Poland's president Karol Nawrocki vetoed a crypto bill for the third time, keeping the country's MiCA rollout stuck.
Nawrocki said on Thursday he blocked the bill because it didn't address earlier objections from his office, Reuters reported.
- The bill was meant to implement the European Union's Markets in Crypto-Assets Regulation (also known just as MiCA), the bloc's licensing and supervision framework for crypto businesses.
- Poland has to adopt national MiCA rules before the EU transition period ends on July 1, because after that date crypto firms serving EU clients need a MiCA license or must stop offering those services.
Nawrocki said he supports regulation, but not the current version. "I support regulating this market. I support consumer protection, but it must be done effectively," he said, adding that the bill would be signed if amended.
- The veto lands in the middle of a wider crypto fight in Poland.
- Lawmakers passed the bill in May as a scandal involving the collapse of the country's biggest crypto exchange deepened.
The scandal centers on zondacrypto, a Poland-founded crypto exchange launched in 2014 that became a political problem after its collapse allegedly left thousands of users unable to access funds, with prosecutors estimating losses at more than 350 million zlotys, or about $96 million.
- The case has also turned political. Prime Minister Donald Tusk, Poland's head of government, has alleged possible Russian links around the company, while Nawrocki and his allies have argued that earlier crypto bills were too restrictive.