A 3/5 majority was needed to override the veto. 243 MPs voted for rejection, 192 against, which meant that there were 18 votes short. Lawyers talked about what provisions were included in the act and whether it overregulated the market in Business Insider Polska.
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Controversy surrounding the size of cryptocurrency regulation. Poland 2050 is coming with its own project
However, not everyone agrees with the government's vision of the market. Konrad Berkowicz from Konfederacja, which supported the president's veto, pointed out that the previous bill was too extensive and could harm the economy.
He emphasized that the implementation of MiCA in other EU countries was limited to a few or a dozen pages, while the Polish document had over a hundred of them. In his opinion, such overregulation could push Polish companies abroad, e.g. to Lithuania or Malta, where the certification process is simpler.
Read also: Cryptocurrencies and Karol Nawrocki's veto. Stormy debate in the Sejm
In turn, the New Left criticized the opponents of the act, pointing out that the lack of regulation means more scope for dishonest entities and increased risk for individual investors. Dariusz Wieczorek emphasized that customer safety is the basic obligation of the state.
There was a debate on cryptocurrencies in the Sejm
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Kjetil Kolbjornsrud / Shutterstock
As a result, work on the act was started anew. Polish 2050 MPs announced the quick submission of a modified draft, described as an “improved” version of the document vetoed by the president.. The changes include: a five-fold reduction in the maximum fees for token issuance and the removal of regulations assessed as over-regulatory.
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Poland 2050: regulation necessary, but not overregulation
According to Adam Gomoła the cryptocurrency market in Poland is in a state of suspension today: “man in a coma”. For half a year – in his opinion – it is not possible to register new activities because Poland is late with the implementation of MiCA. The MP argues that the lack of a law may result in the “clinical death” of the marketbecause from July 1 next year, existing licenses will cease to apply, and Polish cryptocurrency companies will be under the supervision of foreign regulators.
The dispute is not so much about the need to introduce the law, but about the scope of regulation. Gomoła argues that the extensive project was natural because it was the first time that it comprehensively organized the cryptocurrency market, requiring reference to a number of existing financial regulations. The Ministry of Finance – as it argues – wanted to regulate as much as possible at the level of the Act to avoid later disputes between market entities and the Polish Financial Supervision Authority.
The vetoed act was to entrust the Polish Financial Supervision Authority with full control over the market: from supervision over tokens, through the register of unfair domains, to criminal liability for acting without reporting. It was the broad scope of supervisory powers, including the ability to quickly block websites, that the president found opaque and potentially abused.
The new Poland 2050 project is to be – as announced by the group – a compromise between investor security and the freedom to develop an innovative industry. The coming weeks will decide whether it will be possible to quickly pass it through the Sejm. If the bill is not adopted before July 1, the cryptocurrency market in Poland may actually be on the verge of paralysis.
