Summary
- Poland’s lower house failed to override the president’s veto after it could not secure enough votes in a renewed vote on the Digital Asset Market Act.
- The bill would implement MiCA by giving the Polish Financial Supervision Authority (KNF) the power to oversee the digital-asset market, impose fines, block accounts and halt transactions.
- President Nawrocki has said the government’s proposal could overregulate the digital-asset industry and encourage Polish companies to move abroad, while agreeing on the need for regulation but arguing that the bill should be revised.
Poland’s parliament failed to override President Karol Nawrocki’s veto of a bill regulating digital assets, Cointelegraph reported on Sept. 5.
The lower house passed the Digital Asset Market Act again after Nawrocki vetoed it, but failed to secure the votes needed to overturn the decision.
Of the 442 lawmakers present, 241 voted to override the veto, 198 voted against it and three abstained. Overriding the veto required 266 votes, or three-fifths of those present, leaving the effort 25 votes short.
The bill is intended to implement the European Union’s Markets in Crypto-Assets regulation, or MiCA, in Poland. It would designate the Polish Financial Supervision Authority, or KNF, as the country’s digital-asset market supervisor.
The legislation would also give the KNF authority to oversee digital-asset service providers, impose fines, block accounts and halt transactions.
Nawrocki vetoed the bill for a third time in June. He has argued that while regulation is necessary, the government’s proposal would overregulate the digital-asset industry and could encourage Polish companies to move abroad, making revisions necessary.
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