Today the President of the Republic of Poland Karol Nawrocki has decided to veto the cryptocurrency market law. This controversial decision has sparked a stormy debate in political, economic and cryptocurrency experts. Act, adopted by Parliament 8 listopada 2025 roku, miała na celu wdrożenie unijnego rozporządzenia MiCA (Markets in Crypto-Assets), regulującego rynek aktywów cyfrowych w Polsce. Prezydent argumentuje, że przepisy zagrażały wolnościom obywateli, ich majątkowi oraz stabilności państwa. Z drugiej strony, krytycy decyzji twierdzą, że weto może narazić inwestorów na większe ryzyka i utrudnić rozwój branży w kraju.
Background of the Act and EU Requirements
The EU MiCA Regulation, which entered into force in 2023, requires Member States to regulate the crypto-activism market, including crypto-currency, tokens and stablecoins. The aim is to protect consumers, prevent money laundering and ensure financial stability. PolandLike other EU countries, she had two years to implement these rules at national level. The prepared law defined, among others, supervisory authorities (the Financial Supervision Commission as the main regulator), the rules of company registration and investor protection mechanisms.
However, according to the President's Chancellery, Polish The version of the bill went too far. In the release on the President.pl website stressed that the regulations were excessive compared to the solutions adopted in other countries, such as the Czech Republic, Slovakia or Hungary, where similar laws count only a few or several pages, while Polish had over a hundred of them. This, according to the President, could push Polish companies abroad, e.g. to Lithuania or Malta, where conditions are more friendly for innovation.
Reasons for Wet: Protection of Freedom and Economy
spokesman for President Rafał Leśkiewicz in a detailed entry on the platform X explained three main reasons for the decision:
- Website blocking capability: The Act provided that the government could with one decision exclude the domains of companies from the crypto-activator market. These provisions were considered opaque and vulnerable to abuse. Most EU countries use simpler alert lists, without blocking entire services. "When the government shuts down the site, people lose access to their digital resources. This cannot be agreed" – wrote Leskiewicz.
- Overregulation and lack of transparency: The length of the bill and its complexity were supposed to hamper the development of the industry. President Nawrocki stressed in the electoral campaign that he would not allow the restrictions on freedom to be imposed on investment in modern assets.
- High supervisory fees: These were to prevent small companies and start-ups from developing, favoring large foreign companies corporations And banks. This, according to the NRP, would kill competition and innovation.
In the official release on the President.pl website "The President uses the constitutional prerogative of veto only when the laws threaten the freedom of Poles, their property and the stability of the state. And this bill makes such real threats." This decision is part of the president's broader narrative, expressed in a graphic with his statement: "I will also make sure that Polish companies do not have to flee to the Czech Republic or to Germany just because government or EU regulations restrict their development."
Political and Industry Reactions
The President's decision was met with an enthusiastic reception from parts of the opposition and the cryptocurrency industry. Sławomir Mentzen, a Confederate MP and a well-known free market supporter, publicly thanked the President on Platform X: "This is a great decision, in line with the expectations of the cryptic industry! I also publicly and during the meeting with the President called for veto of this harmful bill." In another post, Mentzen was ironic in response to the criticism of Deputy Prime Minister Radosław Sikorski: "Don’t worry. So the bubble will break (No, ed.) only in Poland, and Poles without the bill will have to trade on stock exchanges in other countries, so they will not lose anything :D".
Z drugiej strony, rząd Donalda Tuska ostro skrytykował weto. Minister finansów Andrzej Domański stwierdził: „Prezydenckie weto jest wbrew klientom i inwestorom rynku kryptoaktywów.” Minister spraw zagranicznych Radosław Sikorski napisał na X: „Pan Prezydent zawetował ustawę, która miała uregulować rynek kryptowalut. Gdy bańka pęknie i tysiące Polaków straci swoje oszczędności przynajmniej będą wiedzieli komu podziękować.” Poseł Polska 2050 Sławomir Ćwik dodał: „Wetując ustawę o kryptoaktywa kasuje wszelkie firmy z rynku crypto z Polski za pół roku – czy prezydent ma tego świadomość? W Polsce i tak już obowiązuje rozporządzenie MiCA. Bez ustawy wskazującej organ nadzoru w Polsce nie będzie mogła być zarejestrowana firma z branży crypto.”
The media also shared opinions. TVn24.pl portal quotes the President's spokesman, highlighting the real dangers of the bill. In turn, "Rzeczpospolita" indicates that the President signed four other laws that day, but refused to sign this one, arguing a threat to the freedom of Poles.
Consequences and Future of Regulations
Veto means that the bill returns to the Sejm, where MEPs can try to reject it by a majority of 3/5 votes. If not, the legislative process must begin again. However, the lack of national regulations does not mean complete lack of supervision – the EU MiCA still applies directly, but without the Polish supervisory authority the company may have difficulty registering in Poland.
Experts in the crypto-activism industry, such as stock exchange and startup representatives, welcome the decision with relief, arguing that overregulation could suppress innovation. On the other hand, supporters of the Act warn against increased risk of fraud and loss of savings by inexperienced investors.
President Nawrocki stresses that regulation is necessary, but must be "reasonable, proportionate and safe for users". Will veto prove to be a protection of economic freedom or a delay in the necessary reforms? Time will show how the cryptoactive market in Poland will adapt to this situation.
