Poland's efforts to regulate cryptocurrencies face further setbacks as President Karol Nawrocki vetoed a key bill for the third time. This decision arrives just weeks before the July 1 deadline for the European Union's Markets in Crypto Assets Regulation (MiCA) transitional period.
Nawrocki expressed support for crypto regulation but criticized the bill for only incorporating one of the sixteen amendments suggested by his administration. He noted that the latest draft mirrored previous versions that he had rejected. This veto highlights Poland's unique position as the only EU country yet to implement MiCA, risking legal status for local crypto service providers who may lose the ability to operate within the EU after the deadline.
Political tensions are escalating, with Prime Minister Donald Tusk rebuking the president's decision in a social media post. The ongoing political deadlock has been exacerbated since parliament failed to gather enough votes to override the second veto earlier this year. Concerns over potential overregulation and its impact on small businesses were cited by Nawrocki as reasons for his stance, while government officials warn about increased risks of fraud following these delays.