Cryptocurrencies were at the center of a political dispute on Friday. Prime Minister Donald Tusk talked about the Russian mafia, Finance Minister Andrzej Domański debunked myths related to overregulation, and the head of President Karol Nawrocki's office explained what was wrong with the vetoed bill.
The government failed to convince the Sejm to reject the president's veto. What does this mean? In one of the publications in Business Insider, we present lawyers' opinions on who is right in a dispute over cryptoassets. We also explain whether Poles investing in cryptocurrencies will be more vulnerable to fraud.
Friday's government failure in the fight for new regulations does not end the topic. Poland 2050 announces the act on cryptocurrencies. It is supposed to respond to Karol Nawrocki's comments. On the other hand the Prime Minister announces: the government will once again submit the draft bill on cryptoassets to Parliament.
The rest of the article is below the video
Regulation of the cryptocurrency market. Donald Tusk: we will submit this bill anyway
Donald Tusk told journalists in the Sejm that The issue of the Crypto-Assets Act is “nasty”. In his opinion, there has not been such a situation in Poland since 1989. “We are dealing with very dangerous phenomena, where there is Russian money, where there is the mafia (…). Money from these groups, which were very dangerous for Poland, also went to political promotion,” said the Prime Minister.
He added that the bill, which “was intended to curb the possibility of this action, was vetoed by those who are somehow suspiciously close to these matters.” “We will submit this bill anyway. In a moment. I'm not saying that today, but we will continue to persuade the president and the PiS opposition not to do it, because they are doing a very bad thing. – said Donald Tusk.
When asked, whether the government is ready to negotiate with President Karol Nawrocki to prepare a joint project, he replied that “there is no time“. “We must have this law now to block bad scenarios and to have tools to control this situation. I will appeal to immediately adopt this law after reconsideration without undue delay,” declared the head of government.
What is the crypto-assets dispute about?
Poland must implement EU regulations, i.e. the MiCA (Market in Crypto Assets) regulation, into national law, although only to a limited extent. It sets out the rules for regulating and supervising the issuance, trade and provision of services related to cryptoassets across the EU.
The MiCA Regulation (EU regulation) has direct effect in the national system (unlike EU directives, which require transposition). In other words, the MiCA regulation is already in force and Poland only needs to adapt the Polish regulations to a minor extent.
To implement these requirements imposed by the EU MiCA regulation we were two years old (the EU regulation entered into force on December 30, 2024). The time to adapt our national regulations ends on June 30, 2026.
The position of the Ministry of Finance on the act was explained by Deputy Minister of Finance Jurand Drop in an interview with Business Insider: Facts and myths around the act on cryptoassets. The deputy finance minister warns the president [WYWIAD].
