On Thursday, President Karol Nawrocki decided to veto the bill regarding the crypto-asset market again. The government argued that the new regulations were intended to provide effective supervisory tools, including the possibility for the Polish Financial Supervision Authority to suspend the public offering of cryptocurrencies if irregularities were detected. The act was also intended to adapt Polish law to the EU MiCA regulation, which regulates the crypto-assets market in European Union countries.
We wrote about the consequences of the then potential, now actual veto in Business Insider Polska.
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The proposed regulations provided that the Polish Financial Supervision Authority would be empowered to suspend or prohibit public offerings of cryptoassets, as well as to block their admission to trading. They were also intended to enable an ongoing offer to be interrupted for a specified period of time if there were any doubts as to its legality.
Changes to fees and supervision
During work on the act, the Sejm decided to reduce the maximum fee that entities operating on the crypto-asset market would have to pay to the Polish Financial Supervision Authority for supervision. The government proposed a rate of 0.4%. revenues, but MPs lowered it to 0.1%. Representatives of the Ministry of Finance assured that the fee would not be charged in the first year of the act's validity and would depend on the actual costs of supervision.
Read also: The Parliament regulates cryptocurrency trading. The Commission supported important changes
According to the vetoed act, The Polish Financial Supervision Authority was also to obtain the right to impose financial penalties on persons professionally intermediating in transactions related to cryptoassets. The Commission could also enter into a special register internet domains that are used to conduct unfair activities on the crypto-asset market. This was intended to protect customers and the entire market against dishonest entities.
The Act also provided for criminal liability for crimes related to the issuance of tokens or the provision of crypto-asset services without prior reporting of this fact to the Polish Financial Supervision Authority. In the case of the most serious violations, perpetrators would face fines of up to PLN 10 million.
Earlier veto by the president
Last November, President Karol Nawrocki vetoed a bill with almost identical content. He then justified his decision by saying that the proposed solutions were, in his opinion, excessive, ambiguous and disproportionate. The new version of the act differed only in the maximum fee for supervision, but this did not convince the president to sign it.
