The motion to reject the veto won 243 votes, with 192 opposed – short of the three-fifths majority required.
The vote followed a sharp and politically charged debate, with lawmakers having already traded strong words in the lead-up to the Friday session.
Government ministers warned that the absence of regulation leaves the crypto market exposed to fraud and foreign interference, including from Russia.
"The cryptocurrency market is unregulated – it’s a free-for-all, a Wild West," said deputy digital affairs minister Michał Gramatyka.
President Nawrocki defended his veto, arguing that the bill granted "excessive powers" to the Polish Financial Supervision Authority (KNF) and could threaten "economic freedom" by allowing authorities to block accounts or domains too easily.
His chief of staff Zbigniew Bogucki criticised the bill as overly burdensome and inconsistent with EU law.
Strongest objections came from deputies belonging to the far-right Confederation (Konfederacja), who praised President Nawrocki’s veto as a victory for crypto investors and warned that the proposed law would destroy Poland’s nascent crypto market.
Prime Minister Donald Tusk countered that regulation is essential for national security.
"This market is infiltrated by Russian, Belarusian and other post-Soviet entities – hundreds of companies," he said, adding that he presented detailed evidence during the Sejm’s closed session.
Ministers cited more than 5,800 crypto-related fraud cases since early 2024 as justification for stronger oversight.
The rejected bill would have implemented the EU’s MiCA framework and given the KNF new supervisory and enforcement powers.
With the veto upheld, the government must now decide whether to redraft the legislation.
Supporters of the bill argue that aligning with the EU legislation is essential to curb fraud and prevent the market from becoming a haven for foreign intelligence operations.
Critics counter that the draft was overly burdensome and could choke innovation, but industry experts note that the absence of clear rules now places Poland behind other EU states moving quickly to formalise oversight of the rapidly expanding crypto sector.
(ał)
Source: PAP, IAR