In his latest material, Phil Konieczny explains why the current situation surrounding the Polish MiCA law is crucial for the future of the market and the entire cryptocurrency sector. He also shows how much now depends on the decisions of politicians and the pressure from the community. He emphasizes that this is one of the most important moments for economic freedom and the development of the industry in Poland.
The whole situation requires a clear discussion so that everyone can consciously assess what the game is really about.
MiCA, Polish regulations, and upcoming decisions regarding cryptocurrency
The first element of Phil Konieczny's analysis is a comparison of how different countries have implemented MiCA. He shows that other countries added only a few pages, while Poland created as many as 1228 pages of additional regulations. He points out that such extensive law does not encourage any company to operate in the country. He explains that in practice, this means complete deterrence of the industry.
He then highlights the key mechanism of MiCA operating across the Union. A company that obtains a license in any EU country can legally operate in all member states. He notes that the Polish additions do not change this principle. He indicates that companies will register where the regulations are shorter and clearer.
Phil shows that Poland does not gain from these regulations in any way. He explains that taxes will go to other countries. He reminds that additional burdens do not increase user safety. He emphasizes that it is only a bureaucratic hindrance.
In this passage, he also presents one of the most dangerous provisions. According to the KNF project, it receives the ability to disable any website with one click. Phil describes this as a mechanism of extrajudicial censorship. He notes that exchanges and exchanges could disappear overnight without explanation.
Why is the president's veto so important?
In this part, Phil analyzes the veto of President Karol Nawrocki. He believes it was the only reasonable decision. He points out that with such a flawed law, society had to react. He emphasizes that the president demonstrated responsibility.
Phil emphasizes that Poland already has functioning laws regarding cryptocurrencies. He says that the lack of implementation of MiCA does not mean legal chaos. He explains that crypto companies operate normally in the current system. He adds that full implementation of MiCA can only occur in a more sensible form.
He then warns against the political narrative accompanying the bill. He emphasizes that the government scares citizens with Russian influences and fraudsters. He explains that decentralization makes these arguments unfounded. He adds that fraudsters will still move to DEXs.
In this part, Phil makes a key statement:
"Since the president has taken our side, it would be foolish to waste it."
He then notes that this is the moment when society must act. He indicates that the Sejm is voting on this matter today. He adds that every vote matters.
The biggest mistakes of the law and an appeal to the cryptocurrency community
Phil points out that the law in its current form poses the greatest threat to the Polish crypto market. He explains that the document does not facilitate operations for companies but blocks them. He believes that such extensive regulations are unnecessary and harmful. He emphasizes that the entire project needs to be rewritten.
Additionally, he shows the differences between Polish and European requirements. He cites examples of Malta and Cyprus, which create a friendly environment for blockchain companies. He notes that entrepreneurs will not choose a more complicated system. He reminds that no one will pay taxes in a country that deters them.
Here, Phil explains what citizens can do. He encourages sharing educational materials. He appeals for informing other investors. He points out that social pressure can change the voting outcome.
This part also presents an accessible summary in the form of bullet points:
Poland added as many as 1228 pages of regulations to MiCA.
Other countries added from 2 to 48 pages.
A company with a license in any EU country can legally operate in Poland.
The law gives the KNF the right to block websites without a court.
The president vetoed the law because it excessively harms the industry.
Finally, Phil emphasizes that investors should ask themselves several important questions. He explains that everyone should know whether they want a friendly market. He adds that the community's responsibility is particularly large today. He emphasizes that the future of the Polish crypto sector depends on a collective reaction.
To familiarize yourself with the latest cryptocurrency market analysis from BeInCrypto, click here.