apply for a license from the Polish Financial Supervision Authority (KNF). Violators will face fines of up to 10 million zloty (approximately $2.8 million) and up to two years in prison. After the act is implemented, there will be a six-month transition period.

The act has been criticized as "the strictest cryptocurrency regulation in the EU," sparking strong opposition from the industry, which believes it could harm the interests of Poland's 3 million cryptocurrency holders. The act has now been submitted to the Senate for review.