The Polish president vetoed the "Cryptocurrency Market Bill," stating that excessive regulation will drive crypto companies to other countries

According to Cointelegraph, Polish President Karol Nawrocki vetoed the heavily regulated "Cryptocurrency Market Act," which has drawn praise from the cryptocurrency community and strong criticism from the government.

The presidential office stated that the provisions of the bill "truly threaten the freedom, property, and national stability of the Polish people." The main reasons for the veto include: the risk of abuse from provisions that allow authorities to easily block cryptocurrency websites; the bill's complexity leading to overregulation; and excessively high regulatory costs that could hinder the development of startups, benefiting foreign companies and banks. The president warned that excessive regulation would drive businesses to operate in the Czech Republic, Lithuania, or Malta instead of paying taxes in Poland.