Poland Rejects Stringent Regulation in "Cryptocurrency Market Act"

BlockBeats News, December 2nd, according to Cointelegraph's report, Polish President Karol Nawrocki vetoed the rigorously regulated "Cryptocurrency Market Act," triggering praise from the cryptocurrency community and strong criticism from the government. The Polish Presidential Palace stated that the provisions of the act "truly threaten the freedom, property, and national stability of the Polish people."

The main reasons for the veto include: the risk of abuse due to the provision allowing authorities to easily block cryptocurrency websites; overly complex legislation leading to overregulation; high regulatory costs that may hinder the development of startups, favoring foreign companies and banks. The Polish President stated that overregulation would drive businesses to relocate to the Czech Republic, Lithuania, or Malta instead of operating and paying taxes in Poland.