Bill Vetoed Again, Industry Reacts
Polish President Karol Nawrocki recently rejected a key cryptocurrency bill aimed at implementing the EU's MiCA regulations domestically. The move has sparked widespread concern within the industry, with many fearing increased regulatory uncertainty for crypto businesses operating in Poland.
Regulatory Debate: Too Much Power?
The rejected bill had granted Poland's Financial Supervision Authority (KNF) significant powers, including the ability to suspend crypto transactions and impose fines of up to 10 million zloty (approximately $2.8 million) for violations. Critics argue that such authority could stifle innovation and push companies to relocate elsewhere.
Industry Concerns: Risk of Business Exodus
Industry representatives warn that without a clear regulatory framework, Polish crypto firms may choose to move operations to more crypto-friendly regions, such as the Baltic states. This could weaken Poland's position in the European digital asset market and delay future technological developments.
Political Deadlock: No Quick Resolution
Prime Minister Tusk's government currently lacks the necessary three-fifths majority in parliament to override the president's veto. This political stalemate means the regulatory uncertainty for the crypto sector is likely to persist in the near term.
Looking Ahead: Need for Regulatory Balance
Experts suggest Poland must strike a balance between oversight and innovation to avoid missing out on the digital economy's potential benefits. How the government responds to the presidential veto will be a crucial indicator for the future of the industry.