Poland’s President Blocks Crypto Bill in Historic Government Clash

President Nawrocki of Poland vetoed the Crypto-Asset Market Act, which was intended to implement the EU's MiCA regulation, arguing that provisions allowing the Financial Supervision Authority (KNF) to block crypto websites with "one click" threatened Polish freedoms and property. The President also criticized the bill's excessive length compared to neighboring countries, suggesting it would drive businesses away.

The governing coalition, led by Prime Minister Donald Tusk's allies, strongly condemned the veto. Finance Minister Andrzej Domański accused the President of creating "chaos" and stripping protections from over one million investors, while Deputy Prime Minister Radosław Sikorski warned of responsibility when investors lose savings. The government stressed that without this national law, Polish firms cannot obtain necessary EU-wide MiCA authorizations.

The crypto industry, however, celebrated the veto, with advocates like Sławomir Mentzen arguing the bill would have "destroyed the Polish cryptocurrency market" through bureaucracy. The veto creates a significant EU compliance crisis, as Poland now lags behind other member states in implementing MiCA rules, potentially forcing crypto businesses to relocate to maintain access to the EU market. The bill returns to parliament, where the government must now decide whether to override the veto or draft new, less restrictive legislation.

(Source：Brave New Coin)