Poland’s lower house has approved a wide-ranging crypto bill that would put the country’s entire virtual asset market under stricter state control. Based on reports, the measure — known as Bill 1424 — passed the lower house of Poland’s national parliament, or Sejm , with 230 votes in favor and 196 opposed.

The law would give the Polish Financial Supervision Authority, KNF, sweeping powers over exchanges, issuers and custodians operating in or serving customers in Poland.

What The Law Requires

According to coverage, the draft compels all Crypto Asset Service Providers to obtain a KNF license to operate in the market. It would set detailed rules on capital, internal controls, anti-money-laundering safeguards and risk management.

Penalties are heavy: operating without a permit could

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