Polish President Vetoes Crypto Market Bill Over ‘Threat to Citizens’ Freedoms’
- Navrotsky blocked the regulation, citing threats to citizens’ freedoms.
- The criticism concerns domain blocking, high fees and excessive complexity of the law.
- Ministers accused the president of creating “chaos” in the market.
Polish President Karol Nawrocki vetoed a bill to regulate crypto assets, citing risks to civil liberties, business, and market stability. The decision sparked a sharp political conflict between opponents of the document and its supporters.
Representatives of the crypto community supported the veto, while part of the government criticized it.
The administration said in a statement that the law included provisions allowing the government to quickly block websites related to digital assets. The presidential office noted that the mechanism for blocking domains is opaque and could be abused.
According to Navrotsky, the practice jeopardizes users’ rights and is not in line with European examples of more moderate oversight.
The president’s criticism also concerns the scope of the bill. The administration has said that excessive complexity would reduce the transparency of the rules and actually lead to over-regulation compared to the Czech Republic, Slovakia, or Hungary. Nawrocki said the overload of regulations could drive businesses to neighboring countries and reduce Poland’s attractiveness to cryptocurrency companies.
The president cited the size of supervisory fees as a separate problem. According to him, these provisions can slow down the development of startups and create an advantage for large foreign corporations and banks. The head of state emphasized that such a design limits competition and worsens conditions for local companies.
The veto decision drew negative reactions from a number of ministers. Finance Ministry head Andrzej Domański accused the president of creating “chaos.” He said some users were already suffering losses due to fraud on the market.
According to him, failure to regulate could lead to further losses for citizens. Deputy Prime Minister Radoslaw Sikorski was also critical, noting that the law was meant to protect Poles from the risks of cryptocurrencies.
Industry representatives, including economist Krzysztof Piech, expressed the opposite position. They pointed out that the current law enforcement mechanisms were not dependent on the adoption of the bill.
In addition, experts noted that the MiCA regulation will start to apply in all EU countries from July 1, 2026. This, in their opinion, will ensure a uniform standard of investor protection.
The future of Polish regulation of the crypto market remains an open question. Now the Parliament will have to decide whether the bill will be reworked or re-submitted for a vote.
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