Adam Szłapka: Regulations for the crypto-asset market are necessary

During Tuesday's press conference, Adam Szłapka emphasized that regulations for the crypto-asset market are necessary.

This market must be regulated. The Ministry of Finance is working on re-submitting the Cryptocurrency Act. This will basically be a solution similar to what was previously submitted by the government, said a government spokesman.

He noted that the Ministry of Finance is to work on the project together with the coordinator of the special services. The aim is to include additional control powers for services in the act.

The Ministry of Finance will once again prepare such an act. I am convinced that it will be adopted by the Parliament and I hope that this time the president will decide to sign the act, added Szłapka.

Three presidential vetoes

The Act on the Crypto-Assets Market was to implement the EU MiCA (Markets in Crypto-Assets Regulation) regulation in Poland, which defines the rules for the operation of this market throughout the European Union.

The government presented regulations on this matter three times, and President Karol Nawrocki vetoed them three times. The president argued that the proposed solutions excessively regulate the market and may encourage companies operating in the industry to relocate their operations outside Poland.

Instead of actually solving the problem, the government is stubbornly fighting the "crypto shadow" - argued Nawrocki.

The government, in turn, pointed out that regulations are needed to reduce abuses and increase consumer protection.

On Friday, the Sejm failed to reject the president's third veto to the bill on the crypto-assets market. On Tuesday, Karol Nawrocki submitted his own draft regulations on the regulation of this sector to the Sejm.

The government announces that it will prepare another version of its act. The date for submitting the project and details regarding the planned inspection competences of the services have not yet been announced.