Poland’s President Vetoes Strict Crypto Bill, Says It Threatens...

Poland’s president vetoed a sweeping cryptocurrency bill over concerns it would stifle innovation and threaten freedoms, sparking a fierce political clash.

Poland’s President Karol Nawrocki declined to sign a bill imposing strict regulations on the crypto asset market, drawing praise from the crypto community and sharp criticism from others in the government.

Nawrocki vetoed Poland’s Crypto-Asset Market Act, saying its provisions “genuinely threaten the freedoms of Poles, their property, and the stability of the state,” according to a statement by the president’s press office on Monday.

Introduced in June, the bill has drawn criticism from industry advocates such as Polish politician Tomasz Mentzen, who had anticipated the president’s refusal to sign it as it cleared parliamentary approval.

Although crypto advocates welcomed the veto as a win for the market, several government officials condemned the move, claiming the president had “chosen chaos” and must bear full responsibility for the outcome.

One of the main reasons cited for the veto was a provision allowing authorities to easily block websites operating in the crypto market.

“Domain blocking laws are opaque and can lead to abuse,” the president’s office said in an official news release.

The president’s office also cited the bill’s widely criticized length, saying its complexity reduces transparency and would lead to “overregulation,” especially when compared with simpler frameworks in the Czech Republic, Slovakia and Hungary.

“Overregulation is an easy way to drive companies to the Czech Republic, Lithuania or Malta, rather than create conditions for them to operate and pay taxes in Poland,” the president said.

Nawrocki also highlighted the excessive amount of supervisory fees, which may prevent startup activity and favor foreign corporations and banks.

Source: CoinTelegraph