As the Polish Presidential Elections are near, right-wing libertarian candidate Sławomir Mentzen has expressed his pro-crypto stand by promising a national Bitcoin reserve if he comes to power.
“If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators. BTC to the Moon!”, said Sławomir Mentzen through his X (Twitter) handle on November 18, 2024.
The Polish elections are scheduled to take place in May 2025, and Sławomir Mentzen seems to follow Donald Trump’s tactics to win the elections. Like Trump, we can expect more crypto-related promises from Mentzen and his Confederation (Konfederacja) group in the coming months.
Cryptocurrency in Poland: A Timeline
Crypto was not very popular in Poland when it was introduced to the world in 2009. The usage and regulations are still emerging, and we can see major developments in the coming years. Let’s get into a historical timeline of crypto in the country.
- 2010s: It was only around 2016 that crypto started gaining traction in Poland where the trading volume reached 5.50 billion PLN. Major global centralized exchanges witnessed a huge surge in user databases from the country, and the exchange turnover increased by 1450% in 2017. This rapid growth forced the governments to implement new laws as crypto-based crimes were also on the rise.
- 2021: After enormous research, Poland’s government introduced an activity register for blockchain, creating a sophisticated process for those who wish to participate in trading. However, the minimal registration requirements increased the possibility of fraud, and users complained about enhancing the regulations.
- 2022: Due to the increase of fraud activities in the global crypto market, in which around 3.8 billion dollars of coins were stolen, the awareness about risks associated with trading spread over the country, demanding the participation of established trustworthy institutions. As a result, Polish banks like BOS entered the market, offering futures contracts on Bitcoin and Ethereum.
- 2023: The establishment of Markets in Crypto Assets Regulation (MiCA) by the European Union drove Poland to step into issuing licenses and implementing strict laws. Also, the major bank Alior introduced cryptocurrency along with its traditional trading systems. The arrival of Government-backed institutions resulted in strict monitoring of cryptocurrency usage.
- 2024: Major networks like CoinEx entered the Polish crypto market arena, and the competitive atmosphere drove more and more novice traders. On June 30, 2024, the MiCA began applying its rules and regulations that are expected to come into a broader effect at the end of December 2024.
What Does the Future HODL for Crypto in Poland?
If Sławomir Mentzen wins the presidential election, we can see various pro-crypto regulations in Poland that will help it become one of the major players in the market. Currently, the country is in the 37th rank according to the number of hodlers, and only 2.8% of the total population participates in crypto.
When new regulations are introduced, ensuring a safe atmosphere for traders, we can expect a 20% growth in 2025. The number of users is also increasing, and it is expected to reach around 8 million next year. The European Union’s roadmap for MiCA extends till 2026, and we can expect major transitions within two years.
Final Thoughts
Sławomir Mentzen’s tweet received mixed responses from X users where various profiles criticized his stands on government taxes. Also, questions were raised about how to apply financial and legal coverage for a decentralized and anonymous asset and currency like Bitcoin.
The chances for him to win are high, assuring a better blockchain-based economy in the near future. However, participation from citizens who are into traditional assets is also important, which means the establishment of a bridge between traditional investment systems and web3 trading is important.
Beyond the role of the chairman of the New Hope (Nowa Nadzieja) party, 37-year-old Mentzen also serves as one of the leaders of the Confederation of Freedom and Independence. He runs various tax and accounting offices across the country. He also owns businesses like a hunting shop and craft brewery.