The Polish Sejm voted Friday to again fail to override President Nawrocki’s veto of a bill regulating crypto assets, creating legal uncertainty.
Presidential Veto and Parliamentary Response
The law aimed to implement the EU’s MiCA regulation for crypto assets, introducing supervisory measures like allowing the KNF (Polish Financial Supervision Authority) to halt public offerings of cryptocurrencies. The President deemed the regulations overly restrictive, while the ruling coalition argued the lack of legislation creates legal loopholes.
Friday’s vote saw 243 MPs supporting the bill, 191 opposing, and three abstaining. However, 263 votes were needed to override the presidential veto, meaning the law remains blocked.
Second Attempt to Override Veto
This was the Sejm’s second attempt to reject President Nawrocki’s veto on the crypto market bill. The President initially vetoed the bill in early December of last year, and the Sejm also failed to override that veto. The government then resubmitted the same bill, which was passed in February, only to be vetoed again.
Arguments For and Against the Bill
The President’s office argued the bill’s provisions were excessive and did not incorporate necessary amendments proposed during the legislative process. Government and coalition representatives countered that the absence of the law creates legal gaps and hinders consumer protection.
Concerns Over Regulatory Impact
During a Sejm debate, the Head of the President’s Chancellery, Zbigniew Bogucki, warned that overly strict regulations could drive crypto businesses to relocate abroad, paradoxically harming Polish clients by removing them from domestic oversight.
Finance Minister Criticizes Veto
Finance Minister Andrzej Domański criticized the presidential veto, stating it creates an “Eldorado for fraudsters” and weakens market security. He emphasized the law would have given the KNF real tools to protect investors and increase market transparency.
Domański argued the state should protect citizens from unfair practices, warning of potential financial losses and a growing number of potentially affected investors. He also highlighted the negative impact on businesses operating in Poland.
Political Context and Other Votes
The Sejm also considered a ratification of a cooperation agreement with Ukraine on combating crime, amendments to anti-corruption laws, and proposals regarding agricultural biogas plants and dog ownership taxes.