Poland's President Blocks Strict Crypto Bill, Citing Freedom Risks

Poland's president vetoed a strict crypto regulation bill, citing threats to freedoms, innovation, and market stability. The move sparked political controversy, with industry support and government criticism.

Poland's President Karol Nawrocki has vetoed the Crypto-Asset Market Act, a bill that would have imposed strict regulations on the cryptocurrency sector. The president cited concerns that the legislation threatened civil liberties, property rights, and market stability, particularly criticizing provisions allowing authorities to easily block crypto-related websites, which he described as opaque and open to abuse. Nawrocki also argued that the bill's complexity and high supervisory fees would stifle innovation, drive startups abroad, and favor large foreign corporations over local businesses. The veto has sparked political controversy, with government officials warning of potential investor losses and chaos, while crypto advocates welcomed the move, noting that EU-wide MiCA regulations will soon provide a unified framework for investor protection. The future of crypto regulation in Poland remains uncertain as Parliament considers the next steps.