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Karol Nawrocki's veto of the act on cryptocurrencies. Donald Tusk provided important calculations
The president vetoed the bill, arguing that its provisions threaten citizens' liberties by allowing the government to quickly block the websites of cryptocurrency companies. The Presidential Palace recognized that domain blocking solutions are opaque and potentially open to abuse. The level of supervisory fees was also criticized, which – it was assessed – could favor large foreign entities at the expense of small companies and start-ups.
Read also: Cryptoassets under the supervision of the Polish Financial Supervision Authority. Facts and myths around the act [WYWIAD]
However, Tusk assessed that the veto is “indefensible”, and the matter also has a state security dimension. He ordered ministers Tomasz Siemoniak, Marcin Kierwiński and Waldemar Żurek to prepare detailed information on ongoing investigations, trials and possible connections that could influence the debate around the act. According to the Prime Minister, there may be interests of large industry companies and lobbying activities behind the scenes.
Moreover, Tusk noted that According to data from the Polish Economic Institute, approximately 3 million Poles invest in cryptoassets, of which as many as 600,000 could have been deceived. The Prime Minister also stated that submitting the bill to the Sejm again is an “opportunity” for the president to prevent his name from being associated with the “crypto scandal”, and expressed his belief that the bill will quickly pass through the Parliament.
Cryptocurrency Act. These are its most important assumptions
The Act on the Crypto-Asset Market, passed by the Sejm on November 7, was to implement the EU MiCA regulation, regulating the cryptocurrency market throughout the EU. It provided for the transfer of supervision to the Polish Financial Supervision Authority, introducing criminal liability for illegal token issuance and creating a register of fraudulent domains to protect customers against fraudsters.
New regulations they also regulated the activities of online currency exchange officeswhich were to maintain individual payment accounts for customers, increasing the security of their funds.
