The legislation, which aimed to align Polish law with the European Union’s Markets in Crypto-Assets (MiCA) regulation, would have introduced supervisory tools for the Financial Supervision Authority (KNF), including the power to suspend or block public offerings of crypto-assets.
Nawrocki vetoed the bill, arguing that its provisions were overly restrictive and did not adequately reflect amendments proposed during the legislative process.
'Eldorado for fraudsters'
Finance Minister Andrzej Domański criticised the outcome, warning that the lack of regulation creates an “Eldorado for fraudsters” and undermines the safety of market participants.
“The state should stand on the side of citizens and protect them from unfair practices,” Domański said, adding that the absence of new rules increases the risk of financial losses for investors.
He said the rejected legislation would have improved transparency and raised standards in the crypto market, while giving regulators effective tools to prevent abuses.
Without it, he warned, legal gaps remain that could expose thousands of investors to potential harm.
The government had reintroduced the bill after an earlier attempt to override Nawrocki’s veto in December also failed.
The measure was passed again by parliament in February before being vetoed for a second time.
Officials also cautioned that the lack of regulation could hurt businesses by limiting their ability to operate from Poland and access international markets.