Karol Nawrocki, the President of Poland has declined to sign a bill imposing strict regulations on the crypto asset market. The development was made known via a post on X.
As revealed, the President’s refusal to sign the bill elicited mixed reactions from citizens. Nawrocki received praise from the crypto community and sharp criticism from other government officials. The president vetoed Poland’s Crypto-Asset Market Act, where its stated that the provision threatened the freedoms of Poles, their property and the stability of the state.
Initially introduced in June, the bill was criticised by industry advocates including Tomasz Mentzen. As revealed, the politician anticipated the President’s refusal to sign it as cleared parliamentary approval.
Similarly, Polish Finance Minister, Andrzej Domanski, and Polish Deputy Prime Minister and Minister of Foreign Affairs Radoslaw Sikorski criticized the President for this decisions. Domanski noted that over 20% of clients are losing their funds as a result of abuses in the crypto market. He further accused the President of choosing chaos, saying Nawrocki will bear full responsibility for the fallout.
Although, many crypto enthusiast welcomed the decision of the Poland President, seeing it as a win for the market, others condonmend the move. The government officials who condemned the move claimed the President has “chosen chaos” and as such bear full responsibility for the outcome.
Reasons why Poland President refuse to sign the bill
In the post, the President cited various reasons for vetoing the bill. Among this is the provision allowing authorities to easily block websites operating in the crypto market. According to the Poland President, domain blocking laws are opaque and can lead to abuse.
The President’s office also cited the bill’s widely criticized length as another reason for vetoing it. It noted that its complexity reduces transparency which in turn leads to overregulation, especially when compared to other similar frameworks in the Czech Republic, Slovakia, and Hungary.
Nawrocki also pointed out excessive amounts of supervisory fees. According to him, these fees may prevent start-up activities and favor foreign corporations and banks. He described it as a reversal of logic, which kills off the competitive market and becomes a serious threat to innovation.
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