Bogucki on the veto of the bill on cryptoassets: There is no chance of its rejection

There is no chance of overriding the veto on the Crypto-Assets Act; we are wasting time – said on Wednesday the head of the president's office, Zbigniew Bogucki, during the parliamentary committee considering the presidential veto on this matter. He assured that the president supports regulations on consumer protection in the crypto market.

In February, President Karol Nawrocki vetoed for the second time the act on the crypto-assets market, which introduced supervisory measures aimed at preventing violations, including: allowed the Polish Financial Supervision Authority to suspend the public offering of cryptocurrencies. Previously, an act with almost identical content was vetoed by the president in December last year. The Sejm did not manage to overturn the veto. The act vetoed in February differed from the previous one only in the amount of the maximum fee for supervision.

The head of the Chancellery of the President, Zbigniew Bogucki, justifying the decision on another presidential veto during the parliamentary committee on public finances and economy and development, noted that if the opposition's amendments had been adopted earlier at the parliamentary stage, the act on cryptoassets “could have entered into force.” – I think we are wasting time (…) during this time, both you and I could all focus on matters important to Poles, so that we do not have a veto once again that has no chance of being rejected – he emphasized.

– Let me remind you that in consultation with the president's office, Mr. President, the Law and Justice opposition club submitted amendments both in the Sejm and the Senate. All these amendments were rejected. If these amendments had been adopted, or at least most of them had been adopted, we would probably be in a completely different place today. This law could come into force, he said.

Bogucki also emphasized that the president is not against all the provisions of the act – as he emphasized – he supports the regulation of the issue, among others: effective protection of investors and consumers on the crypto-asset market. – I would like to emphasize very strongly (…) that the president is in favor of regulating this issue, because it is in fact a very dynamic and very risky market – he noted.

The head of the KPRP emphasized that the main reason why the president again decided not to sign the act on the crypto-assets market “were serious doubts regarding the mechanisms provided for in this act.” As he said, the president's reservations were raised by, among others, a high annual fee to cover the costs of supervision over the crypto-asset market. Bogucki pointed out that, according to the president, it is disproportionately high and may limit the development of the cryptoasset market in Poland.

Deputy Minister of Finance: The lack of a law and a cryptocurrency market affects entrepreneurs

The lack of a law on cryptoassets affects entrepreneurs and prevents them from conducting business in Poland, said Deputy Minister of Finance Jurand Drop on Wednesday in the Sejm during a meeting of two committees.

– The draft act on the crypto-assets market aims to ensure the application of the MiCA regulation. The regulation is valid in Poland, but to ensure the effective application of the MiCA regulation, we must adapt our regulations, said Deputy Minister of Finance Jurand Drop on Wednesday during the meeting of the Public Finance Committee and the Economy and Development Committee.

The committees met to consider President Karol Nawrocki's request to reconsider the act on the crypto-assets market. During the committee's deliberations, the head of the president's cabinet, Zbigniew Bogucki, presented the president's objections to the bill that Karol Nawrocki vetoed.

– The lack of an act affects entrepreneurs and prevents them from conducting business in Poland – emphasized the Deputy Minister of Finance during the committee meeting. – In the justification for the president's veto, I did not find the words “consumer” or “user”, all the comments contained therein concern companies that offer cryptocurrencies and have some problems – the deputy minister also said.

(PAP)