Poland's lower house passes strict encryption bill: introducing licensing and fines up to $2.8 million

Poland's lower house, the Sejm, passed the "Crypto-Asset Market Act" (Bill 1424) and sent it to the Senate for deliberation. The bill designates the KNF as the regulatory body and requires all CASPs (exchanges, issuers, custodians, and others, including those operating overseas) to obtain a license to operate in Poland. Applications must include details of the company's structure, capital adequacy, internal controls and compliance, risk management, and AML procedures.