Polish President Karol Nawrocki has declined to sign a bill imposing strict regulations on the crypto asset market, drawing praise from the crypto community and sharp criticism from the government.<\/p>\n
Nawrocki vetoed Poland\u2019s Crypto-Asset Market Act, saying its provisions \u201cgenuinely threaten the freedoms of Poles, their property, and the stability of the state,\u201d according<\/a> to a statement by the president\u2019s press office on Monday.<\/p>\n Introduced in June, the bill has drawn criticism from industry advocates<\/a> such as Polish politician Tomasz Mentzen, who had anticipated the president\u2019s refusal to sign it as it cleared parliamentary approval.<\/p>\n Although crypto advocates welcomed the veto as a win for the market, several government officials condemned the move, claiming the president had \u201cchosen chaos\u201d and must bear full responsibility for the outcome.<\/p>\n One of the main reasons cited for the veto was a provision allowing authorities to easily block websites operating in the crypto market.<\/p>\n \u201cDomain blocking laws are opaque and can lead to abuse,\u201d the president\u2019s office said<\/a> in an official press release.<\/p>\n The president\u2019s office also cited the bill\u2019s widely criticized length, saying its complexity reduces transparency and leads to \u201coverregulation,\u201d especially when compared with simpler frameworks in the Czech Republic, Slovakia and Hungary.<\/p>\n \u201cOverregulation is an easy way to drive companies to the Czech Republic, Lithuania or Malta, rather than create conditions for them to operate and pay taxes in Poland,\u201d the president said.<\/p>\n Nawrocki also highlighted the excessive amount of supervisory fees, which may prevent startup activity and favor foreign corporations and banks.<\/p>\n \u201cThis is a reversal of logic, killing off a competitive market and a serious threat to innovation,\u201d he stated.<\/p>\n Nawrocki\u2019s veto has triggered a strong backlash from top Polish officials, including Finance Minister Andrzej Doma\u0144ski and Deputy Prime Minister and Minister of Foreign Affairs Rados\u0142aw Sikorski.<\/p>\n Doma\u0144ski warned<\/a> on X that \u201calready now 20% of clients are losing their money as a result of abuses in this market,\u201d accusing the president of having \u201cchosen chaos\u201d and bearing full responsibility for the fallout.<\/p>\n Related: <\/strong><\/em>Spain\u2019s junior ruling party proposes 47% crypto tax in \u2018attack against Bitcoin\u2019<\/strong><\/em><\/a><\/p>\n Sikorski echoed the concern, saying that the bill was supposed to regulate the crypto market. \u201cWhen the bubble bursts and thousands of Poles lose their savings, at least they will know who to thank,\u201d Sikorski argued<\/a> on X.<\/p>\n Crypto advocates, including Polish economist Krzysztof Piech, quickly pushed back, arguing that the president cannot be held responsible for authorities failing to pursue scammers.<\/p>\n He also noted that the European Union\u2019s Markets in Crypto-Assets Regulation (MiCA)<\/a> is set to provide investor protections across all EU member states starting July 1, 2026.<\/p>\nWhy the president vetoed the bill<\/h2>\n
Critics jump in: \u201cThe president chose chaos\u201d<\/h2>\n