Poland’s president vetoes strict crypto bill, clashes with government

Polish President Karol Nawrocki has declined to motion a measure imposing strict regulations connected the crypto plus market, drafting praise from the crypto assemblage and crisp disapproval from the government.

Nawrocki vetoed Poland’s Crypto-Asset Market Act, saying its provisions “genuinely endanger the freedoms of Poles, their property, and the stableness of the state,” according to a connection by the president’s property bureau connected Monday.

Introduced successful June, the measure has drawn disapproval from manufacture advocates specified arsenic Polish person Tomasz Mentzen, who had anticipated the president’s refusal to motion it arsenic it cleared parliamentary approval.

Although crypto advocates welcomed the veto arsenic a triumph for the market, respective authorities officials condemned the move, claiming the president had “chosen chaos” and indispensable carnivore afloat work for the outcome.

Why the president vetoed the bill

One of the main reasons cited for the veto was a proviso allowing authorities to easy artifact websites operating successful the crypto market.

“Domain blocking laws are opaque and tin pb to abuse,” the president’s bureau said successful an authoritative property release.

The president’s bureau besides cited the bill’s wide criticized length, saying its complexity reduces transparency and leads to “overregulation,” particularly erstwhile compared with simpler frameworks successful the Czech Republic, Slovakia and Hungary.

Source: Press bureau of Polish President Karol Nawrocki (post translated by X)

“Overregulation is an casual mode to thrust companies to the Czech Republic, Lithuania oregon Malta, alternatively than make conditions for them to run and wage taxes successful Poland,” the president said.

Nawrocki besides highlighted the excessive magnitude of supervisory fees, which whitethorn forestall startup enactment and favour overseas corporations and banks.

“This is simply a reversal of logic, sidesplitting disconnected a competitory marketplace and a superior menace to innovation,” helium stated.

Critics leap in: “The president chose chaos”

Nawrocki’s veto has triggered a beardown backlash from apical Polish officials, including Finance Minister Andrzej Domański and Deputy Prime Minister and Minister of Foreign Affairs Radosław Sikorski.

Domański warned connected X that “already present 20% of clients are losing their wealth arsenic a effect of abuses successful this market,” accusing the president of having “chosen chaos” and bearing afloat work for the fallout.

Related: Spain’s inferior ruling enactment proposes 47% crypto taxation successful ‘attack against Bitcoin’

Sikorski echoed the concern, saying that the measure was expected to modulate the crypto market. “When the bubble bursts and thousands of Poles suffer their savings, astatine slightest they volition cognize who to thank,” Sikorski argued connected X.

Source: Finance Minister Andrzej Domański (posts translated by X)

Crypto advocates, including Polish economist Krzysztof Piech, rapidly pushed back, arguing that the president cannot beryllium held liable for authorities failing to prosecute scammers.

He besides noted that the European Union’s Markets successful Crypto-Assets Regulation (MiCA) is acceptable to supply capitalist protections crossed each EU subordinate states starting July 1, 2026.

Magazine: When privateness and AML laws conflict: Crypto projects’ intolerable choice