Poland’s parliament failed on Friday to overturn President Karol Nawrocki’s veto of a bill intended to tighten crypto rules. The outcome blocked Prime Minister Donald Tusk’s plan to expand oversight and left the country without a clear path forward. Lawmakers must now reconsider how to align with EU standards while avoiding heavy pressure on local firms.
In brief
- •Parliament fails to override the veto on Poland’s crypto bill, halting plans for stricter oversight and sparking political tension.
- •Tusk warns foreign intelligence uses crypto channels, but critics reject the bill’s scope and accuse the government of overreach.
- •Nawrocki says the draft threatens freedoms and risks pushing crypto firms abroad due to long, complex, and restrictive rules.
- •Officials debate how to meet EU MiCA standards while easing fears of misuse, high costs, and excessive regulatory powers.
Tusk Cites Foreign Intelligence Threats as Digital Asset Bill Faces Resistance
Tusk had pressed legislators to back tighter monitoring of digital assets, arguing that foreign intelligence services increasingly turn to crypto platforms for covert activity. His position did not gain enough support, as right-wing parties and the presidency opposed measures they viewed as excessive.
He described the outcome as a choice between safeguarding national interests and leaving regulators with limited ability to respond to interference. Several lawmakers dismissed that framing, calling it political pressure rather than a balanced review of the bill.
According to a Reuters report, Tusk told parliament that the state needs updated supervision tools to keep pace with growing crypto markets.
President Nawrocki held a different view after blocking the Cryptoasset Market Act. In a Monday update on his website, he said parts of the draft threatened personal freedom, put property at risk, and weakened the country’s stability.
He warned that certain powers granted to regulators—including the ability to shut down company websites with minimal oversight—could be misused and lacked proper safeguards.
Tough Polish Rules Could Push Crypto Startups Abroad, Critics Warn
The EU’s Markets in Crypto-Assets Regulation (MiCA) served as the basis for Poland’s proposal. Even so, Nawrocki argued that Poland added far stricter requirements than those found in other member states. He cautioned that firms might shift operations to Czechia or Slovakia, where domestic rules are shorter, simpler, and easier to meet.
Concerns raised by the president and other critics include:
- •Website-blocking rules without clear oversight.
- •Regulatory fees that advantage large firms over startups.
- •Licensing processes that take too long and add undue pressure.
- •Enforcement powers with limited transparency.
- •Compliance burdens are likely to push firms abroad.
Officials aligned with the presidency contended that the bill would weaken Poland’s crypto sector and drive investment to neighboring countries. Nawrocki argued that firms should remain in Poland, compete on fair terms, and contribute to the economy rather than face excessive barriers.
Zbigniew Bogucki, head of the president’s chancellery, rejected claims that opposing the bill aligned lawmakers with hostile foreign actors.
To stand on this podium and say, ‘Either you vote for the Russian mafia or you vote for my bill’ is to give a false choice and you know it perfectly well.
Zbigniew Bogucki
Calling the comparison false, he urged the government to cooperate with the presidential palace on a new draft that satisfies EU obligations without placing undue burdens on the industry.
Security officials have previously reported that Moscow used cryptocurrencies to finance sabotage attempts in the region, a claim Russia denies. Several EU states have also recorded an increase in cyberattacks and drone incursions this year, adding pressure on governments to update their digital-security measures.