There will be another bill on cryptocurrencies. There is an announcement from the government
— Another disastrous decision of the president, another harmful veto, harmful to the economy, but above all harmful to Polish families. The president could have stood for the financial security of Poles, he could have stood for the security of their savings, but once again he chose differently – said Domański on TVP Info.
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The Polish Financial Supervision Authority was to receive new tools
According to the minister, the vetoed act strengthened the operational capabilities of the Polish Financial Supervision Authority, which was to become the main body responsible for supervising the crypto-asset market.
As Domański emphasized, the new regulations would allow for more effective combating of fraud and unfair practices occurring on the cryptocurrency market.
— Our act gave the Polish Financial Supervision Authority very real tools to fight fraudsters, fight abuses, and defend Poles who have the right to invest in cryptoassets. – noted the minister.
The project included, among others: the possibility of imposing sanctions on entities operating on the market and conducting broader supervision over the activities of companies related to crypto-asset trading.
The government will prepare another law
Despite the presidential veto, the Ministry of Finance does not intend to give up work on regulations. Domański announced the preparation of a new bill.
— There will be a fourth law because we cannot afford for this market to be unregulated and for this market to be governed by the principles of the “Wild West”. We need responsible regulation – he emphasized.
The head of the Ministry of Finance emphasized that it is still there it is too early to present details of new solutions. At the same time, he sees no reason to fundamentally depart from the regulatory direction adopted in current projects.
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Dispute between the government and the president
Domański also pointed out that previous legislative proposals presented by the president were – in his opinion – based largely on solutions developed by the government.
The minister also accused Karol Nawrocki of focusing mainly on the interests of entrepreneurs and capital flows in the public debate on cryptocurrencies, ignoring issues related to investor protection.
Third veto on cryptocurrencies
President Karol Nawrocki vetoed the act on cryptoassets for the third time. Previously, he also negatively assessed similar projects prepared by the government.
According to the president, the proposed regulations were too far-reaching and could limit the development of the domestic cryptocurrency sector and even encourage some companies to move their operations abroad.
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The last version of the act differed from the previous ones, among others: amendment submitted by the Chancellery of the President. It assumed that the Polish Financial Supervision Authority, in cooperation with the Minister of Finance, would prepare annual reports on the functioning of the cryptoasset market, which would then be published in the Public Information Bulletin.
It's about implementing EU regulations
The main goal of the act was to adapt Polish law to the EU MiCA regulation (Markets in Crypto-Assets Regulation), which creates common rules for the functioning of the crypto-assets market throughout the European Union.
The regulation is intended to increase market transparency, improve investor protection and standardize the requirements for companies offering cryptocurrency services. The lack of national implementing regulations may hinder the full implementation of these provisions in Poland, which remains one of the main arguments of the bill's supporters.
