Polish president vetoes cryptoasset regulation for third time; finance minister announces a fourth attempt

President Karol Nawrocki on Thursday vetoed a government bill that would have placed Poland's cryptoasset market under the supervision of the Polish Financial Supervision Authority (KNF). It is the third time he has rejected such legislation, arguing the proposed rules amount to overregulation that could push domestic firms abroad.

Government promises 'fourth law'

Finance Minister Andrzej Domański said the government would not back down. He called the veto "another harmful decision, harmful to the Polish families," adding that the bill would have given the KNF real powers to combat fraud and protect retail investors. Domański confirmed a fresh draft is being prepared, though details are not yet available.

“There will be a fourth law, because we cannot allow this market to remain unregulated, to operate under Wild West rules. We need responsible regulation.”

Political row escalates

Prime Minister Donald Tusk wrote on social media that the president appears "more entangled in this than everyone thought." Deputy Prime Minister and Digital Affairs Minister Krzysztof Gawkowski went further, drawing a parallel with the SKOK credit union scandal and accusing the president of shielding those involved in a "dirty affair."

“Today PiS doesn't want oversight, and the president from PiS doesn't want oversight. It's about covering for colleagues whose hands are dirty, and either we start calling things by their name — that the president is protecting criminals — or this will continue.”

What the rejected bill contained

The blocked legislation designated the KNF as the main supervisory body for cryptoassets, empowering it to impose penalties on market participants and to oversee firms engaged in trading. The third version included a single amendment proposed by the presidential chancellery, requiring the KNF, together with the finance minister, to publish an annual report on the functioning of the crypto market in the Public Information Bulletin. President Nawrocki maintained that the overall framework was still too invasive.

Next steps

Domański said there is no substantive reason to deviate from the regulatory direction set in earlier drafts. The ministry will now work on a fourth proposal, though it is too early to discuss its precise shape. The standoff leaves Poland without a dedicated domestic oversight regime for cryptoassets at a time when EU-wide MiCA rules are taking effect.