Polish lawmakers fail to revive controversial crypto bill after presidential veto

Poland's lower house just failed to override President Karol Nawrocki's veto on the Crypto-Asset Market Act. They needed a three-fifths majority — didn't get it. So now Poland's crypto regulation is back to square one, while the EU's MiCA framework keeps marching forward without them.

This bill was Prime Minister Donald Tusk's baby — introduced in June to align Poland with EU crypto rules. But Nawrocki vetoed it last week, claiming it would 'threaten the freedoms of Poles, their property, and the stability of the state.' Drama.

This bill split everyone down the middle. Supporters (including the government) called it a national security must-have — arguing comprehensive rules are needed to fight fraud and prevent crypto misuse by foreign actors (read: Russia).

But crypto industry groups HATED it. They warned the requirements were way too heavy — think stringent licensing, sky-high compliance costs, and even criminal liability for execs. Their take: this would kill innovation and drive startups out of Poland.

Here's the irony: while politicians fight, Poland's crypto adoption is absolutely exploding. Chainalysis just named Poland one of Europe's 'large crypto economies' — with over 50% year-over-year growth in transaction volume. They're ranked 8th in Europe for total crypto value received.

Polish investors are loading up on Bitcoin (BTC $89,330), and the country has become the world's FIFTH-LARGEST Bitcoin ATM hub — beating out El Salvador, which literally made Bitcoin legal tender. Poland now has more Bitcoin ATMs than a country that put crypto in its constitution.