Polish President Karol Nawrocki has refused to sign a bill imposing strict regulations on the cryptocurrency market, a move that has been praised by the crypto community but strongly criticized by the government.
According to a statement released by the President's press office on Monday, Nawrocki vetoed Poland's "Cryptocurrency Market Act," stating that its provisions "truly threaten the freedom of Poles, their property, and the stability of the nation."
The bill, proposed in June, has drawn criticism from industry advocates, such as Polish politician Tomasz Mentzen; he had anticipated that the president would refuse to sign it when the bill was approved by parliament.
While crypto supporters view the veto as a victory for the market, several government officials condemned it, claiming the president has "chosen chaos" and must take full responsibility for the consequences.
One of the main reasons for the veto was a provision in the bill that would allow authorities to easily block websites operating in the crypto market.
The president's office stated in an official press release: "The domain blocking law is opaque and could lead to abuse."
The president's office also mentioned that the bill was overly lengthy and widely criticized, stating that its complexity reduces transparency and leads to "overregulation," especially compared to the simpler frameworks in the Czech Republic, Slovakia, and Hungary.
The president stated: "Overregulation can easily drive companies to the Czech Republic, Lithuania, or Malta, rather than creating conditions for them to operate and pay taxes in Poland."
Nawrocki also emphasized that the regulatory costs are too high, which could stifle startup activity and favor foreign companies and banks.
He remarked: "This is a logical regression that stifles competitive markets and poses a serious threat to innovation."
Nawrocki's veto has sparked a strong backlash from senior Polish officials, including Finance Minister Andrzej Domański and Deputy Prime Minister and Foreign Minister Radosław Sikorski.
Domański warned on X that "20% of customers have already lost money due to abuses in this market," and accused the president of "choosing chaos," asserting that he must take full responsibility for the consequences.
Sikorski expressed similar concerns, stating that the bill was supposed to regulate the crypto market. Sikorski said on X: "When the bubble bursts and thousands of Poles lose their savings, at least they will know who to thank."
Crypto supporters, including Polish economist Krzysztof Piech, quickly countered, arguing that the authorities' failure to track down scammers should not be the president's responsibility.
He also pointed out that the European Union's Markets in Crypto-Assets Regulation (MiCA) will provide investor protection in all EU member states starting July 1, 2026.
Related: Hard currency or privacy? Saifedean Ammous questions the privacy narrative of cryptocurrencies.
Original: “Polish President Vetoes Harsh Crypto Bill, Clashes with Government Stance”
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