PANews reported on September 29th, according to Cointelegraph, that Poland's lower house, the Sejm, passed the "Crypto-Asset Market Act" (Bill 1424), sending 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 based overseas) to obtain a license to operate in Poland. Applications must include details of their corporate structure, capital adequacy, internal controls and compliance, risk management, and AML procedures. If the legislation takes effect, CASPs will have a six-month transition period; otherwise, they could be forced to cease operations and face fines of up to 10 million Polish złoty (approximately $2.8 million) and up to two years in prison. The bill passed its second reading with 230 votes in favor and 196 against, prompting criticism from some politicians and industry insiders as overly restrictive.PANews reported on September 29th, according to Cointelegraph, that Poland's lower house, the Sejm, passed the "Crypto-Asset Market Act" (Bill 1424), sending 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 based overseas) to obtain a license to operate in Poland. Applications must include details of their corporate structure, capital adequacy, internal controls and compliance, risk management, and AML procedures. If the legislation takes effect, CASPs will have a six-month transition period; otherwise, they could be forced to cease operations and face fines of up to 10 million Polish złoty (approximately $2.8 million) and up to two years in prison. The bill passed its second reading with 230 votes in favor and 196 against, prompting criticism from some politicians and industry insiders as overly restrictive.