Poland's head of state, Karol Nawrocki, has exercised his veto power again, rejecting a bill that would overhaul the country's approach to cryptocurrency oversight. The president announced the decision on Thursday, saying the text submitted by lawmakers failed to incorporate the majority of proposals put forward by his office.
The legislation in question was passed by the Polish parliament in May. Its stated aim is to regulate activities in the cryptocurrency sector and to implement the European Union's Markets in Crypto-Assets Regulation. Officials in Warsaw face a deadline in July to bring domestic law into line with those EU requirements.
In his statement, Nawrocki affirmed his general support for regulating the cryptocurrency industry but criticized the bill for omitting important changes his office had proposed. He said the government overlooked most of those recommendations when it forwarded the measure to his desk.
This episode unfolds as Poland contends with the fallout from the collapse of the country's largest cryptocurrency exchange. That failure has become a focal point of discussions about how much supervision the growing crypto sector needs. The exchange's demise has intensified public and political debate over the appropriate balance between fostering innovation and protecting investors and the financial system.
The president's action marks the third time he has vetoed legislation on this subject. Lawmakers will need to revisit the bill if they are to produce a version that addresses Nawrocki's concerns and meets the EU-aligned regulatory timetable.
For now, the impasse leaves Poland facing two overlapping pressures: the domestic political requirement to address the president's objections and the external deadline to adopt EU crypto rules by July. How the government and parliament reconcile those pressures will determine whether Poland can both satisfy the president's conditions and comply with the EU timetable.
Context summary: A bill approved in May to regulate cryptocurrencies and implement the EU's Markets in Crypto-Assets Regulation was vetoed on Thursday by President Karol Nawrocki, who said lawmakers failed to take on board most of his proposed amendments. The veto is the third on this topic and comes as Poland grapples with the consequences of its largest crypto exchange collapsing, which has fueled debate about oversight.