The President of Poland vetoes the new encryption regulations: excessive regulation will drive businesses away.

[BiTui] Polish President Karol Nawrocki recently did something significant - he directly vetoed the heavily regulated “Encryption Asset Market Act.” This has caused quite a stir, with the encryption community applauding, while the government is fuming.

The statement from the presidential office is quite strong: the provisions of this bill seriously threaten the freedom, property, and even the stability of the Polish people.

What specifically is the reason for the rejection? Three fatal issues. First, the bill allows authorities to arbitrarily block cryptocurrency websites, which poses too high a risk of power abuse. Second, the entire bill is ridiculously complicated, and excessive regulation will stifle the industry. Most critically, the regulatory costs are set too high, making it impossible for startups to participate, while instead rolling out the red carpet for foreign companies and banks.

Nawrocki spoke very frankly: if this continues, companies will definitely run to develop in the Czech Republic, Lithuania, or Malta. Who would want to stay in Poland to pay taxes? Regulation should protect innovation, not push industries away.