Poland backs bill to expand sanctions regime to crypto asset freezes
Poland is moving to widen its sanctions toolkit by formally bringing crypto assets into the categories of funds that authorities can freeze. The measure, approved by the Sejm and now sent to the Senate, also broadens the grounds for national sanctions beyond the country’s existing 2022 framework tied to Russia’s invasion of Ukraine.
Highlights
- Poland's Sejm passed the Act on Restrictive Measures by 240 votes to 202, explicitly expanding sanctions to include crypto asset freezes under MiCA.
- Under the proposed law, the interior minister would oversee the national sanctions list, with enforcement possible before court challenges are resolved.
- The Senate has 30 days to act on the bill, after which it is automatically approved if no action is taken, moving it to the president for consideration.
Legislation expands sanctions powers
As reported by Cointelegraph, citing official parliamentary records, the Sejm passed the government-backed Act on Restrictive Measures on Friday by 240 votes to 202, with one abstention, and forwarded it to the Senate on Monday. The bill explicitly adds crypto assets, as defined under the European Union’s Markets in Crypto-Assets Regulation, or MiCA, to the financial funds that can be frozen when sanctions are imposed.Under the proposal, Poland’s interior minister would oversee the national sanctions list, and sanctions-listing decisions would take effect the day after a designation is published by the authorities. Individuals and companies affected by a listing would be able to challenge the decision in administrative court, but enforcement could begin before a court ruling is issued.
Implications for Poland’s crypto oversight
Poland already operates a national sanctions list under a 2022 law designed to counter support for Russia’s invasion of Ukraine. The new bill would extend the basis for national sanctions to include certain foreign interference and information manipulation deemed to pose a serious threat to national security.The Senate now has 30 days to approve, amend or reject the legislation. If lawmakers in the upper house take no action, Poland’s Constitution treats the bill as approved in the form passed by the Sejm, allowing it to move forward to the president for consideration.
As we noted earlier, sovereign ratings pressure is rising as geopolitical shocks and higher fiscal spending lift borrowing risks.
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