Poland passes a new version of the "Cryptocurrency Market Act," with violators facing 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 "Cryptocurrency Market Act," which received 230 votes in favor and 196 votes against. The act stipulates that all cryptocurrency asset service providers (CASP) must apply for a license from the Polish Financial Supervision Authority (KNF), with violators facing fines of up to 10 million zlotys (approximately 2.8 million USD) and up to two years in prison. After the act is implemented, there will be a 6-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 is currently under review by the Senate.