XTB Writes to Polish President, Demands Crypto Law That Industry Savaged

Poland’s
parliament has approved a long-awaited bill to regulate the domestic
cryptoasset market. However, the legislation has not yet been signed by
President Karol Nawrocki. In a new open letter, XTB urged him to do so, noting
an 11-month delay in implementing the new law in the country.

The
legislation aims to bring Poland in line with the European Union’s MiCA
framework, but critics, including opposition politicians and many local crypto
advocates, argue that the current draft threatens to undermine the
competitiveness of Poland’s digital finance sector.

XTB Calls For Swift Action

XTB, one of
the country’s largest digital brokers, sent an open letter to the president
demanding rapid ratification of the “Act on the Cryptoasset Market.”

In its
letter, XTB argues that Poland is lagging more than 11 months behind its EU
peers, exposing local investors to risks and leaving domestic firms unable to
compete in the fast-evolving European market.

XTB also
warns that in the absence of a national law implementing MiCA, only foreign
entities can operate legally, pushing Polish customers to offshore platforms
outside the supervision of national authorities and potentially putting tax
revenues at risk.

“Without a
local law, Polish investment firms cannot obtain the necessary licenses,” XTB
says in a letter signed by two board members, including Jakub Kubacki and Filip
Kaczmarzyk.

Regulatory Scope Fuels
Industry Criticism

The bill,
now on the president’s desk, is one of the most expansive in the EU: critics
note it runs to 334 pages, and more than 1,200 pages with implementing acts,
far longer than those in Austria (23), Romania (16) or Ireland (24).

Sławomir
Mentzen, leader of the opposition party Konfederacja, has called the
legislation “the most unfriendly in Europe,” warning that it will discourage
all but the most determined market entrants.

Mentzen
highlights that the bill hands supervisory authority to Poland’s Financial
Supervision Authority (KNF), a regulator with a reputation for
heavy-handedness in the sector, including blacklisting crypto companies and
encouraging banks to shut down accounts for legal assets.

“The KNF
has proven for years that it is openly hostile to innovation,” Mentzen says,
warning that “one click from a bureaucrat can wipe a crypto exchange off the
market, without the right to appeal.”

He also
points to a planned 0.4 percent tax on gross revenues, which critics see as a
punitive cost burden, and the lack of an expedited registration path for
licensed brokerages.

XTB pushes
back, suggesting that “the absence of any legislation poses a far greater
threat to Polish companies and investors” than the possibility that the bill in
its current form may be “imperfect.”

Threat to Homegrown Crypto
Businesses

Industry
insiders and social media commentators suggest that XTB has an immediate stake
in seeing the law enacted, since the company has allegedly been
unable to roll out a long-promised spot crypto trading service in the
absence of regulatory clarity.

Broader
sentiment among market participants echoes the call for MiCA, but contends that
the Polish version should stop short of adding extra layers beyond what is
required at the EU level, a concept they describe as “MiCA plus zero.”

Mentzen and
others warn that the current version will prompt crypto startups and jobs to
move offshore, handing business and tax revenue to other EU member states. He
advocates for a limited implementation that simply reflects the EU regulation,
and for an independent crypto regulator not tied to the current financial
watchdog.

“If Poland
continues down this path, it will lose its chance to be a hub for crypto
innovation and see revenue flow abroad,” he argues.

Interestingly,
XTB points to the same problem from its own perspective. According to the
broker, the lack of regulatory clarity is putting local firms at a
disadvantage, while foreign competitors are already offering crypto trading
services to Polish residents.

The fintech
asserts that the delay not only harms the interests of Polish companies and
investors, but makes the local market attractive for firms based in
lighter-regulated jurisdictions who do not pay taxes or submit to domestic
regulatory oversight.

Political, Tax and
Consumer Stakes

The Polish
Economic Institute estimates that one in five crypto investors in the country
has reported being a victim of fraud, adding pressure on authorities to find an
effective regulatory solution that protects consumers without throttling
domestic industry.

“This shows
the scale of the problem, which should be addressed by introducing the Act on
the Cryptoasset Market,” XTB added.

As the
president considers his next move, the Polish crypto sector faces a crucial
inflection point: waiting to see whether the law will open the door to
EU-aligned growth or set hurdles too high for local businesses to clear.

This article was written by Damian Chmiel at www.financemagnates.com.
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